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Bullboard - Stock Discussion Forum CanAsia Energy Corp V.CEC

Alternate Symbol(s):  CECAF

CanAsia Energy Corp. is a Canada-based junior oil and gas company. The Company is engaged in the exploration for, and the acquisition, development and production of, crude oil and natural gas reserves. The Company, through its subsidiary, Andora Energy Corporation, is focused on developing the bitumen resources at the Sawn Lake property using steam assisted gravity drainage (SAGD) development... see more

TSXV:CEC - Post Discussion

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Post by radcat on Sep 07, 2022 4:43pm

Goodbye

Sold all of my CEC shares. WTI was down $5.00 to close @ $82 while CWS fell to $62. I really can't see Sawn Lake being developed with oil (WCS) at this level. And it isn't a given Thailand will proceed with their auction anytime soon since it has been cancelled in the past. Perhaps Jeff will search for an asset purchase which would have to be financed with borrowed money is a third possibility. I personally do not see any of these scenarios occuring for a while which makes CEC dead money is my point of view. Might as well redeploy the cash into another investment that has near term prospects. I will continue to watch Canasia and see what direction management will take. Until then its time to move on.
Comment by nozzpack on Sep 08, 2022 9:30am
Oil price drop this time of the year, after the summer driving  season is quite normal. Also, a million barrels per day from the US Strategic Reserve will soon end and over 200 m barrels will have to be biought back. Anyway, good luck  and thanks for your posts.
Comment by radcat on Sep 08, 2022 11:29am
Thank you... Here is CEC Level 2 Level two quotes - Bid Number of Shares Bid Price   20,000 shares 20,000 0.230   17,000 shares 17,000 0.215   20,000 shares 20,000 0.210  ...more  
Comment by smxmcx2 on Sep 08, 2022 4:14pm
I agree regarding moving on. I have held this stock for many years and sold most of my position when the big prospect in indonesia failed. This management does not do anything fast. And if Sawn lake is  profitable, why are they just now getting around to it. Noting but misses for many years. This management basically just collects a paycheck. I have lost trust.
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