The Company is today filing its unaudited consolidated financial statements ("financial statements") as at and for the nine months ended September 30, 2025 and related management's discussion and analysis ("MD&A") with Canadian securities regulatory authorities. Copies of these documents may be obtained online at www.sedarplus.com or the Company's website, www.canasiacorp.com.
Commenting today on CanAsia's 2025 third quarter results, President and CEO Jeff Chisholm stated: "The third quarter of 2025 saw activities focused mainly on the Sawn Lake sales process, with these activities expected to continue into year end. Looking ahead in Thailand, we expect an announcement from the government sometime between mid- December 2025 and January 2026."
Highlights
In July 2025, the Company, as part of a consortium, submitted a bid to the government of Thailand for one concession with a non-operated 30% participating interest pursuant to the onshore Thailand 25th licensing round for a contract to explore for, develop, produce, and market oil or gas, in the exploration block onshore Thailand. The Company expects that the government of Thailand will announce awards of concessions in the first quarter of 2026.
CanAsia had working capital totaling $0.8 million, no long-term debt and shareholders' equity of $5.8 million at September 30, 2025.
Common shares outstanding were 112.8 million at November 11, 2025, September 30, 2025 and December 31, 2024.
Net loss in the third quarter of 2025 and 2024 was $0.7 million ($0.01 loss per share).
Cash flow used in operations in the third quarter of 2025 was $0.8 million ($0.01 loss per share) compared to $0.6 million ($0.00 loss per share) in the third quarter of 2024.
General and administrative expense in the third quarter of 2025 and 2024 was $0.5 million. General and administrative expense is comprised primarily of expenses related to personnel and premises, external services, and public company costs.
Personnel and premises costs were $0.2 million in the third quarter of 2025 and 2024. These costs include salaries and benefits for employees, and fees incurred for consultants. They also include rent and other office costs related to the Company's Calgary office.
External service costs were $0.2 million in the third quarter of 2025 and 2024. These costs mainly related to professional fees for legal, audit, tax services, and information technology.
Public company and other costs were $0.1 million in the third quarter of 2025 and 2024. These costs were incurred for maintaining the Company's status as a public company and mainly related to shareholder reporting and meeting, TSXV fees, transfer agent, insurance and directors' fees.
Operating expenses were $0.2 million in the third quarter of 2025 compared to $0.1 million in the third quarter of 2024. These expenses were incurred to safeguard and maintain the assets of Andora's suspended SAGD project facility and wellpair at Sawn Lake Central.
The natural gas pipeline tariff agreement which was entered into between Andora and a third party in 2018 with a commencement date of June 1, 2023 was recognized as an onerous contract under IAS 37 since the operation at Sawn Lake is shut-in. The Company has recognized a provision of $1.0 million representing the net cost of fulfilling the contract as at September 30, 2025.
The current portion of the decommissioning provision of $0.6 million as at September 30, 2025 was related to the legacy subsidiaries of POEH which had held interests in the East Jabung Production Sharing Contract in Indonesia and a well pertaining to Andora's interests in Sawn Lake, Alberta. CanAsia is withdrawing from activities in Indonesia and decommissioning related costs are expensed when incurred. The non-current portion of the decommissioning provision of $1.7 million as at September 30, 2025 pertained to Andora's interests in Sawn Lake, Alberta.
Outlook
The third quarter of 2025 saw activities focused mainly on the Sawn Lake sales process, with these activities expected to continue into year end. Looking ahead in Thailand, we expect an announcement from the government sometime between mid-December 2025 and January 2026.
Liquidity and Capital Resources
As at September 30, 2025, CanAsia does not have sufficient resources available to fund expected activity ...
