The Company is today filing its audited consolidated financial statements as at and for the year ended December 31, 2025 and related management's discussion and analysis 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 results, President and CEO Jeff Chisholm stated: "After a somewhat unexpected snap election was called by the Government of Thailand for February 2026, the new government has now appointed the key ministerial positions and a concession award announcement for the 25TH Onshore Licensing round is expected at any time. Management continues to be engaged with a number of parties with regard to a possible transaction involving the Company's Sawn Lake heavy oil project. While no definitive timeline has been established and there can be no assurance that a transaction will be agreed to, CanAsia is working towards announcing a transaction in the second quarter of 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 currently expects that the government of Thailand will announce awards of concessions in the second quarter of 2026.
CanAsia had working capital totaling $0.2 million, no long-term debt, a cash and cash equivalents balance of approximately $3.9 million and shareholders' equity of $5.2 million at December 31, 2025.
Common shares outstanding were 112.8 million at April 8, 2026 and at December 31, 2025.
Net loss in 2025 was $2.9 million ($0.03 per share) compared to net income of $1.2 million ($0.01 per share) in 2024. Net loss in the fourth quarter of 2025 was $0.6 million ($0.01 per share) compared to $0.8 million ($0.01 per share) in the fourth quarter of 2024.
Cash flow used in operations in 2025 was $3.1 million ($0.03 per share) compared to $2.7 million ($0.02 per share) in 2024. Cash flow used in operations in the fourth quarter of 2025 was $0.6 million ($0.01 per share) compared to $0.4 million ($0.00 per share) in the fourth quarter of 2024.
General and administrative expense in 2025 was $1.9 million compared to $2.2 million in 2024. General and administrative expense was $0.4 million in the fourth quarter of 2025 compared to $0.5 million in the fourth quarter of 2024. 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 $0.7 million in 2025 and 2024, and $0.2 million in the fourth 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 for 2025 were $0.6 million compared to $0.9 million in 2024. External services costs were $0.1 million in the fourth quarter of 2025 compared to $0.2 million in the fourth quarter of 2024. These costs mainly related to professional fees for legal, audit, tax services, information technology and engineering.
Public company costs were $0.4 million in 2025 and 2024, and $0.1 million in the fourth 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, TSX fees, transfer agent, insurance and directors' fees.
Operating expenses were $0.7 million in 2025 and 2024. Operating expenses in the fourth quarter of 2025 and 2024 were $0.2 million. 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 $0.9 million representing the net cost of fulfilling the contract as at December 31, 2025.
The current portion of the decommissioning provision of $0.6 million as at December 31, 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 ...
