CanAsia awarded petroleum concession L8/66 onshore Thailand

Canada NewsWire

CALGARY, AB , Oct. 6, 2026 /CNW/ -- CanAsia Energy Corp. (" CanAsia ") (TSXV : CEC) is pleased to announce that, further to its previous announcement, on October 5, 2026 the Thailand Department of Mineral Fuels has formally notified CanAsia that the Thailand Council of Ministers has approved the award of a petroleum concession for Thailand Onshore Exploration Block No. L8/66 (the " Concession ") to CanAsia and its joint venture partner Pan Orient Energy (Siam) Ltd. (" POES ").

As previously announced, CanAsia, together with POES, submitted a bid to the government of Thailand pursuant to the onshore Thailand 25 th licensing round for a contract to explore for, develop, produce, and market oil or gas, in the Concession. CanAsia will have a non-operated 30% participating interest in the Concession and POES will be the operator.

The Concession will be subject to the terms and conditions of a definitive concession agreement (" Concession Agreement ") to be entered into between CanAsia, POES and the Thailand Department of Mineral Fuels. The Department of Mineral Fuels as advised that it will coordinate the signing of the Concession Agreement in due course, but the specific timing for entering into, and the terms and conditions of, the Concession Agreement are not yet known. CanAsia will provide additional details with respect to the entering into of the Concession Agreement when available.

Prior to the signing of the Concession Agreement, POES and CanAsia will be required to provide a performance guarantee (the " Performance Guarantee ") in an amount equal to the value of the exploration work commitment offered, together with the special benefits offered to Thailand, over the entire six year exploration period, totaling US$14,300,000 (US$4.3 million or approximately CAD 6.1 million attributed to CEC's 30% working interest). CanAsia and POES will also be required to pay a signature bonus to the Department of Mineral Fuels in the amount of US$300,000, for which CanAsia will be responsible for its 30% share in the amount of US$90,000.

About CanAsia

CanAsia is a Canadian publicly listed junior oil and gas company focused on the identification, evaluation and advancement of oil and gas exploration and development opportunities. CanAsia does not currently have producing oil and gas properties or any established source of operating revenue. Its activities to date have consisted primarily of the evaluation and advancement of early stage oil and gas assets, assessment of strategic alternatives in respect of those assets and participation in competitive bid processes for oil and gas interests.

Forward-Looking Information

This press release contains forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information is generally identifiable by the terminology used, such as "expect", "believe", "estimate", "should", "could", "will", "anticipate" and "potential" or other similar wording. Forward-looking information in this press release includes, without limitation, the entering into of the definitive Concession Agreement, including the timing and terms and conditions thereof. By its very nature, the forward-looking information contained in this press release requires CanAsia and its management to make assumptions that may not materialize or that may not be accurate. In addition, the forward-looking information contained in this press release is subject to known and unknown risks and uncertainties and other factors, some of which are beyond the control of CanAsia, which could cause actual results, expectations, achievements or performance to differ materially. Although CanAsia believes that the expectations reflected in its forward-looking information are reasonable, it can give no assurances that those expectations will prove to be correct. In particular, there can be no assurance that the definitive Concession Agreement will be entered into and the timing of entering into, and the terms and conditions of, the Concession Agreement are not yet known. CanAsia undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE CanAsia Energy Corp.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/October2026/06/c7170.html

Canada Newswire

October 6, 2026 - 5:30 AM PDT

News by QuoteMedia

www.quotemedia.com