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CanAsia Announces Strategic Infrastructure Deal to Fully Fund the Restart of the Sawn Lake Heavy Oil Project and Install Patented Produced Water Boiler Technology, Paving the Way for a Modular Staged 20,000 bopd Development
CanAsia Announces Strategic Infrastructure Deal to Fully Fund the Restart of the Sawn Lake Heavy ...
About this update from Canasia Energy Corp
[{"type":"text","content":"\n\n\nCanAsia Announces Strategic Infrastructure Deal to Fully Fund the Restart of the Sawn Lake Heavy Oil Project and Install Patented Produced Water Boiler Technology, Paving the Way for a Modular Staged 20,000 bopd Development\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nCanada NewsWire\n\n\nCALGARY, AB, May 6, 2026 /CNW/ - CanAsia Energy Corp. (\"CanAsia\") (TSXV: CEC) announced today that it and its wholly-owned subsidiary, Andora Energy Corporation (\"Andora\"), have entered into a Cooperative Research and Development Agreement (the \"Agreement\") dated May 6, 2026 with the Korea Institute of Geoscience and Mineral Resources (\"KIGAM\") in respect of a cooperative research, development and pilot project (the \"Project\") at Andora's heavy oil project in Sawn Lake, Alberta (\"Sawn Lake\").\n\n\n\n\n\n\n\nAndora is the operator of, and holds a 100% working interest in, four oil sands leases with 27 gross sections at Sawn Lake with a risked Best Estimate contingent bitumen resource of 299 million barrels recoverable(1).  Andora commenced a steam-assisted gravity drainage (\"SAGD\") demonstration project at Sawn Lake in 2013, consisting of one SAGD well pair and a SAGD facility for steam generation, water handling and bitumen treating.  Steam injection commenced at the demonstration project in May 2014 and produced bitumen from September 2014 to February 2016.  During this time, the demonstration project successfully achieved its objectives by proving that bitumen production from the Blue Sky Formation sandstone reservoir could be achieved at commercial rates and steam oil ratios.Key TermsKIGAM will commit $26 million Canadian dollars to the installation of three SAGD modules (a produced Water boiler (\"PWB\") and a partial upgrader and solvent steam flood (the \"KIGAM Modules\")) and associated operating costs for the recommissioning of the existing plant site at Sawn Lake and start-up of existing well pair #1 (\"WP1\").KIGAM will, at its own cost, and which is excluded from the $26 million commitment above, fabricate and transport these three SAGD m...