Mr. Jeff Chisholm reports

CANASIA ANNOUNCES NOTIFICATION OF AWARD OF A PETROLEUM CONCESSION ONSHORE EXPLORATION BLOCK NO. L8/66 IN THAILAND

Canasia Energy Corp. has been informed by the Thailand Department of Mineral Fuels that the Thailand Council of Ministers has approved the award of a petroleum concession for Thailand Onshore Exploration Block No. L8/66 to Canasia and its joint venture partner Pan Orient Energy (Siam) Ltd. (POES). This development is further to the company's announcement on Oct. 5, 2026.

As previously announced, Canasia, together with POES, submitted a bid to the government of Thailand pursuant to the onshore Thailand 25th 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-per-cent 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 to be entered into between Canasia, POES and the Thailand Department of Mineral Fuels. The Department of Mineral Fuels as advised that it will co-ordinate 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 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, totalling $14.3-million (U.S.) ($4.3-million (U.S.) or approximately 6.1 million attributed to CEC's 30-per-cent working interest). Canasia and POES will also be required to pay a signature bonus to the Department of Mineral Fuels in the amount of $300,000 (U.S.), for which Canasia will be responsible for its 30-per-cent share in the amount of $90,000 (U.S.).

About Canasia Energy Corp.

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.

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