Conrad Asia Energy Ltd (ASX:CRD)

Conrad Asia Energy Ltd, an Asia-focused natural gas exploration and development company, released its Quarterly Activities Report for the period ending 31 December 2025. Key highlights include a farm-in agreement with PT Nations Natuna Barat for the development of the Mako gas field, where Nations will acquire a 75% non-operated Participating Interest in the Duyung PSC and provide financing for 100% of project development costs. This agreement will allow Conrad's subsidiary, WNEL, to retain a 25% interest, expected to be fully carried through commercial production. The total capital expenditure to bring the field to first gas is estimated at US$320 million, with first gas anticipated in Q4 2027. The report also notes a binding term sheet with Empyrean Energy PLC for settlement of cash call arrears and mentions WNEL’s acquisition of Coro Energy's 15% interest in the Duyung PSC, pending final approval. Financially, Conrad ended the quarter with US$1.36 million in cash, having drawn US$7.2 million for long lead equipment. The company anticipates further cash inflows from tranche payments by Nations and expects to continue operations with additional funding options available.