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Conrad Asia Energy Ltd (ASX:CRD)

ALERT: Price-sensitive ASX Announcement for CRD
Current share price for CRD : $0.475 -0.07 (-12.84%)+
Announcement
Release
23 Feb 2026 9:56AM
Price at Release
$0.545
Full Release
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Summary
Conrad Asia Energy Ltd announced the satisfaction of conditions for the NNB PI Transfer, unlocking an immediate cash payment of US$5.0 million from PT Nations Natuna Barat, as part of a total US$16 million consideration. This milestone supports the Mako field development and marks a significant step towards a Final Investment Decision. With procurement activity underway and first production anticipated late next year, Conrad is set to transform from a gas explorer to a producer, further advancing its operations in offshore Aceh.
Key Points
  • Conrad Asia Energy Ltd and its subsidiary, West Natuna Exploration Limited, satisfied conditions for the NNB PI Transfer.
  • Triggered immediate cash payment of US$5.0 million from PT Nations Natuna Barat.
  • Total agreed cash consideration from the NNB PI Transfer is US$16 million.
  • Subsequent payment of US$4.0 million expected in 30-45 days following the first payment.
  • Third payment of US$7.0 million will be paid upon production, targeted for late 2027.
  • Conrad executed definitive documentation for cash call arrears settlement with Empyrean.
  • Significant procurement activity is underway, fully funded by Carry Loan Agreement.
  • First production from Mako Gas Field anticipated late next year.
  • Conrad's operations in offshore Aceh to advance with cash injection.
  • Duyung PSC to hold 22.875% operated interest post transactions.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.