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Conrad Asia Energy Ltd (ASX:CRD)

ALERT: Price-sensitive ASX Announcement for CRD
Current share price for CRD : $0.475 -0.125 (-20.83%)+
Announcement
Release
3 Mar 2026 9:07AM
Price at Release
$0.600
Full Release
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Summary
Conrad Asia Energy Ltd announced the formal approval of the Final Investment Decision (FID) for the Mako Gas Project, marking a significant milestone as the project transitions to development. Located in the Duyung Production Sharing Contract in Indonesia, the project is fully funded and aims for first gas by the fourth quarter of 2027. A gas sales agreement secured with PT PLN Energi Primer Indonesia ensures long-term revenue until 2037. Conrad holds a 22.875% operated interest in the project, which will utilize a leased Mobile Offshore Production Unit to manage production. The project reflects a strategic shift from exploration to a contracted gas development with a defined and supported capital program.
Key Points
  • Conrad Asia Energy Ltd has formally approved the Final Investment Decision (FID) for the Mako Gas Project.
  • The Mako Gas Project is located in the Duyung PSC in the Riau Islands Province of Indonesia.
  • Full funding for the project, including contingencies, has been secured.
  • The project transitioned from exploration to a development phase, targeting first gas by 4Q 2027.
  • A gas sales agreement has been signed with PT PLN Energi Primer Indonesia, covering sales until 2037.
  • Nations Petroleum Natuna Barat will fund 75% of future costs and carry portions of WNEL's costs through a Carry Loan Agreement.
  • The project involves development wells and a leased Mobile Offshore Production Unit with a design capacity of 172 MMscfd.
  • Conrad holds a 22.875% operated interest in the Duyung PSC.
  • The project aims to deliver a clear path to production with a fully contracted revenue base.
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.