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Conrad Asia Energy Ltd (ASX:CRD)

ALERT: Price-sensitive ASX Announcement for CRD
Current share price for CRD : $0.410 -0.09 (-18%)+
Announcement
Release
29 Apr 2026 10:43AM
Price at Release
$0.500
Full Release
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Summary
Conrad Asia Energy Ltd announced significant progress in its projects during the first quarter of 2026. The company completed the initial phase of the NNB PI Transfer, receiving US$5 million. Major capital contracts for the Mako Gas Project, expected to start production in Q4 2027, have been awarded and the final investment decision was confirmed. Conrad also reported increased reserves for the Mako field. An extensive seismic acquisition program in ONWA is planned for Q3 2026. The company maintained robust safety and environmental records with no incidents reported. Financially, Conrad experienced a negative net cash flow from operations but ended the quarter with a cash balance of US$5.298 million.
Key Points
  • Conrad Asia Energy Ltd executed the NNB PI Transfer, triggering a receipt of US$5 million out of the agreed US$16 million.
  • The company announced its Final Investment Decision (FID) for the Mako Gas Project is set for development.
  • The Mako project involves two phases with a significant part of the capital contracts awarded by the end of Q1 2026.
  • Conrad reported an increase in 1P and 2P reserves for the Mako project and secured funding.
  • An upcoming seismic acquisition program in ONWA is scheduled for Q3 2026.
  • Net cash flow from operating activities was negative US$1.635 million for the quarter.
  • The company recorded a closing cash balance of US$5.298 million at the end of the quarter.
  • No environmental incidents were reported in the period.
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.