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Conrad Asia Energy Ltd (ASX:CRD)

ALERT: Price-sensitive ASX Announcement for CRD
Current share price for CRD : $0.595 0.04 (7.21%)+
Announcement
Release
27 Jul 2026 9:05AM
Price at Release
$0.555
Full Release
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Summary
Conrad Asia Energy Ltd provided an update on their activities for the quarter ending June 30, 2026. The company has made significant progress on the development of the Mako Gas Project, with 90% of the project capital costs being awarded through contracts, totaling over US$290 million. The project is fully funded and on track for first gas by Q4 2027. Conrad has recognized reserves for the first time at the Mako field, with 1P reserves of 20 mmboe and 2P reserves of 29 mmboe. Additionally, a leadership restructure was announced, with Miltos Xynogalas stepping down as CEO to focus on Indonesian business activities, and Peter Botten appointed as Executive Chairman. The company also highlighted the completion of the 'hot tap' connection by PLN EPI on the West Natuna Transportation System, enhancing infrastructure for Indonesian domestic energy supply.
Key Points
  • Over 90% of project capital contracts awarded, totaling US$290 million.
  • Project fully funded and on schedule for first gas in Q4 2027.
  • First-time reserves recognition at Mako field: 1P reserves of 20 mmboe, 2P reserves of 29 mmboe.
  • Leadership restructure: Miltos Xynogalas steps down as CEO, Peter Botten appointed Executive Chairman.
  • Completion of 'hot tap' connection by PLN EPI on West Natuna Transportation System.
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.