WHO WE ARE
Overview
Conrad Asia Energy (ASX:CRD) is building a significant independent gas business in Southeast Asia — identifying, developing and producing natural gas from undervalued offshore assets to supply the world's fastest-growing energy market. Conrad delivers affordable, lower-carbon energy to the region's expanding economies, creating long-term value for shareholders, partners and communities.
Headquartered in Singapore and listed on the ASX since October 2022, Conrad operates three Production Sharing Contracts in Indonesia. The Mako Gas Project is fully funded and on track to deliver first gas by end-2027. Conrad also holds 100% interest in two Aceh PSCs.
WHO WE ARE
Our foundation
People
Our people are our edge. We bring together exceptional talent from diverse backgrounds, invest in their growth, and build organisational capacity and capability to meet current and future opportunities and challenges.
Partnerships
We believe the best outcomes are built together. We engage openly and constructively with partners, governments, regulators, shareholders and communities.
Efficiency
We strive to get it right the first time. Through smart thinking, continuous learning and a relentless focus on eliminating waste, we deliver more with less.
Operational Excellence
From prospect to production, we pursue maximum value at every step. Safe, efficient, on time and on budget.
WHO WE ARE
Our values
The values that drive everything we do.
Respect
We treat everyone with openness, honesty and respect.
Integrity
Highest standards of behaviour, always.
Safety
Not just a priority — the consistent, uncompromising foundation everything is built on.
Passion
Our love for what we do reflects in our actions every day.
Result-Oriented
Leveraging our capabilities to deliver results for all stakeholders.
Sustainability
Conscious of our environmental and social responsibilities.
WHO WE ARE
Our story
2010-16
Company incorporated and Duyung PSC secured
- Company founded in Singapore by Miltos Xynogalas (then Conrad Petroleum, later renamed Conrad Asia Energy)
- Focus on identifying undervalued, overlooked and technically misunderstood gas assets offshore Indonesia
- Seed capital raised to acquire the Duyung PSC
2017-21
Mako drilling, discovery & Aceh joint studies
- 23.5% farmed out in WNEL (Duyung PSC) to Empyrean Energy plc and Coro Energy plc to finance drilling
- Mako South-1 discovery well and 2 appraisal wells drilled demonstrating commercial viability of the Mako gas field
- Original Mako Plan of Development (POD) approved
- Increase in resource estimates certified by GaffneyCline & Associates (GCA)
- Joint studies completed in Aceh (ONWA and OSWA PSCs)
2022-24
ASX IPO, new POD and GSA for Mako, asset portfolio expansion
- Former Oil Search MD and AGL Chairman, Peter Botten appointed Chairman of the Board
- IPO on ASX in October 2022
- Mako POD revision with 458% increase in contingent resources
- 2 PSCs (ONWA & OSWA) awarded in Aceh with existing gas discoveries
- Mako GSAs agreed with SembCorp and PGN
- MOU signed with PLN for commercialisation of Aceh gas resources
Mar 2025
MEMR directive: all Mako gas redirected to domestic market
- Directive from Indonesia’s MEMR for all Mako gas to be sold domestically, driven by surging domestic demand
- PGN and Sembcorp GSAs terminated; Conrad works with PLN and SKK Migas on a replacement GSA
Jul 2025
Landmark GSA signed with PLN EPI – oil-linked pricing
- Binding GSA signed with PLN EPI (subsidiary of PLN Persero)
- Covers 100% of Mako’s gas at oil-linked ICO pricing through 2037
- PLN EPI to build connecting pipeline infrastructure at no cost to Conrad
Nov 2025
Nations Natuna Barat farm-down deal with full capex carry
- Transformative farm-down with Nations Natuna Barat (NNB), part of Arsari Group
- NNB to farm-in for 75% interest and cover 100% of development costs incl. Conrad’s share
- Fully funded, no further equity funding from Conrad
- WNEL remains operator retaining 25% interest
Mar 2026
Final Investment Decision (FID) approved
- FID approved for Mako Gas Project, transitioning Conrad from speculative explorer to fully contracted gas developer
- Phase 1 covers six subsea wells tied back to a leased MOPU
- Over 80% of capex contracted by end of 1Q 2026
June 2026
Continued contracting progress + leadership restructure
- Completion of all major capex contracts incl. drilling rig, MOPU and conductor support frame
- Miltos Xynogalas transitions into a new executive director role to focus on growth and business development
- Peter Botten appointed interim executive chairman
WHO WE ARE
Strategic priorities
Mako Delivery
Successful Delivery of Mako
- Underpins value
- Provides a significant cash flow base
- Execution underway, first gas targeted 4Q 2027
01
Aceh Commercialisation
Commercialisng Existing Discoveries in Aceh
- De-risking development through data
- Unlocking value through capital efficient farm-downs
- Accelerating commercialization and cash flow
02
Inorganic Growth
Opportunity led Acquisitions
- Opportunistically evaluate acceleration of growth and cash flow through value accretive asset acquisitions
- Leverage regional expertise and established relationships
03
Shareholder Value
Create and Deliver Value
- Superior operating capabilities
- Differentiated business development
- Creative origination and structuring
- Consistent value creation
04
WHO WE ARE
Group structure
(1) The remaining 8.5% equity in WNEL Holdings Pte Ltd will be held by Empyrean Energy plc post-completion of the 75% farm-down to Nations Natuna Barat.
(2) Post-completion of the 75% farm-down to Nations Natuna Barat.
*NB - As a result of (1) and (2), the effective ownership of Conrad in the Duyung PSC will be 22.875%.
