What We Do

Duyung PSC (Mako Gas Project)

Conrad's anchor asset — the Duyung PSC contains the Mako Gas Field, the largest undeveloped gas field in the South Natuna Sea, now fully funded and on track to deliver first gas by end-2027.

The Duyung PSC contains the Mako Gas Field, the largest undeveloped gas field in the South Natuna Sea, containing 2P reserves of 330 Bcf (Gaffney Cline & Associates, gross 100% basis) in one continuous "single tank" of high-quality gas (>98% methane, no mercury, no heavy metals).

Located approximately 100 km to the north of Matak Island and about 400 km northeast of Singapore, the Mako Gas Field was discovered and appraised by Conrad in 2017 and 2019, respectively, and the plan of development (POD) was approved in 2022. 100% of the gas is contracted to be sold to PLN EPI at attractive oil-linked gas prices.

Following a successful farm-down and FID in 1Q 2026, the $320 million project is fully-funded with a substantial contingency and on-track to deliver first gas by end-2027. The development plan consists of 6 subsea wells tied into a MOPU with compression and processing which connect into the existing West Natuna Transportation System (WNTS) to supply gas to Batam.

This is Conrad's anchor asset in which Conrad retains 22.875% economic interest1 and continues to be the operator. Once operational, Mako is expected to provide Conrad a stable cash flow base.

1. After completion of the NNB farmdown, Conrad will retain 91.5% in WNEL which will hold 25% in Duyung PSC

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Location of the Duyung PSC in the West Natuna Sea.

mako-development-schematic

Phase 1 field development of the Mako Gas Project.

Project Highlights

22.875%

Operated Effective Interest

Held via West Natuna Exploration Limited (WNEL)

330 Bcf

Gross 2P Reserves

Single "tank", >98% methane — no mercury or heavy metals

100%

Contracted to PLN EPI

Binding GSA — attractive oil-linked pricing

Q4 2027

First Gas

On track and fully funded