What We Do
Reserves & Resources
as at Year Ending 2025
Overview (Conrad Net Entitlement as at YE2025)
Sales Gas
Bcf
Bcf
NGLs
mmbbl
mmbbl
Oil & Condensate
mmbbl
mmbbl
Total
mmboe
mmboe
Proved Developed and Undeveloped
114
-
-
20
- Proved Developed
-
-
-
-
- Proved Undeveloped
114
-
-
20
Proved plus Probable Developed and Undeveloped
171
-
-
29
- Proved Plus Probable Developed
-
-
-
-
- Proved Plus Probable Undeveloped
171
-
-
29
2C Contingent Resources Total
171
-
-
29
Proved Reserves (Conrad Net Entitlement as at YE2025)
Asset
Sales Gas
Bcf
Oil
mmbbl
LPG
000 tonnes
Condensate
mmbbl
Total
mmboe
All Products
Developed
mmboe
Undeveloped
mmboe
Total
mmboe
Duyung PSC
114
-
-
-
20
-
20
20
ONWA PSC
-
-
-
-
-
-
-
-
OSWA PSC
-
-
-
-
-
-
-
-
Total 1P
114
-
-
-
20
-
20
20
Proved Plus Probable Reserves (Conrad Net Entitlement as at YE2025)
Asset
Sales Gas
Oil
LPG
Condensate
Total
All Products
Developed
Undeveloped
Total
Duyung PSC
171
-
-
-
29
-
29
29
ONWA PSC
-
-
-
-
-
-
-
-
OSWA PSC
-
-
-
-
-
-
-
-
Total 2P
171
-
-
-
29
-
29
29
2C Contingent Resources (Conrad Net Entitlement as at YE2025)
Asset
Sales Gas
Bcf
Oil
mmbbl
LPG
000 tonnes
Condensate
mmbbl
Total
mmboe
All Products
mmboe
Duyung PSC
9
-
-
-
2
2
ONWA PSC
87
-
-
-
15
15
OSWA PSC
75
-
-
-
13
13
Total 2C
171
-
-
-
29
29
- Mako reserves and resources are as independently assessed by GaffneyCline & Associates, dated 27 March 2026.
- ONWA and OSWA Contingent Resources are as assessed by THREE60 Energy, dated May 15, 2023.
- The volumes are reported as at 31 December 2025 based on Conrad’s participating interest of 76.5% in Duyung PSC. A revised reserves and resources statement shall be issued subsequent to completion of the NNB farmdown reflecting Conrad’s new effective interest of 22.875%.
- This statement:
- is based on, and fairly represents, information and supporting documentation prepared by, or under the supervision of, the qualified petroleum reserves and resources evaluators listed in note 14 of this reserves and resources statement. Details of each qualified petroleum reserves and resources evaluator's employment and professional organisation membership are set out in note 14 of this reserves statement.
- as a whole, has been approved by David A Johnson, a qualified petroleum reserves and resources evaluator, and whose employment and professional organisation membership details are detailed in note 14 of this reserves statement; and,
- is issued with the prior consent of David A Johnson as to the form and context in which the estimated petroleum reserves and contingent resources and the supporting information are presented.
- Conrad prepares its petroleum reserves and contingent resources estimates in accordance with the 2018 Petroleum Resources Management System (“PRMS”) sponsored by the Society of Petroleum Engineers (“SPE”).
- Only volumes producible within the current life of the pertinent PSC are reported and do not include gas consumed in operations.
- This reserves and resources statement is subject to risk factors associated with the oil and gas industry. It is believed that the expectations of petroleum Reserves and Contingent Resources reflected in this statement are reasonable, but they may be affected by a range of variables which could cause actual results or trends to differ materially, including but not limited to: price fluctuations, actual demand, currency fluctuations, geotechnical factors, drilling and production results, gas commercialisation, development progress, operating results, engineering estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial markets conditions in various countries, approvals and cost estimates.
- All estimates of petroleum Reserves and Contingent Resources reported by Conrad are prepared by, or under the supervision of, a qualified petroleum reserves and resources evaluator or evaluators. Processes are documented in the Conrad Reserves Policy, which is overseen by the Audit Committee. The frequency of reviews is dependent on the magnitude of the petroleum reserves and contingent resources, and changes indicated by new data. If the changes are material, they are reviewed by the Conrad internal technical leaders or externally audited.
- Unless otherwise stated, all references to petroleum Reserves and Contingent Resources in this statement are Conrad's net entitlement share.
- Reference points for Conrad’s petroleum Reserves and Contingent Resources and production are defined points within Conrad’s operations where normal exploration and production business ceases, and quantities of produced product are measured under defined conditions before custody transfer. Fuel, flare and vent consumed to the reference points are excluded.
- Petroleum Reserves and Contingent Resources are aggregated by arithmetic summation by category, and as a result, proved reserves may be a very conservative estimate due to the portfolio effects of arithmetic summation.
- Petroleum Reserves and Contingent Resources are typically prepared by deterministic methods with support from probabilistic methods. The Duyung PSC volumes are derived via a mix of deterministic and probabilistic methodologies. The ONWA and OSWA volumes are derived using the probabilistic method.
- As of the effective date of 31 December 2025, the Reserves attributed to the development project of the Mako Field were assigned a sub-class maturity of Justified for Development. As the Company took FID on the Mako Project on 03 March 2026, these Reserves are expected to be reclassified as Approved for Development in future reports.
- The Contingent Resources for Mako are separately attributed to the post-PSC/GSA/ELT gas production with the Phase 1 wells, as well as gas volumes recoverable with the Phase 2 wells. These have a subclass of Development Pending. The key contingencies preventing these Contingent Resources from being assessed as Reserves are: PSC and GSA extension, compressor re (High case), as well as the FID of Phase 2.
- None of the quoted Reserves or Contingent Resource volumes are dependent upon new technology upstream or downstream for development.
- Information on petroleum Reserves and Contingent Resources quoted in this reserves statement is rounded to the nearest whole number. Some totals in the tables may not add up due to rounding. Items that round to zero are represented by the number 0, while items that are actually zero are represented with a dash.
- Qualified Petroleum Reserves and Resources Evaluators:
Name Employer Professional Organisation David A Johnson Conrad SPE - SPE: Society of Petroleum Engineers
- Abbreviations:
1P Proved Reserves 2P Proved plus Probable Reserves 2C Best Case Contingent Resources Bcf billion cubic feet LPG liquefied petroleum gas mmbbl million barrels mmboe million barrels of oil equivalent - Conversion Factors:
Sales gas and ethane, 1 Bcf 5.8 MMboe Crude oil, 1 barrel 1 boe Condensate, 1 barrel 0.935 boe LPG, 1 tonne 8.458 boe LPG liquefied petroleum gas
