Conrad Asia Energy Ltd (ASX: CRD) has released its June 2026 investor presentation, outlining the Company’s transition into a fully funded gas developer through the Mako Gas Project in Indonesia.
Conrad has taken Final Investment Decision on the Mako Gas Project, secured full financing and contracted for all long lead time items.
The Mako Gas Project is a strategically located, long-life, low-cost gas project delivering strong returns and sustainable value for shareholders.
Mako Gas Project
Following Final Investment Decision on 3 March 2026, Conrad has completed the transition from an exploration and appraisal company into a fully funded, fully contracted gas developer, with first gas targeted for Q4 2027 into the fastest-growing energy consumption region in the world.
Mako is Conrad’s anchor project and is the largest undeveloped gas field in the South Natuna Sea.
Key highlights
• FID approved: 3 March 2026 FID on the Mako Gas Project marks the transition from explorer to fully contracted gas developer.
• Fully funded: Development funding covers capex, working capital and contingencies, with no additional equity funding expected for Mako development.
• Construction pathway: More than US$280 million of US$320 million capex was contracted by end Q1 2026, with rig, SURF EPCI, CSF, MOPU and long lead items all awarded.
• Contracted gas sales: 100% of gas volumes are contracted to PLN EPI, with Mako expected to deliver plateau production of approximately 120 mmscfd for six to seven years.
• Strong reserves base: Mako has 330 Bcf gross 2P reserves, with 170 Bcf net to Conrad.
• High-quality gas: Mako gas is 98% methane, with strong reservoir deliverability.
• First gas target: First gas is targeted for Q4 2027.
Fully funded development
Nations Natuna Barat, part of Indonesia’s Arsari Group, is funding its 75% share of expected Mako development costs directly, and carrying WNEL’s 25% portion through Phase 1 under a Carry Loan Agreement, repayable from WNEL’s share of production revenues.
The development funding covers capex, interest, contingencies and working capital based on current estimates.
Conrad retains a 22.875% effective economic interest in the Duyung PSC following completion of the farm-down and related transactions.
Execution on track
Mako’s development plan includes six subsea wells and a MOPU with compression and processing. Gas is to be supplied to Batam through the existing West Natuna Transportation System.
More than 80% of capex has already been committed, with key awards to date including drilling rig, MOPU, SURF EPCI, CSF, linepipe, compressors, subsea wellheads, Christmas trees and services, subsea control systems and services, umbilicals, conductor, high grade steel and completions.
The production infrastructure is designed to support a 20-year life, with nominal design capacity of 172 mmscfd.
Farm-down and cash consideration
On 23 February 2026, all conditions precedent for the Nations Natuna Barat PI Transfer became effective, triggering receipt of the first US$5 million tranche of the agreed US$16 million cash consideration.
The remaining consideration comprises US$4 million payable on completion of remaining Indonesian regulatory approvals and US$7 million payable at first commercial production from the Mako field.
In addition, Conrad expects sunk-cost recovery from production revenues over the PSC life.
Indonesia gas demand
Gas will play an important role powering economic growth and enabling a cleaner energy transition in Indonesia and adjacent South-East Asian markets.
Indonesia remains reliant on coal and oil for approximately two thirds of its energy needs, while the delivery of indigenous gas is growing in prioritisation for the local market.
PLN forecasts Indonesia gas demand to grow approximately 60% over the next decade, from approximately 1,600 mmscfd to 2,600 mmscfd.
Aceh portfolio upside
Beyond Mako, Conrad holds 100% of two operated PSCs in offshore Aceh, North-West Offshore Aceh and South-West Offshore Aceh, totalling approximately 20,000 square kilometres.
The Aceh assets include three shallow-water gas discoveries, discovered resources and significant exploration potential.
Conrad has a 2C resource of 216 Bcf sales gas, with 162 Bcf net to Conrad, located close to shore with various commercialisation options.
The Company has also identified approximately 15.8 Tcf gross unrisked prospective resources across approximately 48 deep-water leads.
A 500 square kilometre 3D seismic programme contract has been awarded to a local Indonesian developer and is planned to start in Q3 2026.
Farm-out discussions are ongoing to crystallise value and finance pre-development activities.
Path to first gas
Conrad’s path to first gas is progressing in line with prior guidance.
• November 2025: Nations Farm-Down definitive documentation signed.
• March 2026: FID approved and project sanctioned for full development phase.
• Q1 2026: Major contracts awarded and carry drawdown commenced.
• 2026 to 2027: Construction, drilling, fabrication and SURF installation.
• Q4 2027: First gas targeted, with plateau production of 112 mmscfd targeted by January 2028.
About us:
About Conrad Asia Energy Ltd
Indonesia-based, ASX-listed gas developer currently developing the largest undeveloped gas field in the Natuna Sea.
Strong presence in Indonesia, with Singapore HQ.
3 Operated PSCs in Indonesia.
Mako gas project in development.
4 x offshore gas discoveries offshore Aceh.
Contact details:
Media Contact
Jane Morgan
Investor and Media Relations
Jane Morgan Management
[email protected]
+61 405 555 618
Company Contact
Conrad Asia Energy
84 Amoy Street #03-01
Singapore 069903
[email protected]
+65 6517 9700
