A donor rig, Valaris 104, successfully wet-towed through the Strait of Hormuz and now transiting to Batam, Indonesia for conversion
90% of Mako Gas Project's US$320 million capital contracts now under signed contract or letter of award
Key compression equipment completes Factory Acceptance Testing in Germany, with shipment to Batam slated for early Q4 2026
Project remains on budget and on track to deliver first gas in Q4 2027
Conrad Asia Energy Ltd (ASX: CRD) has confirmed continued progress on its flagship Mako Gas Project in the West Natuna Sea, with several critical construction milestones completed across its four major workstreams.
The donor jack-up rig destined to become the Mobile Offshore Production Unit has cleared a major logistical hurdle, successfully wet-towed through the Strait of Hormuz and now loaded for onward transport to the PaxOcean Yard in Batam, where fabrication is expected to begin before the end of September. Meanwhile, drilling rig, Conductor Support Frame and subsea infrastructure contracts are all progressing, with steel fabrication and site works underway.
With 90% of capital contracts now secured, the company's subsidiary West Natuna Exploration Limited continues building out its Jakarta and site teams to manage cost, quality and schedule.
Executive Chairman Peter Botten says,
"The past few weeks have been an extremely busy operational period for Conrad during which we successfully executed several critical operational milestones, keeping the development on track in terms of both budget and timing. The successful and safe transport of the donor rig for the MOPU through the Strait of Hormuz under difficult operational conditions is a credit to our team and our contractors, who have done an outstanding job. Construction continues to ramp up, with equipment from all over the world making its way to Indonesia for final assembly.
Our project at Mako will soon be connected to what will become one of Asia’s fastest-growing gas demand regions. Batam, now referred to as part of the Singapore-Johor-Riau corridor, is emerging as a major data centre hub, with reliable power a key constraint to the area's growth. Conrad’s gas resources in West Natuna have become extremely important and strategic to the region."
About us:
Conrad is an Asia-focused natural gas exploration & production company concentrated on the shallow waters offshore Indonesia, and via its wholly owned subsidiaries, is the holder ofseveral operated tenements in the form of Production Sharing Contracts. The Company’s flagship project is the Mako Gas Field located in the Natuna Sea in the shallow offshore waters of Indonesia. The Mako gas field is one of the largest gas discoveries in the region. The Company specialises in the identification and acquisition of undervalued, overlooked, and/or technically misunderstood gas assets, and has developed expertise in maturing such assets through subsurface technical work, appraisal drilling and an innovative approach to low-cost field development. The Board and management have a proven track record of value creation and deep industry experience with oil majors, midcap E&P and the upstream investment community, together with a successful track record of bringing exploration and development projects into production, with Peter Botten the founder and Chairman of Oil Search adding enormous depth and experience as Chairman of Conrad.
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]