Conrad Asia Energy (CRD) H2 2025 earnings summary

Executive summary

• 2025 marked a transformational year, shifting from exploration to a fully contracted gas development company with long-term sales, defined funding, and a clear path to first production in 2027.

• A binding Gas Sales Agreement (GSA) was signed with PLN EPI for the Mako Gas Field, securing sales up to 111 BBtud through January 2037, with oil-linked pricing.

• A farm-down agreement with Nations Petroleum Natuna Barat (NNB) was executed, providing full funding for Mako development and reducing balance sheet risk.

• Final Investment Decision (FID) for the Mako Gas Project was confirmed in March 2026, targeting first gas in Q4 2027.

• The company is advancing its Aceh portfolio, with significant discovered and prospective gas resources and a 3D seismic survey planned for 2026.

Financial highlights

• Consolidated loss after tax for 2025 was US$4.08 million, an improvement from US$7.61 million in 2024.

• Operating expenditure decreased by 47% to US$4.06 million.

• Net operating cash outflows increased to US$14.52 million, mainly due to advance payments for Mako compressor and Aceh seismic acquisition.

• Raised US$5.82 million via share issuance and entered a US$7.2 million Carry Loan Agreement for Mako project funding.

• Capitalised exploration and evaluation costs reduced to US$0.59 million.

Outlook and guidance

• First gas from Mako targeted for late 2027, with a fully funded development program and long-term contracted revenues.

• Aceh portfolio to be advanced with a 500 sq km 3D seismic survey and ongoing farm-in discussions.

• Continued focus on safety, environmental stewardship, and operational excellence as development ramps up.