Conrad Asia Energy (CRD) Q1 2026 earnings summary

Executive summary

• Achieved Final Investment Decision (FID) for the Mako Gas Project, transitioning from exploration to development with first gas targeted for 4Q 2027.

• Booked reserves for the first time: 1P of 20 mmboe and 2P of 29 mmboe net attributable at YE 2025 PI of 76.5%.

• Received $5 million as the first tranche from the farm-down of a 75% non-operated PI in Duyung PSC to PT Nations Natuna Barat.

• Progressed seismic acquisition and farm-in discussions for Aceh assets, with increased interest due to global energy market dynamics.

Financial highlights

• Closing cash at 31 March 2026 was $5.30 million.

• Net cash used in operating activities for the quarter was $1.64 million.

• Net cash used in investing activities was $5.92 million, including $1.47 million for development and $9.38 million for advance payment on compressor, offset by $5 million received from farm-down.

• $11.73 million drawn from the carry loan agreement to fund MOPU pre-startup, CSF, and Duyung G&A costs.

• Payments to related parties totaled $0.21 million for directors’ remuneration.

Outlook and guidance

• Mako Gas Project remains on track for first gas in 4Q 2027, with development Capex fully funded including contingency.

• Seismic acquisition in ONWA to commence in 3Q 2026, with data processing expected in 4Q 2026.

• Continued discussions for minority, non-operated farm-in into Aceh assets, with strong investor interest.