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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Conrad Asia Energy
Conrad Asia Energy (CRD) investor relations material
Conrad Asia Energy Investor presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor presentation summary10 Nov, 2026
Market opportunity
Indonesia gas demand forecast to grow ~60% over the next decade, from ~1,600 to 2,600 mmscfd; domestic gas prioritisation and ICP-linked pricing support local supply economics.
Batam recorded 6.8% GDP growth in 2025 vs. 5.1% nationally; >80% of electricity comes from gas, and exports reached $19.6bn.
Batam’s data-center power demand is supported by 14 subsea cable systems and 1.47GW+ of planned AI capacity, including a 360MW Firmus/Nvidia project.
Mako development
FID was approved in 1Q26; first gas remains targeted for 4Q27, with plateau sales of 112 mmscfd targeted by Jan 2028.
Mako has 330 Bcf gross 2P reserves and 51 Bcf net entitlement after government take; retained operated interest is 22.875%.
The PLN EPI GSA for 100% of gas is effective; the WNTS-Pemping delivery route to Batam has been commissioned.
Development is fully funded through a facility secured by Nations, covering capex, contingencies, interest and working capital; no equity dilution is expected for Mako.
More than 90% of US$320m capital contracts are locked in; fabrication is underway and the project remains on budget and schedule.
Funding and cash flow
Nations funds its 75% development share and carries WNEL’s 25% share under a carry loan, repayable from WNEL’s production revenues once gas flows.
US$9m of farm-down consideration has been received; a further US$7m is due at first commercial production, alongside historical-cost recovery from production revenues.
Mako is expected to generate over US$3bn in gross revenue over the Duyung PSC term; illustrative analysis indicates debt repayment within 3 years of first gas in most scenarios.
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Latest events from Conrad Asia Energy
- Mako advances toward Q4 2027 first gas, fully funded at unchanged US$320m capex.CRD
Q3 2026 TU - Mako Gas Project fully funded and on track for 4Q 2027 first gas, with strong H1 2026 profit.CRDH1 2026
- Mako field fully funded to production, with major resource upside in Indonesia.CRDInvestor presentation
- Mako Gas Project remains fully funded and on track for first gas in Q4 2027, with major contracts secured.CRDQ2 2026 TU
- Transformative Mako funding secured; first gas on track for Q4 2027 amid tight cash position.CRDH2 2025
- Mako Gas Project fully funded and on track for first gas in Q4 2027, driving strong cash flow.CRDInvestor presentation
- Major Indonesian gas assets advance toward production and commercialisation, targeting regional demand.CRDInvestor Presentation
- Advancing major Southeast Asian gas projects with strong resource base and commercialisation progress.CRDInvestor Presentation
- All Mako gas volumes allocated via GSAs; project FID delayed, cash at US$4.11M, funding secure.CRDH2 2024
Conrad Asia Energy
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Frequently asked questions
Conrad Asia Energy Ltd. is an energy company that specializes in the exploration, appraisal, and development of natural gas projects in Southeast Asia. The company focuses on natural gas in the shallow waters offshore Indonesia and operates several tenements in the form of Production Sharing Contracts (PSCs). Conrad Asia Energy aims to identify and acquire undervalued, overlooked, or technically misunderstood gas assets, developing these through technical work, appraisal drilling, and innovative, low-cost field development strategies. The company was founded in 2010 and is headquartered in Jakarta, Indonesia. Its shares are listed on the Australian Securities Exchange.