Conrad Asia Energy (CRD) investor relations material

Strategic transformation and project development

• Transitioned from exploration to fully funded gas developer after FID on Mako Gas Project in March 2026.

• Over 80% of $320 million capex for Mako committed, with all major contracts awarded and first gas targeted for Q4 2027.

• Project is fully funded through a strategic partnership with Nations Natuna Barat, resulting in no equity dilution.

• First cash tranche of $5 million received from farm-down, with additional payments tied to regulatory milestones and first production.

• Mako expected to generate operational cash flow from Q4 2027 and produce ~$3 billion in gross revenue over the PSC term.

Asset portfolio and resource base

• Holds 22.875% effective interest in the Mako Gas Field, the largest undeveloped gas field in the Natuna Sea, with 330 Bcf gross 2P reserves (170 Bcf net).

• Owns 100% of two offshore Aceh PSCs with 216 Bcf net 2C discovered resources and 11 Tcf net unrisked prospective resources.

• Ongoing 3D seismic and appraisal activities in Aceh to define resource size and support future development.

• Multiple commercialisation options for Aceh gas, including small-scale LNG and gas-to-power.

• Farm-out discussions underway to finance pre-development activities in Aceh.

Market positioning and regional demand

• Gas sales from Mako fully contracted to PLN EPI, Indonesia’s state utility, with ICP-linked pricing and low operating costs.

• Indonesia’s gas demand forecast to grow by 60% over the next decade, supporting strong market fundamentals.

• Domestic gas prioritisation and international pricing dynamics provide premium economics for Mako gas.

• Gas positioned as a key transition fuel in Southeast Asia’s energy mix, supporting cleaner energy goals.

• Strategic location enables supply to Batam and integration with existing pipeline infrastructure.