Conrad Asia Energy (CRD) AGM 2025 summary

Opening remarks and agenda

• The CEO chaired the meeting in the absence of the Chairman, confirmed a quorum, and outlined the agenda, including board introductions and voting procedures.

Financial performance review

• Operational update highlighted significant progress on the Mako project, with FEED studies completed and capital costs for the initial phase estimated at $322 million.

• Two GSAs were signed and later terminated due to Indonesian policy changes, with a new GSA negotiated and approved for domestic sales at oil-linked prices.

• A recent placement raised AUD 9 million to support project costs and administration, with directors participating in about one-third of the amount.

Board and executive committee updates

• Board members, auditors, and key management were introduced, with some attending virtually.

• Resolutions included re-election of directors and approval of director placements.