Conrad Asia Energy (CRD) H1 2025 earnings summary

Executive summary

• Focused on natural gas exploration and development in Asia, with key assets in Indonesia, including the Mako Gas Project and Aceh PSCs.

• Major progress in the Mako Gas Project, including a binding Gas Sales Agreement (GSA) with PLN EPI for domestic gas supply until 2037.

• Advanced negotiations for project financing and equity partnerships, especially for Mako and Aceh assets.

• No dividends declared or paid for the period.

Financial highlights

• Net loss after tax for H1 2025 was $2.40 million, a 31% improvement from $3.50 million in H1 2024.

• Operating expenditure decreased by 33% to $2.40 million, with significant reductions in legal, PR, travel, and incentive expenses.

• Cash and cash equivalents stood at $5.17 million as of 30 June 2025.

• Net cash used in operating activities was $3.96 million, down 19% year-over-year.

• Basic and diluted loss per share was (0.01) cents, improved from (0.02) cents year-over-year.

Outlook and guidance

• Final Investment Decision (FID) for Mako targeted in the coming months, pending completion of procurement and financing.

• 3D seismic survey in ONWA PSC to commence in Q3 2025, with data interpretation expected in Q1 2026.

• Plans to drill up to two wells in Aceh PSCs, with further details to be announced.

• Continued focus on commercialising Aceh gas resources, including mini-LNG and power generation opportunities.