Conrad Asia Energy (CRD) H1 2026 earnings summary

Executive summary

• Significant progress in the Mako Gas Project, including Final Investment Decision (FID) and execution of key commercial, technical, and funding milestones.

• Project fully funded through a farm-down of 75% participating interest to Nations Natuna Barat (NNB), with NNB covering development capex.

• First-time booking of 1P and 2P reserves for Mako; first gas targeted for 4Q 2027.

• Leadership restructure with CEO transition and expanded Executive Chairman mandate.

Financial highlights

• Consolidated profit after tax for H1 2026 was US$8.59 million, reversing a US$2.40 million loss in H1 2025.

• Total assets increased to US$102.72 million (from US$44.90 million at end-2025), mainly due to Mako project investment and Coro acquisition.

• Oil and gas assets under development rose to US$66.22 million (from US$28.42 million at end-2025).

• Cash and cash equivalents increased to US$3.26 million (from US$1.36 million at end-2025).

• Net cash used in operating activities was US$11.04 million; investing activities used US$17.80 million; financing activities generated US$30.75 million.

Outlook and guidance

• Mako Gas Project remains on track for first gas in 4Q 2027.

• Total project capex estimated at US$320 million, unchanged from prior guidance.

• Project is fully funded, including contingency, with over 90% of capital contracts awarded.

• Ongoing discussions for minority farm-in to Aceh assets.