Conrad Asia Energy (CRD) H2 2024 earnings summary

Executive summary

• Finalised gas sales agreements for all Mako gas 2C Contingent Resources, fully allocating volumes to buyers in Singapore and Indonesia.

• Regulatory approvals for the Sembcorp GSA are ongoing following a change in Indonesian government and SKK Migas leadership.

• Mako Project schedule and cost refinement continued, with progress on rig inspections, compressor engineering, shorebase planning, and insurance analysis.

• Exclusive discussions for a Duyung PSC farm-down and advanced negotiations for project debt financing are underway.

• Completed a screening study confirming technical and commercial feasibility of small-scale LNG in Aceh, with strong local demand and ongoing partner discussions.

Financial highlights

• Closing cash at 31 December 2024 was US$4.11 million.

• Net cash used in operating activities for Q4 2024 was US$2.04 million; year-to-date net cash used was US$6.92 million.

• Net cash used in investing activities for Q4 2024 was US$2.32 million.

• Net cash from financing activities for the year was US$8.90 million, with US$10.34 million raised from equity issues.

• Payments to related parties in Q4 2024 totaled US$0.32 million, mainly for directors’ fees and remuneration.

Outlook and guidance

• Mako Project FID delayed beyond 2024 due to regulatory and GSA approval timelines, but momentum is strong for 2025.

• Procurement of major contracts and services for Mako is ongoing, with cost estimates to be updated after tender completion.

• Revised production start-up guidance will be provided as approvals and agreements are finalized.

• Continued focus on advancing small-scale LNG and other commercialisation options in Aceh.