Conrad Asia Energy (CRD) H2 2025 earnings summary

Executive summary

• Secured a transformative farm-in and funding agreement for the Mako gas field, with Nations Natuna Barat acquiring a 75% non-operated interest and providing 100% of project development costs and working capital, fully carrying Conrad's 25% interest through to commercial production, subject to government approvals.

• Signed a binding settlement with Empyrean Energy, resolving historical cash call arrears and consolidating project interests, with Empyrean transferring its 8.5% interest to Conrad and forming a new SPV structure.

• Mako project remains on track for first gas in Q4 2027, with all major funding and partner alignment milestones achieved.

Financial highlights

• Closing cash at 31 December 2025 was US$1.36 million.

• Net cash used in operating activities for the quarter was US$1.24 million; net cash used in investing activities was US$7.26 million, mainly due to a US$7.2 million advance payment for Mako project equipment.

• Net cash from financing activities was US$7.03 million, including a US$7.2 million drawdown from the Carry Loan Agreement (CLA).

• Estimated quarters of funding available at period end was 0.16, but excluding the one-time compressor payment and with anticipated receipts from NNB, funding is expected to be sufficient.

Outlook and guidance

• First gas from Mako is targeted for Q4 2027, with project execution now underway and all financing secured.

• Anticipates receipt of US$5 million from NNB in the next quarter, with further tranches of US$4 million and US$7 million expected by Q3 2026 and Q4 2027, respectively.

• Ongoing discussions with potential equity partners for Aceh assets and further seismic and development activities planned.