Conrad Asia Energy (CRD) Investor presentation summary

Market opportunity

• Indonesia gas demand forecast to grow ~60% over the next decade, from ~1,600 to 2,600 mmscfd; domestic gas prioritisation and ICP-linked pricing support local supply economics.

• Batam recorded 6.8% GDP growth in 2025 vs. 5.1% nationally; >80% of electricity comes from gas, and exports reached $19.6bn.

• Batam’s data-center power demand is supported by 14 subsea cable systems and 1.47GW+ of planned AI capacity, including a 360MW Firmus/Nvidia project.

Mako development

• FID was approved in 1Q26; first gas remains targeted for 4Q27, with plateau sales of 112 mmscfd targeted by Jan 2028.

• Mako has 330 Bcf gross 2P reserves and 51 Bcf net entitlement after government take; retained operated interest is 22.875%.

• The PLN EPI GSA for 100% of gas is effective; the WNTS-Pemping delivery route to Batam has been commissioned.

• Development is fully funded through a facility secured by Nations, covering capex, contingencies, interest and working capital; no equity dilution is expected for Mako.

• More than 90% of US$320m capital contracts are locked in; fabrication is underway and the project remains on budget and schedule.

Funding and cash flow

• Nations funds its 75% development share and carries WNEL’s 25% share under a carry loan, repayable from WNEL’s production revenues once gas flows.

• US$9m of farm-down consideration has been received; a further US$7m is due at first commercial production, alongside historical-cost recovery from production revenues.

• Mako is expected to generate over US$3bn in gross revenue over the Duyung PSC term; illustrative analysis indicates debt repayment within 3 years of first gas in most scenarios.