Conrad Asia Energy (CRD) Investor Presentation summary

Portfolio overview and project highlights

• Holds a portfolio of discovered and prospective gas assets in Southeast Asia, including the Duyung PSC (Mako Gas Field) and two Aceh PSCs, with high participating interests and operatorship.

• Duyung PSC contains the Mako Gas Field, one of the largest undeveloped gas resources in the West Natuna Sea, with 2C Contingent Resources of 376–413 Bcf (187–215 Bcf net).

• Aceh PSCs cover 20,000 km², contain discovered shallow-water gas resources (2C Contingent Resource of 214–216 Bcf gross, 161 Bcf net), and have significant deep-water prospective resources (over 11 Tcf net).

• Recent progress includes planning for 3D seismic surveys, commercialisation studies, and signing MOUs with key regional gas buyers.

Commercialisation and development strategy

• Signed binding Gas Sales Agreements for Mako gas with Sembcorp Gas and PGN, targeting both Singapore and Indonesia markets, pending government approvals.

• Small-scale LNG is being evaluated as a feasible commercialisation route for Aceh shallow-water gas, with breakeven prices estimated at $2–4/mmbtu.

• Capex for a 30 mmscfd small-scale LNG plant is estimated at $48 million, with annual opex of $6.2 million.

• Exploring additional commercialisation options, including supplying local industry and cleaner energy manufacturing.

• Considering farm-down of participating interests to fund operations and reduce dilution.

Market context and energy transition

• Natural gas is positioned as a key transition fuel in Asia, displacing coal and supporting power generation, especially for data centers and mineral processing.

• Global energy transition is challenged by high costs and slow policy shifts, reinforcing the long-term role of gas.

• Southeast Asian gas demand outlook is improving, supporting the company’s growth platform.