Conrad Asia Energy (CRD) Investor Presentation summary

Portfolio overview and project highlights

• Holds a portfolio of discovered and prospective gas assets in Southeast Asia, with a focus on Indonesia's Aceh region and the Duyung PSC, covering over 20,000 km² and 100% participating interest in Aceh PSCs.

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

• Aceh PSCs have 2C Contingent Resource of 214 Bcf (161 Bcf net) and prospective resources exceeding 11 Tcf (P50, net), with 38 leads identified.

• Progress includes finalizing 3D seismic planning, evaluating commercial options (gas to power, LNG), and signing an MOU with PGN for gas commercialization.

• Mako project advancing with signed gas sales agreements, awaiting government approvals, and improved macro conditions for natural gas.

Resource details and commercialisation

• Aceh PSCs contain multiple shallow-water gas discoveries with high historical exploration success rates and a net NPV of US$88 million for three accumulations.

• Small-scale LNG is a feasible commercialization option for ONWA/OSWA gas, with breakeven prices estimated at US$2–4/mmbtu and flexible plant sizing.

• 3D seismic acquisition planned to better define resource size and identify new prospects; commercialisation discussions ongoing with local gas users and potential farm-down partners.

• Deep-water Aceh blocks show multi-Tcf prospective resources, with seismic data indicating significant gas potential.

• Mako Gas Field has binding gas sales agreements with Sembcorp Gas and PGN, capital costs for Phase 1 estimated at US$322 million, and a high-quality reservoir.

Market context and strategy

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

• Rapid energy transition is challenged by economic and policy constraints, reinforcing the long-term role of gas.

• Operator status and high participating interest allow for control and flexibility in funding via farmout or divestment.

• Aceh discoveries increased resource base by 75%, with a total of 543 Bcf (100%) 2C Contingent Resources and 15 Tcf unrisked prospective leads.

• Improving outlook for Southeast Asian gas demand and a platform for growth with experienced management.