Conrad Asia Energy (CRD) Investor Presentation summary

Portfolio overview and project highlights

• Holds a balanced portfolio of offshore Indonesian gas assets, including the cornerstone Duyung PSC (Mako Gas Field) and 100% interest in two Aceh PSCs covering 20,000 km² with significant discovered and prospective resources.

• Mako Gas Field contains 2C Contingent Resources of 376 Bcf (187 Bcf net), the largest undeveloped resource in the West Natuna Sea, with binding gas sales agreements in place.

• Aceh PSCs have 2C Contingent Resource of 214 Bcf (161 Bcf net) and over 11 Tcf (P50, net) of prospective gas recoverable resources identified, with high exploration success rates in shallow water.

• Recent major gas discoveries offshore Aceh highlight regional potential, with ongoing appraisal and exploration activities.

Project development and commercialisation

• Mako Phase 1 development estimated at US$322 million capex, targeting 112 mmscfd sales gas for seven years, with first gas expected late 2026.

• Binding GSAs signed with Sembcorp Gas and PGN for all Mako gas, with flexibility to export to Singapore or split with Indonesia if a spurline is built.

• Mako is strategically positioned near underutilised export infrastructure (WNTS), with technical and commercial work progressing for tie-in agreements.

• Aceh PSCs commercialisation advanced by an MOU with PGN to jointly study gas/LNG supply and infrastructure, focusing initially on shallow-water discoveries.

• Small-scale LNG (under 0.5 mtpa) is a feasible commercialisation option for Aceh gas, with capex for a 30 mmscfd plant estimated at US$168 million and breakeven prices of US$2–4/mmbtu.

Strategic positioning and market fundamentals

• Pure play exposure to Asia’s fastest growing energy market, with Singapore and Indonesia as key demand centers.

• Singapore’s gas demand is supported by new power generation projects, while Indonesia’s domestic demand is driven by robust economic growth.

• Mako’s proximity to export infrastructure and declining regional supply utilization enhances its strategic value.

• Aceh’s shallow and deep-water prospects offer significant upside, with plans to acquire 3D seismic to further define resources and support future exploration.