Conrad Asia Energy (CRD) Q2 2025 earnings summary

Executive summary

• Signed binding Gas Sales Agreement (GSA) for Mako Gas Field with PLN EPI, securing domestic gas sales until January 2037 and underpinning project viability.

• Settlement Agreement with Coro Energy approved, increasing Duyung PSC interest to 91.5% pending regulatory approval.

• Raised A$9 million via two-tranche placement, with strong participation from directors and management.

• Progressed farm-down discussions for Duyung PSC and potential equity partner for Aceh assets.

• Environmental approvals secured for 3D seismic in Aceh; no health, safety, or environmental incidents reported.

Financial highlights

• Closing cash at 30 June 2025 was US$5.17 million.

• Net cash used in operating activities for the quarter was US$1.56 million.

• Net cash from financing activities was US$5.93 million, reflecting the capital raise.

• Payments to related parties totaled US$254,000 for director remuneration.

• Estimated 2.87 quarters of funding available at current expenditure rates.

Outlook and guidance

• Focused on reaching Final Investment Decision (FID) for Mako development in coming months.

• Revised production start-up guidance to be provided as procurement and partner selection progress.

• Ongoing work to mature Aceh gas commercialisation, including 3D seismic and LNG options.