Conrad Asia Energy (CRD) Q3 2025 earnings summary

Executive summary

• Signed a binding Gas Sales Agreement (GSA) for the Mako Gas Field with PLN EPI, Indonesia's largest power company, for domestic gas sales through January 2037, underpinning project viability and value crystallization.

• Progressed farm-down discussions for Duyung PSC (Mako Field) and Aceh assets, aiming to conclude agreements by end of 2025 to support financing and development.

• Completed internal prospectivity assessment for ONWA and OSWA shallow-water areas, estimating 546 Bcf unrisked P50 Prospective Resources (394 Bcf net), in addition to previously reported resources.

• Awarded 3D seismic survey contract for ONWA, with acquisition to commence February 2026, targeting further resource definition and de-risking.

Financial highlights

• Closing cash as of 30 September 2025 was US$2.83 million.

• Net cash used in operating activities for the quarter was US$0.82 million; net cash used in investing activities was US$1.18 million.

• Payments to related parties during the quarter totaled US$0.229 million, primarily for directors' fees and remuneration.

• Estimated quarters of funding available at period end was 1.41, with plans to reduce investment in the next two quarters.

Outlook and guidance

• Farm-down and financing activities for Duyung and Aceh PSCs are ongoing, with expectations to secure partners and funding to support project development.

• 3D seismic survey in ONWA to commence in February 2026, with processed data and interpretations expected in Q1 2026.

• Company expects to continue operations and meet objectives, supported by access to funding sources including debt and farm-out contributions.