Conrad Asia Energy (CRD) Q3 2026 TU earnings summary

Executive summary

• Mako advanced into full-scale fabrication; over 90% of capital contract commitments are signed or awarded, with first gas still targeted for Q4 2027.

• The 75% Duyung PSC farm-down to Nations completed after regulatory approval and receipt of the second US$4m consideration tranche; WNEL retained a 25% interest and operatorship.

Financial highlights

• Mako total capex to first gas remains US$320m (100% basis), including WNEL’s 25% share of approximately US$80m; the project is fully funded with substantial contingency.

• Future Mako operating costs are estimated at US$70–80m per annum (100% basis), including pipeline transportation.

• Quarter-end cash was US$6.653m; net operating cash outflow was US$1.890m and net investing cash outflow was US$13.661m.

• Development capex payments were US$15.362m in the quarter; compressor advances were US$2.157m.

Outlook and guidance

• First gas remains on track for Q4 2027; Mako remains on schedule and budget, with total capex guidance unchanged at US$320m.

• MOPU conversion remains on schedule; CSF and SURF work is progressing, with SURF site fabrication planned for mid-Q4 2026.

• WNEL is expected to draw a further approximately US$10.75m under the Carry Loan Agreement in the next quarter for its Mako development costs.

• BPMA and Conrad discussed potential completion of the Meulaboh and Singkil development plans during 2027, subject to evaluation and subsequent decisions.