Conrad approves Mako Gas Project FID offshore Indonesia

Core Viewpoint - Conrad Asia Energy and its subsidiary West Natuna Exploration have approved the final investment decision for the Mako Gas Project, marking a significant step towards full development with first gas production expected in Q4 2027 [1][2] Group 1: Project Development - The total estimated capital expenditure to reach first gas is approximately $320 million, with full funding secured for all project costs, including contingencies [2] - The final investment decision is expected to materially de-risk the project, supported by successful appraisal drilling, verified reservoir performance, and a completed gas processing design [2] Group 2: Revenue and Contracts - The project has a binding gas sales agreement that guarantees government-backed revenue through January 2037 for up to 111 billion British thermal units per day, ensuring revenue predictability once production begins [3] - The company has transitioned from a speculative exploration entity to a fully contracted gas development company with a defined capital program and clear production path [4] Group 3: Strategic Importance - The Mako Gas Project is positioned in the West Natuna Basin, a significant hydrocarbon region in Asia, and is located approximately 20 km from existing gas export and oil production infrastructure [5] - The project is seen as a disciplined entry into the rapidly growing energy consumption region of Southeast Asia, with plans to augment it with additional gas accumulations in Aceh [5]