Highlights

  • Conrad identifies Mako as its cornerstone offshore Indonesian gas development.
  • The project reached a final Investment decision in March 2026.
  • Mako’s first gas is targeted for the fourth quarter of 2027.
  • The development plan includes six subsea wells and a connection to the West Natuna Transportation System.

Conrad Asia Energy Ltd (ASX:CRD) is progressing the Mako Gas Project offshore Indonesia following a final investment decision in March 2026. The project is located within the Duyung production sharing contract in the West Natuna Sea and is targeting first gas in the fourth quarter of 2027.

From Appraisal to a Funded Development Programme

Conrad describes Mako as its anchor asset and has outlined a development model based on subsea production wells, offshore processing and delivery into existing gas transmission infrastructure. The target is future gas supply, not production already underway.

Mako’s Planned Infrastructure and Contracted Gas

The field contains stated gross proved and probable gas reserves of 330 billion cubic feet. Conrad’s project material describes a first-phase development of six subsea wells connected to a mobile offshore production unit, including processing and compression equipment. Gas is planned to flow through the West Natuna Transportation System to the Batam market.

The company says 100% of Mako gas is contracted for sale to PLN EPI under an agreed gas sales arrangement. This establishes a defined customer pathway for future production, while execution of offshore construction, drilling and commissioning remains necessary before physical delivery begins.

Portfolio Extends to the Aceh Basin

Conrad also holds operated interests in Offshore North West Aceh and Offshore South West Aceh production sharing contracts. The company describes these Assets as containing existing discoveries and exploration opportunities, complementing the more advanced Mako development.

The two Aceh blocks have their own work obligations and technical evaluation pathways. Resource or prospectivity descriptions for these assets should not be confused with Mako’s stated reserves or the near-term development timetable.

Outlook: Milestones Ahead of First Gas

Conrad’s next phase is tied to executing the Mako offshore development programme, with the company targeting first gas in late 2027. The relevant milestones concern installation and preparation of production infrastructure, well work and the eventual commissioning of the transportation and processing chain.

Mako’s fully funded development description and contracted sales arrangements provide context for the plan, but the first-gas date remains a target dependent on successful execution. The Indonesian exploration portfolio offers separate, longer-term workstreams.

Conrad Asia Energy shares were quoted at AUD 0.725 on 6 November 2026, with a reported daily change of 0.00%. No shares traded during the session. The reported Market Capitalisation was approximately AUD 141.08 million.