Highlights

  • Conrad Asia Energy (ASX:CRD) shares traded at AUD 0.56, down 3.45% at the time of writing on 2 September 2026
  • The company is advancing the Mako Gas Project in Indonesia’s Duyung Production Sharing Contract.
  • More than 90% of Mako’s estimated Capital costs have been covered through awarded contracts.
  • Investors are monitoring project execution, funding arrangements and the targeted Q4 2027 first gas timeline.

The Australian Equity market traded lower during the session, with the S&P/ASX 200 (ASX:XJO) trading at 8,969.00 points, down 1.08% today, while the S&P/ASX 300 (ASX:XKO) was trading at 8,898.40 points, down 1.09% today. The energy sector moved higher, with the S&P/ASX 200 Energy (ASX:XEJ) trading at 11,196.80 points, up 0.46% today.

Conrad Asia Energy Ltd (ASX:CRD) recorded a share price of AUD 0.56, down 3.45%, at the time of writing on 2 September 2026 The daily movement reflects trading activity in the company’s shares, although short-term price fluctuations alone do not necessarily indicate changes in project value, operational progress or long-term Business fundamentals.

The company remains focused on transitioning its Indonesian gas portfolio towards production, with the Mako Gas Project representing the centrepiece of its development strategy.

Gas Development

Conrad Asia Energy (ASX:CRD) is an Asia-focused Natural Gas exploration and development company with Assets across Indonesia. The company’s key development asset is the Mako Gas Project, located within the Duyung Production Sharing Contract in the West Natuna Sea.

The Mako field is positioned as a significant undeveloped gas resource within the West Natuna Basin. Conrad’s strategy has shifted from exploration and appraisal activities towards project execution, with development activities progressing following the Final Investment Decision reached in March 2026.

Natural gas developers are generally assessed based on factors including resource quality, project financing, infrastructure readiness, customer agreements and the ability to deliver production on schedule.

For Conrad Asia Energy, the ability to advance Mako towards first gas while maintaining funding discipline remains a key area of investor attention.

Mako Progress

In July 2026, Conrad Asia Energy reported continued progress at the Mako Gas Project, highlighting that contracts and letters of award covering more than US$290 million, representing over 90% of the project’s estimated US$320 million capital cost, had been secured.

The awarded contracts cover major project components, including subsea infrastructure, conductor support frame works, mobile offshore production unit arrangements and drilling activities. The company stated that the project remained fully funded and on track for first gas in the fourth quarter of 2027.

During the June 2026 quarter, Conrad also reported progress on the infrastructure connection between the West Natuna Transportation System and the Pemping gas pipeline project. The connection is expected to support future delivery of Mako gas into Indonesia’s domestic energy market.

The company stated that the Mako Gas Project remains one of the largest undeveloped gas fields in the West Natuna Basin, with development activities progressing under the existing project framework.

Resource Position

Conrad Asia Energy’s Mako development is supported by a substantial gas resource base.

The company reported that, based on its participating interest at the end of 2025, Mako contained 1P Reserves of 20 million barrels of oil equivalent (mmboe) and 2P Reserves of 29 mmboe net attributable to Conrad.

The development plan includes offshore production infrastructure, subsea wells and connection into existing transportation networks. The company has also highlighted the commercial relevance of supplying gas into regions such as Batam and Sumatra, where energy Demand continues to develop.

Beyond Mako, Conrad also holds exploration and development interests in Indonesia, including the Aceh PSCs. These assets provide additional long-term opportunities within the company’s regional gas portfolio.

However, moving from development towards production requires successful execution across multiple areas, including construction, drilling, commissioning and regulatory approvals.

Market Factors

Energy companies can experience share price movements influenced by investor sentiment, Commodity conditions, project milestones and broader market trends.

Conrad Asia Energy’s daily decline of 3.45% may reflect normal trading activity, changes in investor positioning or broader energy sector sentiment. However, a single session’s movement does not independently indicate a change in the company’s underlying fundamentals.

Investors generally monitor gas developers by assessing project execution, capital requirements, production timelines, contracted revenues and operational risks.

The natural gas market remains influenced by energy security priorities, regional demand growth and the transition towards lower-emission energy sources.

For Conrad Asia Energy, successful delivery of the Mako Gas Project remains a key milestone that could shape investor perceptions of the company’s transition into a production-focused gas business.

Investor Focus

Investor attention on Conrad Asia Energy (ASX:CRD) remains centred on the execution of Mako and the company’s progress towards first gas.

The project’s funding position and advanced contracting status provide a defined pathway towards development completion. However, investors continue to monitor construction progress, drilling activities, cost management and delivery timelines.

The company’s ability to achieve first gas during the targeted Q4 2027 timeframe will remain an important milestone.

Beyond Mako, investors may also continue assessing Conrad’s broader Indonesian portfolio and its ability to create additional growth opportunities through further gas developments.

Final Takeaway

Conrad Asia Energy (ASX:CRD) continues to advance the Mako Gas Project as it moves closer to becoming a producing gas asset. The company’s share price stood at AUD 0.56, down 3.45%, at the time of writing on 2 September 2026

Recent updates have highlighted progress in project contracting, infrastructure preparation and funding arrangements, with first gas remaining targeted for Q4 2027.

While daily share price movements reflect market activity, they do not independently determine changes in company fundamentals. Investors continue to monitor Conrad’s project execution, production timeline, resource position and broader Indonesian gas market opportunities.