Highlights

  • Conrad Asia Energy reported its 2026 half-year results with the Mako gas project remaining central to development activities.
  • The company continued advancing funding arrangements and ownership changes associated with Mako.
  • Mako development expenditure guidance remained focused on progressing towards targeted first gas activities.
  • The company expanded its interest position through approved asset transfers during 2026.
  • Future updates will focus on construction progress, funding requirements and exploration activities.

Conrad Asia Energy Ltd (ASX:CRD) is an Asia-focused gas exploration and development company with shallow-water Assets offshore Indonesia. During 2026, the company’s activities centred on advancing the Mako gas project, managing funding arrangements and progressing its broader portfolio of Indonesian energy assets.

Half-Year Results and Financial Position

For the six months ended 30 June 2026, Conrad Asia Energy reported profit after tax of US$8.59 million compared with a loss of US$2.40 million in the first half of 2025. Cash and equivalents were reported at US$3.26 million at 30 June 2026, while total assets increased during the period as development spending was capitalised. Borrowings also increased as the company continued funding project activities.

Mako Gas Project Development

The Mako gas project remains the company’s primary development focus. Conrad Asia Energy announced the formal Investment decision for Mako in March 2026, with total Capital expenditure guidance of US$320 million and first gas targeted for the fourth quarter of 2027. The company reported progress on project contracting activities, with letters of award issued for a significant portion of the planned capital programme.

Ownership Changes and Funding Structure

During 2026, Conrad Asia Energy completed transactions that changed its ownership position within its project portfolio. The company acquired an additional interest from Coro Energy following regulatory approval and completed a farm-down arrangement with Nations Natuna Barat. The transaction included staged consideration linked to future production milestones.

Broader Indonesian Asset Portfolio

Beyond Mako, Conrad Asia Energy continues to maintain interests in additional Indonesian exploration areas. The company reported operated interests in the Aceh blocks and continued evaluating exploration opportunities, including planned seismic Acquisition activities. These assets form part of the company’s longer-term exploration portfolio.

Operational Considerations and Risks

Gas development projects involve technical, financial and execution considerations. For Conrad Asia Energy, key factors include maintaining project timelines, managing development expenditure, securing funding arrangements and progressing construction activities. Development projects can also be affected by regulatory requirements, operational challenges and market conditions.

Future Monitoring Areas

Future company updates may provide information on Mako construction progress, Capital Expenditure requirements, project financing arrangements and progress towards first gas. Additional exploration activities in the company’s Indonesian portfolio may also provide further information on future resource evaluation.

Key Insights

Conrad Asia Energy’s 2026 activities highlight the transition of the Mako gas project from planning into development execution. The company is balancing project funding, ownership adjustments and operational delivery while continuing to evaluate additional gas opportunities. Future disclosures will provide further information on development milestones, financial position and progress towards production.