Key highlights

  • Conrad Asia Energy shares were down 8.39% at $0.655 during the 10 November 2026 trading session.
  • The company received US$4 million, the second Tranche of cash consideration from the farm-down to Nations.
  • More than 90% of Mako Capital contracts have been signed or awarded, and first gas is on track for the fourth quarter of 2027.

Conrad Asia Energy Ltd (ASX:CRD) fell 8.39% to $0.655 during the 10 November 2026 trading session. The S&P/ASX 200 was higher by 1.34%, or 121.20 points, at 9,150.90 over the same session. Conrad, through its Subsidiary West Natuna Exploration, operates the Duyung Production Sharing Contract in Indonesia. Its latest update was a quarterly activities report for the September 2026 quarter, released on 28 October 2026.

Farm-down completion

Conrad said that Indonesia's Ministry of Energy and Mineral Resources approved on 27 August 2026 the farm-down of a 75% non-operated participating interest in the Duyung PSC to PT Nations Natuna Barat, a subsidiary of PT Nations Petroleum.

Once the remaining conditions were met, the company received US$4 million, the second tranche of cash consideration from Nations.

Mako construction progress

More than 90% of Mako capital contract commitments have been signed or awarded, and the project has moved into full-scale fabrication. The company said the project remains on schedule and on budget, with first gas on track for the fourth quarter of 2027.

The donor rig Valaris 104 was towed through the Strait of Hormuz and arrived at a yard in Batam, Indonesia, for conversion into a mobile offshore production unit. The first steel for the conductor support frame is already on site.

Sector context

Gas development projects are typically judged on their timelines, cost control and funding. Investors in the sector also watch Partnership arrangements and any changes in ownership. The company's shares trade at around 65 cents, and the broader market was higher during the session.

Risks

Construction and conversion work carries execution risks, including the timing of equipment delivery and the performance of contractors. Delays could push back first gas beyond the current target.

The project depends on the approval processes of Indonesian authorities, and changes in regulatory or commercial terms could affect timing.

What to watch ahead

Investors will be looking for updates on fabrication and the conversion of the MOPU, progress on the remaining contracts and the timing of first gas.

Final Word

Conrad's Trading session fall came after a quarter in which the Mako project advanced and the farm-down was completed. The next construction milestones will be the key markers for the project.