Conrad Asia Energy Advances Indonesia Gas Project, Targets Q4 2027 First Gas; Shares Up 4%

MT Newswires Live

15 hours ago

Conrad Asia Energy (ASX:CRD) has reported three key milestones for its Mako gas project in Indonesia's Duyung production sharing contract, including the safe arrival of the Valaris 104 jack-up rig at the PaxOcean shipyard in Batam for conversion into a mobile offshore production unit (MOPU), according to a Tuesday filing with the Australian bourse.

Fabrication of the MOPU topside modules is underway, while engineering and procurement activities for the conductor support frame and subsea umbilical, riser, and flowline packages remain on schedule, per the filing.

The company confirmed that its gas sales agreement with PLN Energi Primer Indonesia for the purchase of 100% of Mako's gas production has taken effect after all conditions precedent were met, while commissioning of the WNTS-Pemping subsea gas pipeline has been safely completed, establishing a key link in the gas delivery route to Batam, the filing said.

The project remains on budget and is on track to deliver first gas in the fourth quarter of 2027, with fabrication and construction progressing across several major workstreams, the filing added.

The company's shares rose 4% in recent Tuesday trade.

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