Conrad Asia Energy Unit Executes Binding Contract to Provide Jack-Up Drilling Rig to Support Indonesia Gas Field, Shares Up 7%

MT Newswires Live

06/05

Conrad Asia Energy's (ASX:CRD) unit, West Natuna Exploration, formally executed a binding contract with PT Pertamina Drilling Services Indonesia through the PDSI-ADES Consortium for the provision of a jack-up drilling rig to support the development of the Mako gas field offshore Indonesia, according to a Friday Australian bourse filing.

West Natuna is the operator of the Duyung production sharing contract in the Natuna Sea, offshore Indonesia.

The scope of work includes the drilling of six development wells and the installation of the conductor support frame. The contract is expected to start in the June quarter of 2027, and it has a term of 180 days.

Its shares rose 7% in recent trading on Friday.

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