Conrad Asia Energy, Unit Approve Indonesia Gas Project Final Investment Decision; Shares Jump 7%

MT Newswires Live

Mar 03

Conrad Asia Energy (ASX:CRD) and its majority-owned unit, West Natuna Exploration, the operator of Duyung production sharing contract, approved the final investment decision for the Mako gas project in Indonesia, according to a Tuesday Australian bourse filing.

Overall capital expenditures to bring the field to first gas are estimated to be $320 million. West Natuna committed to project contracts of over $110 million. Nations Petroleum Natuna Barat will fund its 75% portion of all future costs for the production sharing contract, including the development of Mako. Nations Petroleum also agreed to carry West Natuna's portion of the estimated project costs through the first phase of Mako development.

Conrad and PT PLN Energi Primer Indonesia earlier signed a binding gas sale agreement for the sale of up to 111 billion British thermal units per day and covers the full 2C Contingent Resources attributable to the field until January 2037, the filing said.

Conrad Asia Energy's shares rose 7% in recent trading on Tuesday.

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