Conrad Secures A$9 Million Through Strongly Supported Placement
Jane Morgan Management
Singapore – Conrad Asia Energy Ltd (ASX: CRD), an ASX-listed Asia-focused natural gas exploration and development company, is pleased to announce it has received firm commitments to raise approximately A$9.0 million through a two-tranche Placement to institutional and sophisticated investors.
The Placement, priced at A$0.65 per CHESS Depositary Interest (“CDI”), attracted strong interest from both existing and new investors, with demand exceeding expectations. Notably, all Conrad Directors and senior management have committed to participate in the Placement, contributing a total of A$3.0 million – highlighting their confidence in the Company’s strategy and outlook.
Commenting on the Placement, Conrad Managing Director and CEO, Miltos Xynogalas, confirmed:
“We are delighted with the support we have received from new and existing institutional investors, and appreciate the confidence they place in our ability to meet key upcoming milestones that will help deliver the Mako development project. We also note the strong support from our Directors & senior management team, which highlights our collective conviction in the outlook for Conrad.
Following the recent finalisation of the Mako Gas Sales Agreement (“GSA”) and agreed settlement with Coro Energy, we are now firmly focused on finalising pending farm-out arrangements for the Duyung PSC (Mako) and FID for Mako. We are also excited by the prospects of our other project area in Aceh, which is also the subject of discussions with potential partners.”
Use of Funds
Proceeds from the Placement will be used to fund general project costs, corporate expenses, and support the Company’s near-term objectives, including:
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Signing of binding gas sale agreements for the Mako Gas Field;
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Conclusion of the Duyung Production Sharing Contract (“PSC”) farm-down process;
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Reaching Final Investment Decision (“FID”) for the Mako project; and
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Maturing gas commercialisation initiatives in Aceh.
Placement Structure / Advisers
The Placement comprises two tranches:
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Tranche 1: Approximately A$6.1 million via 9.3 million new CDIs under Conrad’s existing placement capacity; and
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Tranche 2: Approximately A$2.9 million via 4.5 million new CDIs to Directors, subject to shareholder approval at the upcoming Annual General Meeting (“AGM”) in June 2025.
The Placement price reflects a 12.8% discount to Conrad’s last closing price of A$0.745 on 30 April 2025.
Wilsons Corporate Finance Limited and Bell Potter Securities Limited acted as Joint Lead Managers (“JLMs”) to the Placement, with Clayton Utz serving as Australian legal adviser.
ENDS
For more information, please contact:
Conrad Asia Energy
Miltos Xynogalas
Managing Director and CEO
P: +65 6517 9700
[email protected]
Investor & Media Relations
Jane Morgan
Director
P: +61 405 555 618
[email protected]
About us:
About Conrad Asia Energy
Conrad is an Asia-focused natural gas exploration & production company concentrated on the shallow waters offshore Indonesia, and via its wholly owned subsidiaries, is the holder of several operated tenements in the form of Production Sharing Contracts. The Company’s flagship project is the Mako Gas Field located in the Natuna Sea in the shallow offshore waters of Indonesia. The Mako gas field is one of the largest gas discoveries in the region.
The Company specialises in the identification and acquisition of undervalued, overlooked, and/or technically misunderstood gas assets, and has developed expertise in maturing such assets through subsurface technical work, appraisal drilling and an innovative approach to low-cost field development.
The Board and management have a proven track record of value creation and deep industry experience with oil majors, midcap E&P and the upstream investment community, together with a successful track record of bringing exploration and development projects into production, with Peter Botten the founder and Chairman of Oil Search adding enormous depth and experience as Chairman of Conrad.
Contact details:
Jane Morgan
Director
P: +61 405 555 618
[email protected]