Conrad Asia Energy's latest quarter highlights

Conrad Asia Energy (ASX:CRD), a company dedicated to natural gas exploration and development in Asia, has announced its quarterly activities for the period ending 30 September 2024. The focal point of this quarter was the signing of a binding Gas Sales Agreement (GSA) with Sembcorp Gas Pte Ltd for exporting gas from the Mako field to Singapore. This agreement is effective until January 2037 and allows for the sale of up to 76 billion British thermal units per day.

Conrad Asia Energy's strategic focus and future plans

Conrad Asia Energy (ASX:CRD) has made significant strides in its strategic initiatives, particularly with the signing of a Gas Sales Agreement with Sembcorp Gas Pte Ltd. This agreement is crucial for the Mako field's development and financial viability, aiming to begin production by the end of 2026. Additionally, Conrad is actively pursuing financial support and farm-down processes for its Duyung and Aceh PSCs. The company reported a cash balance of US$6.44 million and is addressing financial challenges due to increased expenditures. Conrad continues to focus on its strategic goal of commercializing its gas assets in Asia, while navigating uncertainties such as price fluctuations and regulatory developments.

Executive insights on gas sales agreement

The GSA with Sembcorp is a critical document underpinning the project's financial viability. This agreement will help extend Singapore's gas supply for another decade.