Overview of Conrad Asia Energy's recent funding activities

Conrad Asia Energy Ltd (ASX: $CRD) has successfully completed its Security Purchase Plan (SPP) and SPP Shortfall Placement, raising A$2.85 million before costs. The proceeds from these activities will be utilized for a 3D seismic survey across the shallow water Aceh gas discoveries and continued project costs associated with the Mako gas project, as well as general working capital.

Executive commentary on the successful funding activities

We are delighted with the strong support we have received in the Placement, SPP, and SPP Shortfall Placement. The capital raised from our existing and new shareholders include some of the largest institutional investors in Australia. This capital raise puts us in a strong position to pursue our near-term objectives of progressing our gas sales agreements as well as continue our gas commercialization efforts of our gas discoveries offshore Aceh following our MOU with PGN announced last week.

Summary of Conrad Asia Energy's funding and future plans

Conrad Asia Energy Ltd (ASX: $CRD) has successfully raised A$2.85 million through the completion of the Security Purchase Plan and SPP Shortfall Placement. The company intends to utilize these funds for a 3D seismic survey across the shallow water Aceh gas discoveries, continued project costs associated with the Mako gas project, and general working capital. The successful capital raise has positioned the company strongly to pursue its near-term objectives of progressing gas sales agreements and continuing gas commercialization efforts offshore Aceh following the recent MOU with PGN. Conrad's focus remains on the exploration and production of natural gas, particularly in the shallow waters offshore Indonesia, with the aim of creating long-term value and advancing its gas projects in the region.