Conrad Asia Energy Ltd announces key terms for Mako gas sale

Conrad Asia Energy Ltd (ASX: $CRD) has signed binding Key Terms with PT Perusahaan Gas Negara Tbk (PGN) for the sale and purchase of the domestic portion of Mako gas. The agreement aims to pave the way for a fully termed Gas Sales Agreement for the Mako field located in the Duyung Production Sharing Contract in the West Natuna Sea, offshore Indonesia.

Executive Commentary on Mako gas sale agreement

Conrad Managing Director and Chief Executive Officer, Miltos Xynogalas, expressed, 'Conrad has been working closely with PGN for the commercialisation of Mako gas. These Key Terms are a very important milestone paving the way for a fully termed gas sales agreement and brings the company a step closer to the FID for the Mako development. This agreement, combined with Conrad's recent signing of a Memorandum of Understanding for its Aceh gas resources also with PGN, will further advance the Government of Indonesia's ambition to meet the fast-growing energy needs of the country.'

Summary of Conrad Asia Energy's Mako gas sale agreement

Conrad Asia Energy Ltd (ASX: $CRD) has made significant progress by signing binding Key Terms with PGN for the sale and purchase of the domestic portion of Mako gas. This agreement is a crucial step towards finalizing the Gas Sales Agreement for the Mako field, which is expected to contribute to meeting Indonesia's energy needs. The company's Managing Director and CEO, Miltos Xynogalas, highlighted the importance of these Key Terms in advancing the Mako development and achieving the Government of Indonesia's energy objectives. Conrad's focus on the commercialization of Mako gas demonstrates its commitment to contributing to the energy requirements of the region.