Agreement of Gas Sale with PGN

Conrad Asia Energy Ltd (ASX: CRD), an ASX-listed Asia-focused natural gas exploration and development company, has signed a binding gas sales agreement (GSA) with PT Perusahaan Gas Negara Tbk (PGN), the gas subsidiary of Indonesia’s national oil company PT Pertamina, for the domestic sale of gas from the Mako field.

The GSA will cover approximately 29.5% of Mako’s total gas sales volumes until the production-sharing contract expires in 2037. The remaining gas will be exported to Singapore, where Conrad is finalizing another GSA. This agreement is an essential step towards the final investment decision for the Mako development, expected by mid-2024. The GSA is subject to the construction of a pipeline connecting the West Natuna Transportation System to the domestic gas market in Batam.

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