Conrad Asia Energy Ltd. (the Company), a public company incorporated in Singapore, opened its initial public offer today after lodging its prospectus (the Prospectus) in connection with its admittance to the Australian Securities Exchange (ASX). The offer is made to eligible investors in a Prospectus (the Offer), available at our website www.conradasia.com, which is an initial public offering to acquire CHESS Depository Interests (CDIs) over Company shares, by completing an application form that accompanies the Prospectus, which, at completion, Conrad Asia Energy Ltd. plans to be publicly traded on ASX (ASX:CRD).
With offices in Singapore and Indonesia, Conrad Asia Energy Ltd. is focused on the exploration, appraisal, and development of natural gas projects in the offshore waters of Indonesia. The Company’s flagship asset is its 76.5% operated working interest in the Duyung PSC, which contains the Mako gas field, one of the largest undeveloped gas fields in the West Natuna basin, Indonesia.
Key Details of the Offer
The Offer of 30,821,917 CDIs at an issue price of A$1.46 each to raise approximately A$45,000,000 (with the ability to accept oversubscriptions to raise up to A$55,000,000 (in aggregate). The CDIs will be issued at a ratio of 1 CDI for 1 Share.
Proceeds of the Offer are primarily intended to be used for:
- maturation of the Mako gas field, including front end engineering and long lead items required for the development of the gas field;
- further work on two joint study areas in Aceh, Indonesia and their conversion into production sharing contracts; and
- seismic acquisition over leads identified in both the Offshore Mangkalihat PSC (OM) and, should they be converted into PSCs, the Aceh joint study areas.
Conrad Asia Energy Ltd. has identified near-term priorities, with the key priority to bring Mako to final investment decision (FID). The Company’s board of directors shared the target milestones post-listing, including:
- completion of the Mako plan of development (Q4 CY2022);
- gazetting of the Aceh joint study areas as PSCs – (Q4 CY2022);
- conclusion of the Mako gas sales agreement(s) – (Q4 CY2022);
- bringing the Mako field through front-end engineering and design to FID to meaningfully enhance the value of the asset – (mid CY2023); and
- continuing to mature various prospects in the OM PSC – (through CY2023).
According to Peter Botten, Non-Executive Chairman of Conrad Asia Energy Ltd., “Asia’s demand for natural gas continues to grow as the region seeks access to cheap, locally sourced power to fuel its strong economic growth and as an alternative transition fuel. In 2020, Asia represented more than one fifth of global natural gas demand.1 In particular, the Company will be targeting the Singapore market, in which natural gas has accounted for 95% of power generation since 2014.2 We believe there is a significant market opportunity in Asia to provide natural gas as a cleaner alternative to carbon intensive coal power generation, and enable the region to sustain its strong economic growth as it transitions to renewable energy over the coming decades.”
Mr. Botten added, “We are excited to be able to offer incoming shareholders an opportunity to participate in the growth of Conrad Asia Energy Ltd. and the development of its exciting portfolio of assets.”
- BP, Statistical Review of World Energy 2021 (70th edition) <https://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy.html>.
- Energy Market Authority of Singapore, Singapore Energy Statistics 2021 <https://www.ema.gov.sg/singapore-energy-statistics/>.
|Prospectus Date||9 September 2022|
|Broker Firm Offer, Priority Offer, the Institutional Offer and Public Offer opens||19 September 2022|
|Public Offer closes||7 October 2022|
|Broker Firm Offer, Priority Offer and Institutional Offer closes||14 October 2022|
|Settlement||19 October 2022|
|Issue of CDIs under the Offer||20 October 2022|
|Expected despatch of holding statements and allotment confirmation advices (CDIs)||21 October 2022|
The Prospectus containing the complete terms and conditions has been published on the company website: www.conradasia.com.
About Conrad Asia Energy Ltd.
Conrad Asia Energy Ltd. is focused on natural gas in the shallow waters offshore Indonesia, and via its wholly owned subsidiaries, and holds several operated tenements in offshore Indonesia in the form of production sharing contracts (PSCs). The Company specializes 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.
For more information, please email [email protected].