- Conrad Asia Energy (CRD) lists on the ASX following a $45 million initial public offering which saw the issue of more than 30.82 million CDIs at $1.46 each
- Headquartered in Jakarta, Conrad Asia Energy focuses on natural gas in the shallow waters offshore Indonesia
- The company currently has a 76.5 per cent interest in the Duyung Production Sharing Contract (PSC) and a 100 per cent interest in the Offshore Mangkalihat PSC
- Conrad Asia Energy’s management consists of Peter Botten as Non-Executive Chair, and Miltos Xynogalas as Founder, CEO and Managing Director
- CRN shares have ended the day trading steady at $1.46 each
Conrad Asia Energy (CRD) has listed on the ASX following a $45 million initial public offering (IPO).
The money was raised through the issue of 30,821,917 CHESS Depositary Interests (CDIs) priced at $1.46 each.
Headquartered in Jakarta, Indonesia, Conrad Asia Energy focuses on natural gas in the shallow waters offshore Indonesia.
It specialises in the identification and acquisition of undervalued, overlooked and technically misunderstood gas assets.
Currently, CRD has a 76.5 per cent interest in the Duyung Production Sharing Contract (PSC) and a 100 per cent interest in the Offshore Mangkalihat PSC.
The Duyung PSC contains the Mako Gas Field which is one of the largest undeveloped gas discoveries in the West Natuna Sea.
In FY21, CRD tabled revenue of US$189,488 (A$291,712.04) and a loss of US$723,177, while it FY19 it tabled revenue of US$496,069 and a loss of nearly US$1.15 million.
In its prospectus, Conrad Asia Energy stated it would use the money from the IPO to purchase Mako FEED and long lead items, and fund the growth and evaluation of new assets.
Conrad Asia Energy’s management consists of Peter Botten as Non-Executive Chair, and Miltos Xynogalas as Founder, CEO and Managing Director.
David Johnson is Executive Director and Chief Operating Officer, while Paul Bernard, Jeremy Brest and Mario Traviati are Non-Executive Directors.
CRN shares have ended the day trading steady at $1.46 each.