Conrad Asia Energy Ltd (CRD), a natural gas exploration and development company focused on shallow waters offshore Indonesia, has provided an update on its Aceh operations. The company is advancing with a 3D seismic survey over its discovered resources and exploration potential within its 100% held Offshore North West Aceh (Meulaboh) Production Sharing Contract (ONWA PSC). A contract for the 3D seismic survey has been awarded to a domestic contractor, with the program expected to commence in late September or early October 2025. Data processing and preliminary interpretations are anticipated to be available during the first quarter of 2026.
The seismic acquisition program, covering approximately 500 square kilometres, will focus on a shallow-water area (50-80 metres) that includes a cluster of three gas discoveries and six leads. These discoveries have previously demonstrated high-quality gas production during flow testing, presenting simple development opportunities to supply a high-demand domestic market. The 3D seismic program aims to enhance the understanding of the subsurface, providing greater certainty about the size of existing discoveries, the scale of identified Prospective Resources, and the potential for further resource upside.
Conrad has completed an internal prospectivity assessment of the shallow-water areas of ONWA and Offshore South West Aceh (OSWA) PSCs, estimating unrisked P50 Prospective Resources (100%) at 546 billion cubic feet (Bcf), or 394 Bcf net attributable to Conrad. This volume is in addition to the previously reported Contingent Resources in known discoveries and Prospective Resources in the deeper water areas. The company is also in advanced discussions with a potential equity partner regarding a minority, non-operated farm-in into the ONWA PSC.
Managing Director and CEO, Miltos Xynogalas, stated that the shallow-water area of Aceh represents a major opportunity for Conrad to commercialise a substantive resource. He also noted that Conrad will continue to explore gas commercialisation options with Indonesian domestic industry players, including PT Perusahaan Gas Negara Tbk (PGN) and PT Perusahaan Listrik Negara (PLN). Separately, Conrad is maturing plans to drill up to two wells in the PSCs in and around existing shallow-water discoveries and prospects.
