Conrad Asia Energy Ltd (ASX: CRD), a natural gas exploration and development company, has announced an update on its Aceh operational activities, focusing on the Offshore North West Aceh (ONWA) Production Sharing Contract (PSC). The company is set to commence a 3D seismic survey over its discovered resources and exploration potential in the 100%-held ONWA PSC. This area adjoins Conrad’s other 100%-held PSC, Offshore South West Aceh (OSWA), with the combined area covering approximately 20,000 square kilometres. The OSWA PSC is undergoing prospect evaluation work in anticipation of a separate seismic survey.
A key development is the awarding of a 3D seismic survey contract to a domestic contractor, with the program expected to begin in late September or early October 2025. The survey will cover approximately 500 square kilometres in shallow waters (50-80 metres), focusing on a cluster of three gas discoveries and six leads where previous exploration success rates have been around 70%. The data processing and preliminary interpretations are expected in the first quarter of 2026.
The planned seismic program aims to enhance 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 estimating unrisked P50 Prospective Resources (100%) at 546 billion cubic feet (Bcf), with 394 Bcf net attributable to Conrad, held in 11 prospects and leads.
Conrad is also in discussions with a potential equity partner for a minority, non-operated farm-in into the ONWA PSC. Separately, the company is maturing plans to drill up to two wells in the PSCs in and around existing shallow-water discoveries and prospects. Managing Director and CEO Miltos Xynogalas stated that the upcoming seismic survey is the first step towards commercialising a substantive resource in the shallow-water area of Aceh.
