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Conrad Asia Energy Ltd (ASX:CRD)

ALERT: Price-sensitive ASX Announcement for CRD
Current share price for CRD : $0.430 -0.16 (-27.12%)+
Announcement
Release
30 Jan 2026 8:47AM
Price at Release
$0.590
Full Release
download
Summary
Conrad Asia Energy Ltd has announced a binding term sheet for a settlement agreement with Empyrean Energy PLC regarding historical cash call arrears. The agreement involves the transfer of Empyrean’s 8.5% interest in the Duyung PSC to Conrad's subsidiary, West Natuna Exploration Limited (WNEL), and the formation of a Singapore-based Special Purpose Vehicle. This settlement is strategic for finalizing the Mako Farmdown transaction, with Empyrean set to pay Conrad US$353,388.50 in cash and the same amount from dividends. Upon completion, Conrad will have a 22.875% operated interest in the Duyung PSC, with plans to begin production by Q4 2027.
Key Points
  • Conrad Asia Energy Ltd signed a binding term sheet with Empyrean Energy PLC.
  • The agreement addresses historical cash call arrears in the Duyung PSC.
  • Empyrean's 8.5% interest in the Duyung PSC will be transferred to WNEL.
  • A Special Purpose Vehicle will be created, with Conrad holding 91.5% and Empyrean 8.5%.
  • Empyrean will pay US$353,388.50 twice to settle past claims.
  • Completion depends on approvals from Indonesia's SKK Migas.
  • The transactions will support the Mako Farmdown transaction.
  • Post-transaction, Conrad will hold 22.875% interest in the Duyung PSC.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.