Yum22 Feb 2026 23:08
Conrad Asia Energy Ltd (ASX: CRD) (the “Company” or “Conrad”), an Asia-focused natural gas exploration and development
company, is pleased to announce that the Company and its subsidiary, West Natuna Exploration Limited (“WNEL”), operator
of Duyung Production Sharing Contract (“PSC”), have satisfied all the conditions for the NNB PI Transfer1 to become effective,
triggering the immediate cash payment of US$5.0 million from PT Nations Natuna Barat (“NNB”). This is the first instalment of
the agreed cash consideration of US$16 million from the NNB PI Transfer. This will be followed by a subsequent payment of
US$4.0 million in 30-45 days. The third payment of US$7.0 million will be paid upon production, currently targeted for late
2027.
Conrad is also pleased to announce that, in accordance with the previously announced binding term sheet regarding the
settlement of cash call arrears dispute with Empyrean, Conrad, WNEL, and Empyrean have executed definitive documentation
giving effect to that settlement.