We would love to hear your thoughts about our site and services, please take our survey here.
Just got this email
Just got this email
Mako Gas Sale Key Terms Signed with PGN
Highlights
Conrad Asia Energy Ltd (ASX: CRD) (the “Company” or “Conrad”), an ASX-listed Asia-focused natural gas exploration and development company, is pleased to announce that it has entered into binding Key Terms for the sale and purchase of the domestic portion of Mako gas (“Key Terms”) with PT Perusahaan Gas Negara Tbk (“PGN”), the gas subsidiary of PT Pertamina (Persero), the national oil company of Indonesia. Under these binding Key Terms, Conrad and PGN will agree in good faith and sign a fully termed Gas Sales Agreement for the domestic portion of the gas produced from the Mako field (“GSA”) located in the Duyung Production Sharing Contract (“PSC”) in the West Natuna Sea, offshore Indonesia.
On 27 March 2024, Conrad and PGN entered into binding Key Terms thereby committing to agree and to sign a GSA for the domestic portion of the gas produced from the Mako field.
Under the Key Terms, the parties will conclude negotiations for and agree in good faith a GSA that will include and be based upon the Key Terms. The parties shall endeavor to sign such GSA by no later than 31 May 2024.
This GSA will be subject to the construction of the pipeline connecting the West Natuna Transportation System (“WNTS”) with the domestic gas market in Batam. It forms part of Conrad’s Domestic Market Obligation (“DMO”) as set out in the Mako’s revised Plan of Development (“POD”). The sales volumes under this GSA will represent approximately 29.5% of Mako sales gas volumes until the PSC expires in January 2037.
The remainder of the Mako sales gas volumes will be sold to Singapore where a term sheet was signed in 3Q 20232 and Conrad is moving towards finalising a GSA over the coming months.
These Key Terms are an important step towards the Mako development final investment decision (“FID”) planned by midyear 2024.
Conrad Managing Director and Chief Executive Officer, Miltos Xynogalas, commented: Conrad has been working closely with PGN for the commercialisation of Mako gas. These Key Terms are a very important milestone paving the way for a fully termed gas sales agreement and brings the company a step closer to the FID for the Mako development. This agreement, combined with Conrad’s recent signing of a Memorandum of Understanding for its Aceh gas resources also with PGN, will further advance the Government of Indonesia’s ambition to meet the fast-growing energy needs of the country.
Just got this email
Mako Gas Sale Key Terms Signed with PGN
Highlights
Conrad Asia Energy Ltd (ASX: CRD) (the “Company” or “Conrad”), an ASX-listed Asia-focused natural gas exploration and development company, is pleased to announce that it has entered into binding Key Terms for the sale and purchase of the domestic portion of Mako gas (“Key Terms”) with PT Perusahaan Gas Negara Tbk (“PGN”), the gas subsidiary of PT Pertamina (Persero), the national oil company of Indonesia. Under these binding Key Terms, Conrad and PGN will agree in good faith and sign a fully termed Gas Sales Agreement for the domestic portion of the gas produced from the Mako field (“GSA”) located in the Duyung Production Sharing Contract (“PSC”) in the West Natuna Sea, offshore Indonesia.
On 27 March 2024, Conrad and PGN entered into binding Key Terms thereby committing to agree and to sign a GSA for the domestic portion of the gas produced from the Mako field.
Under the Key Terms, the parties will conclude negotiations for and agree in good faith a GSA that will include and be based upon the Key Terms. The parties shall endeavor to sign such GSA by no later than 31 May 2024.
This GSA will be subject to the construction of the pipeline connecting the West Natuna Transportation System (“WNTS”) with the domestic gas market in Batam. It forms part of Conrad’s Domestic Market Obligation (“DMO”) as set out in the Mako’s revised Plan of Development (“POD”). The sales volumes under this GSA will represent approximately 29.5% of Mako sales gas volumes until the PSC expires in January 2037.
The remainder of the Mako sales gas volumes will be sold to Singapore where a term sheet was signed in 3Q 20232 and Conrad is moving towards finalising a GSA over the coming months.
These Key Terms are an important step towards the Mako development final investment decision (“FID”) planned by midyear 2024.
Conrad Managing Director and Chief Executive Officer, Miltos Xynogalas, commented: Conrad has been working closely with PGN for the commercialisation of Mako gas. These Key Terms are a very important milestone paving the way for a fully termed gas sales agreement and brings the company a step closer to the FID for the Mako development. This agreement, combined with Conrad’s recent signing of a Memorandum of Understanding for its Aceh gas resources also with PGN, will further advance the Government of Indonesia’s ambition to meet the fast-growing energy needs of the country.
The placing was 7th Feb and the 20p target was 8th March. Maybe Liberum can throw some light on the subject? I'll drop them a line.
Https://www.proactiveinvestors.co.uk/companies/news/1042737/helium-one-drill-results-highly-encouraging-says-investment-bank-1042737.html
I like this one better on 8th March but why have they slashed the price target from 20p to a mere 5.3p?
They dropped the ball on this permit . Schoolboy error considering how much they have personally invested. Hopefully they are getting very close to obtaining this permit which might explain the current buying and Catalyse Capital Ltd increasing it's stake. All hinges on this permit and then it's all systems go. GLA
I thought that this time last year and possibly the year before!!!
The GSA delay is getting beyond a joke and if it doesn't happen soon then Parsnip will have to try and re-negotiate the Loan notes which of course won't be at all favourable to us plebs. At this rate we will be left with peanuts after paying off the debt but hey ho as long as it covers salaries.
I'm currently being offered 3.55 to buy and 3.556 to sell. I know it's only a slight difference but am wondering if all of today's 3.55's are in fact buys and not sells as indicated by LSE trade app?
Can't say that it fills me with confidence. Supposed to be experts in this field and they dropped the ball, which no matter how they downplay it, it is a very big ball. Looks like another xmas will pass us by without any decent news or news for that matter.
Can't see it turning blue today to be honest. For all we know that 12 million dump was one of the note holders, bearing in mind they will want a lower sp come the end of this month which is the quarterly 10% giveaway of shares in lieu of interest. Hopefully someone will challenge Parsons at the AGM on 20th June about this. I can't go as I live in Spain and I have to find 2.5k to pay the Spanish Taxman on my pension. One of the drawbacks of living in Spain is lower personal allowances and higher rate of tax. Used to pay £750 back in blighty but there again it's worth it to be over here.
It was waiting for Parsons and his team of experts to seize the opportunity so they can keep their gravy train rolling along. By the time the Duyung GSA is signed they will effectively have given the proceeds away to pay off the loan notes. Once that is done then they will need another "asset" to develop and of course it will need funding. Who better than Lombard to fund the new venture with the usual draconian pay back clauses.
Https://www.alignresearch.co.uk/cpt-company/coro-energy/
Thoughts anyone?
Latest presentation
hTTps://www.coroenergyplc.com/media/2280/coroenergy-investor-update-q1-2023-short-v27-2.pdf
GSA slipped into Q2, no surprise there, will they ever get this done?
New appointment awaiting regulatory approval.
I reckon today's RNS was released because they don't have a fat lot else to say and as for the other *stan pot of gold let's see but not holding my breath.
ORCP isn't exactly setting the world on fire! I think CORO maybe looking at their green hydrogen project. Only 3 days before the investor presentation so maybe her appointment will be announced then?
Just wish this GSA would get signed so we can get a rerating and pay off that parasitic loan.
I reckon the only RNS they are currently working on is how much Lombard are going to screw us for . Once that's out of the way we will no doubt get the Italian gas revenue and work over RNS and then sit back waiting for the GSA .Repeat after 3 months.
Dionis - the recent placing took his percentage down even though he had bought more prior to that placing.
CF said in his last presentation that we are profitable and market expectations suggest we will be firmly profitable for all 2021
https://www.youtube.com/watch?v=stLEMB03CWA&ab_channel=InvestorMeetCompany
Tonka - here https://www.youtube.com/watch?v=98RjB28ESXs&ab_channel=InvestorMeetCompany
They are paying the equivalent of £570k in shares to buy a company that made a £300 loss. Is it a a newsagent's kiosk?
When the placing and open offer is done, £3.5 million ( or more) there will be an extra £1 billion + shares issued. The statement re Duyung not reaching FID until mid 2022 is worrying. Are they going to be sitting on their hands for another year before any sale proceeds are received?
Think we have been royally shafted here.
I'm not expecting the ANS money to appear end of June or by the end of ever. We will get an RNS saying money not forthcoming and the EG will now start to look at other means to fund it. This looking process will involve Alice and a white rabbit and will come up with diddly squat after a few months. However during the diddly squat months Harry will have been to several tea parties at our expense in order to drum up support in case EG can't look any further. Christmas is my guess but I could be wrong.
It's a pretty illiquid share when the mm's want it to be . I use Interactive investor and am currently getting buy quote for 49k shares @ 4.12p. Tried a dummy sale but can't get an electronic quote for more than 100 yes 1 hundred at 4p. Anything above that and I have to do a kill and fill if I had a mind to. Hope you get it sorted as HSBC shouldn't be having that kind of problem.