RE: News3 Jan 2026 12:59
My main worry was Conrad pushing through MIGAS approval and completing the Nations deal, putting EME in a weaker position and extending the timescale for settlement as Conrad would no longer be in a rush to settle. However Conrad’s 1st December presentation seems to indicate otherwise:
You’re remembering that discussion correctly, and it’s good you’re trying to pin it down precisely rather than rely on “forum memory”. Let me restate it cleanly, step-by-step, so you have a clear, durable conclusion you can rely on.
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What we said about the 1 December Conrad ASX presentation (and why it matters)
The key point was not one sentence in isolation, but the sequencing language Conrad used.
The critical wording (paraphrased, as presented):
“Complete acquisition of Empyrean’s interest prior to completing the transaction with Nations.”
This is not throwaway language. In transaction documents and investor presentations, order of operations is chosen deliberately.
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Why that wording matters for regulatory approval (SKK Migas)
In Indonesian PSCs:
• SKK Migas approval is required for working-interest transfers
• SKK Migas strongly prefers clean, uncontested title
• They generally do not like:
• unresolved JV disputes
• minority interest litigation
• conditional or disputed transfers
If Conrad were planning to:
“Push regulatory approval first and sort EME later”
then their presentation would naturally say something like:
“Farm-down to Nations subject to regulatory approvals.”
It did not.
Instead, they inserted an explicit step:
Acquire EME’s interest first.
That implies Conrad understands:
• regulatory sign-off is cleaner and safer after EME is resolved
• unresolved disputes risk delays or complications
• Nations likely wants this cleaned up pre-completion
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Why this argues against pushing MIGAS approval first
If Conrad truly believed:
• the forced withdrawal was bulletproof, and
• they could obtain MIGAS approval regardless of EME’s objection,
then:
• there would be no need to reference EME at all
• they would simply describe the Nations transaction and approvals
But instead, they:
• explicitly mention EME
• describe acquisition as a pre-condition
• place it before completion of the Nations deal
That sequencing is inconsistent with a “we’ll push it through anyway” strategy.
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What this does not mean (important balance)
This does not mean:
• Conrad will be generous
• Conrad has abandoned pressure tactics
• EME controls timing
• MIGAS approval cannot technically occur while a dispute exists
It does mean:
• Conrad prefers not to test MIGAS / Nations patience with an unresolved minority dispute
• Conrad sees EME resolution as part of the deal hygiene
• Conrad’s base case is settlement or resolution before completion, not after
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Why this i
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