RE: Can this get any lower!4 Dec 2025 15:34
Farm‑down deal: Conrad simultaneously announced the PT Nations Natuna Barat farm‑in, securing $320M funding for Mako development.
Tension: This creates a contradiction — Conrad is presenting Mako as fully funded and de‑risked, while Empyrean is fighting to retain its 8.5% stake.
Other partners: Coro Energy (15%) previously disputed cash calls but reached a settlement, showing Conrad has used similar tactics before
Contract law: The JOA governs defaults. If Empyrean can prove they were negotiating in good faith and Conrad acted prematurely, arbitration could side with them.
Precedent: Coro Energy (another partner) had similar disputes with Conrad but reached a settlement rather than losing its stake. That shows Conrad uses aggressive tactics but partners can claw back