Conrad Asia Energy Signs two deals for offshore Aceh, Indonesia
- Conrad Asia Energy (CRD) signs two production sharing contracts (PSCs) for offshore northwest and southwest of Aceh in northern Indonesia
- The contracts signed yesterday will give the company a 100 per cent participating interest in both blocks, with a tenure of 30 years
- The two blocks contain known gas discoveries in shallow water and at shallow reservoir depths, while seismic data has shown potential hydrocarbons in deep-water
- The program of work for each block will be US$15 million (AU$22.1 million), with wells planned to be drilled in 2025
- CRD shares were unchanged at $1.30 at 12:20 pm AEDT
