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Conrad Asia Energy: Signs two deals for offshore Aceh, Indonesia

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
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Steve Sam
Steve Sam
Steve Sam is a financial reporter, analyst, and commentator with a strong focus on banking technology, digital payments, and the future of financial services.

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