Conrad Asia Vitality Ltd. stays unprofitable, reporting $3.5 million in complete loss for the primary half of 2024.
That was down from $7.1 million for a similar interval final yr as working bills fell whereas finance earnings rose, in line with the corporate’s official report.
Conrad is a Singapore-based exploration and manufacturing firm targeted on Indonesia, the place it says it “specializes within the identification and acquisition of undervalued, ignored, and/or technically misunderstood fuel belongings, and has developed experience in maturing such belongings via subsurface technical work, appraisal drilling and an revolutionary strategy to low-cost area growth”.
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It targets first manufacturing as an organization via the Mako area within the Duyung block within the West Natuna Sea. Mako has been assessed to carry 376 billion cubic ft (Bcf) gross contingent sources within the unrisked greatest estimate state of affairs (2C). Conrad holds a 76.5 p.c stake within the block and has a share of 187 Bcf in 2C sources. Mako is scheduled to begin manufacturing 2026 and is predicted to increase the availability of West Natuna Sea fuel for Singapore for at the very least a decade, in line with the corporate. The West Natuna Sea gathering system is already related to Singapore.
“Procurement of all main contracts and companies is ongoing and is predicted to conclude within the coming months with a number of tender deadlines having been prolonged on the request of potential contract bidders”, Conrad mentioned in its newest monetary assertion.
It expects to achieve a closing funding determination by the top of 2024, as a substitute of the center of the yr as beforehand projected by the corporate.
Conrad and Indonesia’s nationwide oil and fuel firm PT Pertamina earlier signed a fuel gross sales settlement (GSA) for the home portion of output from Mako. Underneath the settlement Indonesia is entitled to as much as 122.77 trillion British thermal models, Conrad mentioned in a information launch June 24. Conrad intends to export the rest of Mako gross sales volumes to Singapore.
Moreover the Duyung manufacturing sharing contract (PSC), Conrad additionally owns a one hundred pc curiosity within the ONWA and OSWA PSCs in Aceh province. Three of the 4 found fuel accumulations within the 30-year PSCs have been assessed to carry 214 Bcf gross 2C contingent sources.
“Planning continues for the acquisition of as much as 500 sq. kilometers [193.1 square miles] of recent 3D seismic information in every PSC, searching for to delineate close to area, low-risk drilling alternatives within the shallow-water areas in addition to persevering with to judge the deep-water potential targets with a view to draw companions into this mission space”, Conrad mentioned in its newest monetary report.
“The environmental permits for the seismic acquisition are anticipated in 4Q 2024, primarily based on our present timetable”.
As of the top of the second quarter Conrad had present belongings of $9.9 million together with $8.9 million in money and money equivalents. In the meantime its present liabilities stood at $3.4 million.
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