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Highlights
- Conrad Asia Energy is a natural gas exploration and production company focused on exploration, evaluation, and development of natural gas resources in Asia
- In FY23, the company witnessed 317.17% YoY rise in finance income to USD 179.54k
- Inspired International Ltd. has the highest stake in the firm with a shareholding of nearly 10.16%
Conrad Asia Energy Ltd. (ASX: CRD) is an oil and gas exploration and production company with focus on natural gas in the shallow waters of offshore Indonesia.
In the financial year 2023 (FY23), the company recorded an increase in its non-current assets to USD 30.56 million, compared to USD 23 million in the previous corresponding period. During the reported period, operating expenditure decreased by 41% YoY to USD 9.88 million, demonstrating effective cost management and finance income surged to USD 179.54k, up 317.17% over the previous corresponding period.
Top shareholders of CRD
The top 10 shareholders of CRD have around 52.86% shareholding in the company, while the top four shareholders have 35.86% of the shareholding. Inspired International Ltd. has the highest stake in the group with a shareholding of nearly 10.16%.
Recent business update
On 13 June 2024, the company released an annual general meeting update which highlighted that during the AGM, CRD CEO indicated that the company is focused upon advancing the Mako Project towards a development decision, including conclusion of a gas sales agreements and review of development plans. The estimated costs now stand at USD 325 million and key agreements are expected to close soon.
The company released its March 2024 quarter update on 29 April 2024. During the quarter, the company focused on advancing procurement for major contracts, which are expected to be completed in 2QFY24. The quarter saw finalisation of key gas sales agreements and final investment decision are expected in mid-2024 with production expected to commence in mid-2026.
Outlook
In 2HFY24, the company plans to conduct 3D seismic acquisition and processing in the Aceh blocks.
As of 31 December 2023, the company has revised the expected capital costs of the Mako Project for Phase 1 because of procurement process and the existing Front-End Engineering and Design (FEED). The revision is attributed to a more comprehensive understanding of equipment selection and sizing.
Share performance of CRD
CRD shares closed 4.705% lower at AUD 0.810 apiece on 13 June 2024 with a market cap of AUD 151.64 million. CRD’s share price has declined by almost 51.35% in the last one year and has recorded a drop of around 23.58% in the past three months.
The 52-week high of CRD is AUD 1.710, recorded on 21 July 2023, while the 52-week low is AUD 0.750, recorded on 11 June 2024.
CRD Daily Technical Chart, Source: EODHD/Others
Note 1: Past performance is neither an Indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, and currency, is 13 June 2024. The reference data in this report has been partly sourced from EODHD/Others.
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