The intention is to raise up to $A55 million at $1.46 per share, with the offering by Conrad Asia Energy opening next week and ending on October 7.
In his chairman's letter, Botten says that Conrad is focused on the exploration, appraisal, and development of natural gas projects in the offshore waters of Indonesia, with the flagship asset being a 76.5% working interest in the Duyung PSC, which contains the Mako Gas Field, one of the largest undeveloped gas fields in the prolific West Natuna Basin, Indonesia.
It was discovered in 2017 and Botten says Conrad is working with the government of Indonesia on a revised plan of development to accommodate greater gas volumes and production rates, and is currently in the process of negotiating gas sales agreements with potential buyers in Singapore and Indonesia.
"The revised plan contemplates 12 years of production starting in 2025," Botten said.
Botten adds that in particular, Conrad will be targeting the Singapore market, in which natural gas has accounted for 95% of power generation since 2014.
"Conrad believes there is market opportunity in Asia to provide natural gas as a cleaner alternative to carbon intensive coal power generation and enable the region to sustain its strong economic growth as it transitions to renewable energy over the coming decades.'