Conrad Asia opens IPO for Australian Securities Exchange listing

Proceeds will be used for the maturation of the Mako gas field, amongst others.

Conrad Asia Energy has opened its initial public offering for eligible investors in its prospectus for its listing at the Australian Securities Exchange (ASX).

In a statement, Conrad Asia said it is offering over 30.8 million of CHESS Depository Interests (CDI) at an issue price of A$1.46 for a total of A$45m, with the ability for oversubscription to up to A$55m.

Proceeds from the offer will be used for the maturation of the Mako gas field, including front-end engineering and long lead items for gas field development, and work on two joint study areas in Aceh in Indonesia and their conversion into production sharing contracts.

READ MORE: LNG investments to reach $42b annually in 2024: report

The amount will also be used for seismic acquisition over leads identified in the Offshore Mangkalihat Production Sharing Contracts (PSC) and the Aceh joint study areas if converted into PSCs.

“[T]he Company will be targeting the Singapore market, in which natural gas has accounted for 95% of power generation since 2014. We believe there is a significant 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,” Conrad Asia Non-Executive Chairman Peter Botten said.