Conrad Eyes IPO in Australia to Boost Its Indonesia Upstream Business

Conrad Asia Energy is preparing an initial public offering (IPO) on the Australia Stock Exchange to raise some A$45 million (US$30.3 million) as it seeks to develop its Indonesia upstream business.
Energy Voice reported that the proceeds of the offer are primarily intended to be used for, first, maturation of the Mako Gas Field, including front-end engineering and long lead items required for developing the gas field. The second is further work on the joint study areas in Aceh and their conversion into a production-sharing contract. Third, seismic acquisition over leads identified in both the Offshore Mangkalihat PSC and should it be converted into PSCs in the Aceh joint study areas.