Conrad Asia Energy expects to ink a deal to sell its Indonesian gas to a Singaporean customer “in the relative short term”.
Former AGL chairman Peter Botten says the gas play he now chairs, Conrad Asia Energy, expects to sign a deal with a Singaporean customer shortly, paving the way to unlock finance to develop its flagship Indonesian offshore basin.
Conrad owns 76.5 per cent of the field that was discovered in 2017, but is looking to sell a portion to raise funds for the project.“We’re in the process of selling some of that down, which will go a long way to meet our financing obligations for the development. We hope to maintain about 50 per cent equity in the Mako development – between that and some financing sources – to meet capital requirements for the project,” Mr Botten said.
The stock has since shot higher and was bumped even further on March 3 when brokers Bell Potter placed a speculative “buy” and price target of $2.40. The shares ended flat on Wednesday.Canaccord Genuity analysts James Bullen and William Jones issued a speculative buy with a target of $2.70 on March 8, telling investors it was “getting its teeth into Asian energy growth”
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