Conrad Asia Energy (ASX:CRD) is working to finalize a gas sales agreement with PT PLN Energi Primer Indonesia, a unit of the state-owned electric utility company, after a directive from the Indonesian authorities, according to a Wednesday Australian bourse filing.
The Indonesian government directed that all gas from the Mako gas field in the country be made available for the domestic market in Batam with the gas to be purchased by Energi Primer, due to the very strong growth in domestic demand.
Conrad holds a 76.5% operating interest in the Duyung production sharing contract in which Mako is located. Authorities revoked the earlier allocation and pricing directive to sell Mako gas to PT Perusahaan Gas Negara and Sembcorp Gas. The gas sales agreement with Perusahaan Gas and Sembcorp will be terminated.
The Mako gas price will be linked to the Indonesian Crude Price, akin to Brent oil-linked Liquefied Natural Gas pricing.
Its shares rose past 4% on market close on Wednesday.
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