Conrad Asia Energy Ltd has announced a significant operational update on its Aceh projects off Indonesia’s coast. The company, focused on natural gas exploration and development, is set to launch a 3D seismic survey over its fully held Offshore North West Aceh Production Sharing Contract. The survey, covering an area of around 500 square kilometres in shallow-water depths of 50 to 80 metres, will target a cluster containing three gas discoveries and six exploration leads. This initiative is expected to commence by late September or early October 2025, with data processing and first interpretations likely emerging in the first quarter of 2026. The seismic programme is designed to better define the size and potential of the existing gas discoveries while identifying additional resource upside in a region where past exploration success rates have been high. Recent internal assessment estimates place the unrisked P50 Prospective Resources in the shallow-water areas at 546 billion cubic feet (with 394 billion cubic feet attributable to the company). This figure adds to previous estimates – including a reported 216 billion cubic feet of net contingent resources in the shallow-water discovery areas and unrevealed deeper-water potential amounting to 15 trillion cubic feet (11 trillion cubic feet net). The improved understanding of the subsurface is expected to guide further drilling campaigns and a comprehensive Plan of Development that may extend to mini-LNG production or power generation applications. In addition to the seismic survey, Conrad Asia Energy Ltd is engaged in advanced discussions with a potential equity partner regarding a minority, non-operated farm-in of its Aceh PSC, reinforcing the strategic ambition to attract additional investment. The company is also progressing plans to drill up to two wells targeting the shallow-water prospects, although timing details for these operations are yet to be confirmed. This activity is in line with Conrad’s ongoing efforts to mature its resource portfolio and enhance its commercial strategy through collaboration with major Indonesian industry players, including PT Perusahaan Gas Negara Tbk and PT Perusahaan Listrik Negara. The recent developments underline both the technical promise and commercial potential of Conrad Asia Energy Ltd’s projects. A modern seismic survey is expected to provide crucial data that will strengthen the company’s resource estimates and de-risk future project developments. With a track record that includes a binding gas sales agreement for the Mako gas project, the company is well positioned to take advantage of the growing demand for natural gas in Asia’s energy transition. Market sentiment appears divided. On the bullish side, the announcement signals robust technical fundamentals and strategic commercial partnerships, along with high success rates in exploration and positive flow test results, which could translate into a material valuation uplift if further drilling confirms the promising resource estimates. On the bearish side, risks inherent in exploration remain, such as the uncertainties associated with forward-looking statements, potential delays in drilling or partner negotiations, and the challenges of converting exploration success into commercial production. Overall, while the new seismic survey and strategic moves enhance confidence in the underlying resource potential, broader market risks still underline the importance of cautious optimism for investors.