Indonesia M&A - PT Nations Natuna Barat acquire a 75% interest in the Mako PSC from Conrad Asia Energy

(Originally posted on November 19, 2025, updated January 30, 2026)

Earlier today, Conrad Asia Energy announced they had signed a deal with PT Nations Natuna Barat ("Nations", a subsidiary of the Arsari Group) for the latter to acquire a 75% non-operated interest in the Duyung PSC. The deal will see Nations pay Conrad US $16 million and, perhaps more significantly, will carry Conrad through to first production of the first phase on the Mako field development. The deal is subject to government approvals and is expected to close in Q3 2026.