Peter Botten named Executive Chairman as Conrad targets 2027 gas production

Leadership Overhaul Signals Shift to Production Phase

Conrad Asia Energy Ltd (ASX:CRD) has announced a significant leadership restructure as it advances the Mako Gas Project toward first gas, targeted for the fourth quarter of 2027. The company has appointed Peter Botten as Executive Chairman with an expanded mandate that includes overseeing the Mako development, enhancing engagement with Australian capital markets, and progressing Conrad's Aceh assets.

Botten, a Perth-based industry veteran with over 40 years of experience in Asia-Pacific oil and gas and former long-serving Managing Director of Oil Search Limited, steps into this executive role amid Conrad's transition from exploration to a fully funded gas development company. This follows the Final Investment Decision (FID) in March 2026 and contracting more than US$280 million of the estimated US$320 million development capital expenditure.

CEO Transition Reflects Strategic Refocus on Indonesian Business

Founder and current CEO Miltos Xynogalas will remain in the CEO role until 31 August 2026 before moving to a new executive position concentrating on Conrad's Indonesian business activities, including partner relationships, business development across the Indonesian and regional portfolio, and government stakeholder engagement. He will continue as an Executive Director on the board.

This change follows Xynogalas's successful leadership through the Mako farm-out process and the establishment of a partnership with PT Nations Natuna Barat, which secured full funding and long-term contracts for the project. His new role aims to leverage his deep Indonesian market expertise and relationships with key regulators such as SKK Migas and the Ministry of Energy and Mineral Resources.

Operational Leadership and Board Stability

David A. Johnson retains his role as Executive Director and Chief Operating Officer, responsible for day-to-day development and operational delivery of the Mako Gas Project. Johnson is also Conrad's qualified Petroleum Reserves and Resources Evaluator, bringing over 45 years of petroleum geoscience experience.

The remainder of the board remains unchanged, with Jeremy Brest, Paul Bernard, and Mario Traviati continuing as Non-Executive Directors. There will be no change to Botten’s remuneration during his tenure as Executive Chairman.

From Exploration to Fully Funded Developer

Conrad’s evolution is underscored by its transition from an exploration and appraisal company to a fully funded gas developer following the March 2026 FID on the Mako Gas Project. The company has contracted over 80% of the development capital expenditure, positioning it firmly on the path to first gas in late 2027. The Mako gas field, located in the Natuna Sea offshore Indonesia, is one of the largest gas discoveries in the region.

Botten highlighted the importance of clear communication with Australian investors as the company moves into this new phase, stating his focus will be on ensuring the quality and value of the business are well understood. Meanwhile, Xynogalas emphasized his commitment to advancing Conrad’s Indonesian portfolio and capitalizing on farm-in interest in the Aceh assets.