Leadership Transition at Conrad Asia Energy

Conrad Asia Energy has initiated a search for a new chief executive following the decision of incumbent Miltos Xynogalas to step down from the role. This transition occurs as the company advances its Mako gas field development offshore Indonesia toward first gas, expected in the fourth quarter of this year. Xynogalas’s decision follows the successful farm-out of a significant stake in Mako to local company Nations Natuna Barat.

New Executive Appointments and Roles

Industry veteran Peter Botten, former managing director of Oil Search, has been appointed as executive chairman. His expanded mandate includes engagement with Australian capital markets, investor communication, oversight of the Mako development through to first gas, and continued progression of Conrad's Aceh assets. Notably, Botten will not receive additional compensation for this expanded role, as noted by Conrad.

Xynogalas's Transition and Continued Responsibilities

Miltos Xynogalas will continue as chief executive until August 31, after which he will transition to a new executive role focused on the company's Indonesian business activities. His responsibilities will include managing partner relationships, business development across the Indonesian and regional portfolio, and engagement with Indonesian government stakeholders. He will continue to lead key relationships with local partners, joint venture counterparties, and regulatory authorities, including upstream watchdog SKK Migas and the Ministry of Energy and Mineral Resources (ESDM). Xynogalas will also remain on Conrad’s board as an executive director.

Rationale for the Leadership Change

Xynogalas stated that he decided to step back from his current role to focus on the core purpose for which he founded the company: delivering Conrad's Indonesian portfolio and identifying new opportunities. He emphasized that with the Mako development now in execution and Aceh assets attracting genuine farm-in interest, Conrad's interests will be best served by his full focus on business activities in Indonesia, applying his experience to support the company's next stage of growth.

Revised Management Structure and Operational Continuity

Conrad announced that the revised management structure is intended to strengthen operational execution in Indonesia while enhancing engagement with Australian capital markets, as the operator is listed on the ASX. David Johnson will continue as the company’s chief operating officer, with day-to-day responsibility for the development and operational delivery of the Mako gas project.