Conrad Asia Energy, through its majority-owned subsidiary West Natuna Exploration, and Empyrean Energy have finalized the $320 million financing for the Mako Gas Project offshore Indonesia, targeting first gas in Q4 2027. The project, located in the Duyung production sharing contract area, will initially includes six development wells tied back to a mobile offshore production unit with a design capacity of 172 million standard cubic feet per day. Gas will be transported via a 59-kilometer pipeline to the Kakap production sharing contract before delivery to the Indonesian domestic market through the West Natuna Transportation System. Empyrean confirmed that over $280 million in capital contracts—covering drilling, subsea systems, conductor support frames, and long-lead items—have already been awarded, with milestone payments made and costs remaining in line with guidance. The financing is fully secured under a previously announced Carry Loan Agreement, ensuring the project's capital expenditure to first gas is fully funded.