Conrad on the lookout for new CEO as Southeast Asian project edges closer to first gas

June 4, 2026, by Melisa Cavcic

Singapore-headquartered natural gas player Conrad Asia Energy is gearing up to search for a new Chief Executive Officer (CEO) after its current CEO decided to step down.

An offshore platform and a vessel next to it at sunset — Illustration; Source: Conrad Asia Energy

Conrad Asia Energy has made changes to its board and management structure to support the next phase of its growth, as it advances the Mako gas project through development toward first gas, targeted for Q4 2027 in the West Natuna Sea off the coast of Indonesia, Southeast Asia.

The changes follow Miltos Xynogalas‘ decision to step back from his current role as CEO, following the completion of the Mako farm-out process and the establishment of a partnership with Nations Natuna Barat in Indonesia. Xynogalas will continue as CEO until August 31, 2026.

Afterward, he will transition to a new executive role focused on the firm’s Indonesian business activities, partner relationships, business development across the Indonesian and regional portfolio, and Indonesian government stakeholder engagement, while remaining on the board as an Executive Director.

Conrad claims that it will begin an immediate search for a new CEO. Peter Botten has been appointed Executive Chairman, with an expanded mandate covering Australian capital markets engagement, investor communication, oversight of the Mako development through to first gas, and continued progression of the Aceh assets.

Botten emphasized: “I would like to thank Miltos for his outstanding contribution in delivering the Mako farm-out process and in building strong relationships with key stakeholders in the Indonesian energy industry. Conrad is now at a pivotal stage in its development. FID in March, the company’s first reserves booking, and the contracting of more than 80% of development capital expenditure have together transformed Conrad into a fully funded gas developer with a clear path to production.

“My role is to help ensure the quality of the underlying business and the value being created are clearly understood by the Australian investment community, as the company advances toward first gas. I look forward to working closely with Miltos and the board to deliver Conrad’s next phase of growth.”

According to Conrad, the revised structure is intended to strengthen operational execution in Indonesia and enhance engagement with Australian capital markets, reflecting the Asian player’s transition from an exploration and appraisal company to a fully funded gas development business, following the final investment decision (FID) on Mako in March 2026.

Southeast Asian field on track for first gas in 2027

Exploration & Production

Xynogalas highlighted: “I thank Peter for stepping into the role of Executive Chairman and for supporting a smooth transition to Conrad’s new management structure, including the appointment of a new CEO. I have decided to step back from my current role so I can focus on the core purpose on which I founded this company – delivering Conrad’s Indonesian portfolio and identifying new opportunities.

“With the Mako development now in execution, and our Aceh assets attracting genuine farm-in interest, I believe Conrad’s interests will be best served by my focusing fully on business activities in Indonesia and applying the experience I have built over the years to support the company’s next stage of growth.”