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.”