Criterium Energy Ltd. (“Criterium” or the “Company”), an independent upstream energy development and production company focused in Southeast Asia, is pleased to announce the filing of unaudited Q1 2024 financial and operating results for the three-month period ended March 31, 2024 (“Q1 2024 Results”). The unaudited interim consolidated financial statements and notes, as well as Management's Discussion and Analysis ("MD&A"), are available on SEDAR+ at www.sedarplus.ca.
First Quarter 2024 Operational Highlights
Oil production of 802 bbl/d from the Tungkal and West Salawati PSCs;
Oil sales totaled 73,131 bbl and realized an average price of US$82/bbl, generating revenue of US$6 million; and
Operating costs were US$2.8 million, with management continuing to identify cost reduction initiatives that can be carried out throughout 2024 with the view to enhancing margins.
Achievements Subsequent to Quarter End
Signed definitive agreement to sell Criterium’s working interest in the Bulu PSC for US$7.75 million. Received US$500,000 non-refundable deposit in connection with the transaction which is anticipated to close on, or prior to, August 31, 2024.
Signed a gas offtake agreement with PT Energasindo Heksa Karya (“EHK”), a company owned by Rukun Raharja and Tokyo Gas, whereby EHK will purchase discovered gas from the Tungkal PSC. Criterium expects to continue progressing technical evaluations and to submit a plan of development for government approval later this year.
Executed five well workovers in the MGH field, designed to increase volumes in a capital-efficient manner. The incremental production response has been as expected, supporting Criterium’s continued investment in the workover program. As a result of these workovers current field production is estimated at approximately 870bbl/d.
Re-Affirming 2024 Guidance
Based on the Company’s successful activities completed in Q1, continued momentum on the workover program and the expected impact of the planned second half 2024 drilling, Criterium is pleased to reaffirm its 2024 guidance as previously outlined in our April 2, 2024 press release.
Market Engagement - Lytham Conference
Criterium recently participated in the Lytham Partners Spring Conference, during which management provided a corporate presentation and the Company participated in one-on-one meetings with interested investors. A replay of the presentation is available at the following link: https://www.youtube.com/watch?v=MSJKnECqrM4.
Stay Connected to Criterium
Shareholders and other interested parties who would like to learn more about the Criterium opportunity are encouraged to visit the Company’s website, which includes an updated corporate presentation, and to follow the Company on X (formerly Twitter) at https://twitter.com/CriteriumEnergy and on LinkedIn at: https://www.linkedin.com/company/criterium-energy/ for ongoing corporate updates and relevant international oil and gas industry information.
