Business
Criterium Energy Announces 2024 Year End Results and Provides Operational Update
Continued quarter over quarter increases in cash flow from operations in 2024; Q4 2024 operating ...
About this update from Criterium Energy Ltd
[{"type":"text","content":"Criterium Energy Announces 2024 Year End Results and Provides Operational UpdateContinued quarter over quarter increases in cash flow from operations in 2024; Q4 2024 operating cash flow of US$1.7 million1, equivalent to C$0.07/share2 on an annualized basis. Reduced debt principal by US$2.5 MM in 2024. Average oil production for Q1 2025 of 988 bbl/d3, a 3% increase from Q4 2024 production of 957 bbl/d3.Gas development on track; SE-MGH (2C Resource of 15 bcf4) to be first of several gas developments within the Tungkal PSC.Calgary, Alberta--(Newsfile Corp. - May 12, 2025) - Criterium Energy Ltd. (TSXV: CEQ) (\"Criterium\" or the \"Company\"), an independent upstream energy development and production company focused on energizing growth for Southeast Asia today announced financial results for the fourth quarter and year ended December 31, 2024 and provided an update on recent production and development activities in the Company's Indonesian portfolio. \"Building on the successes of 2024, our focus remains on meaningfully growing and diversifying production, largely through a focus on near-term development of our core gas assets in the Tungkal PSC, while maintaining oil production near current levels,\" said Matthew Klukas, President and CEO of Criterium. \"Our strong regional focus, track record of reducing costs, and ability to attract premium pricing for gas and oil production, combined with the Indonesian government's desire to bring discovered resources online to meet domestic demand, leaves us well positioned to act on a series of gas opportunities, one after the other, to weather shifting macroeconomic conditions and build significant value in Criterium as an organization.\"HighlightsFourth Quarter and Year-End 2024 ResultsProduction growth: Production volumes averaged 957 bbl/d3 in Q4 2024, a 33% increase when compared with asset production levels in Q4 2023, highlighted by a 65% production increase in the Mengoepeh oil field realized through a successful, 15-well workover campaign.Positive Cash Flow from Operations: Funds flow from operations1 (\"FFO\") for the fourth quarter was US$1.7 MM (C$0.07/share2 on an annualized basis), 65% higher than Q3 2024 due to higher production and reduced operating costs as a result of cost saving initiatives implemented earlier in the year. Operating cost reduction: Q4 2024 operating costs...