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Criterium Energy Announces Filing of Q1 2025 Financial Results and Provides Operational Update
Averaged 988 bbl/d 3 in the first quarter of 2025, up from 822 bbl/d 3 in the same quar...
About this update from Criterium Energy Ltd
[{"type":"text","content":"Criterium Energy Announces Filing of Q1 2025 Financial Results and Provides Operational UpdateAveraged 988 bbl/d3 in the first quarter of 2025, up from 822 bbl/d3 in the same quarter of the prior year. Realized cash flow from operations of C$0.25 million, swinging from negative cash flow in the first quarter of last year.Narrowed net loss by 52% to C$1.2 million, or $0.01 per share, in the first quarter of 2025 versus a loss of C$2.4 million, or $0.02 per share, in the prior year period.Gas development at SE-MGH, the first of several developments in the Tungkal PSC, remains on track and on budget, with first gas expected in Q1 2026.Calgary, Alberta--(Newsfile Corp. - May 30, 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 the filing of its Q1 2025 financial and operating results for the three-month period ended March 31, 2025, in addition to providing an operational update. The unaudited interim consolidated financial statements and notes, as well as Management's Discussion and Analysis (\"MD&A\"), are available on the Company's website (https://criteriumenergy.com/reports-filings/) and SEDAR+ (www.sedarplus.ca). All amounts are shown in Canadian dollars unless otherwise noted.\"We continued to deliver results across our portfolio as we strive to maintain oil production in the vicinity of 1,000 barrels per day, while simultaneously advancing gas development in the Tungkal PSC,\" said Matthew Klukas, President and CEO of Criterium Energy. \"In the face of volatile oil pricing, our goal remains to diversify our commodity risk and build increasing levels of resilience into the business, with an eye to meaningfully growing total production. Our focus on managing costs and seeking out further operational efficiencies has allowed us to deliver positive cash flow and streamlining the business remains a priority.\"First Quarter 2025 Results and Operating HighlightsProduction on track: Achieved average field production in the Tungkal PSC of 988 barrels per day3 (\"bbl/d\") in Q1 2025, up from 822 bbl/d3 in Q1 2024. The increase reflects a successful 15-well workover campaign conducted through 2024, offset by reductions associated with pump failures in the Pematang Lantih field...