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Criterium Energy Announces Filing of Q2 2024 Results and Provides Operational Update
Calgary, Alberta--(Newsfile Corp. - August 29, 2024) - Criterium Energy Ltd. (TSXV: CEQ)&#x...
About this update from Criterium Energy Ltd
[{"type":"text","content":"Criterium Energy Announces Filing of Q2 2024 Results and Provides Operational UpdateCalgary, Alberta--(Newsfile Corp. - August 29, 2024) - Criterium Energy Ltd. (TSXV: CEQ) (\"Criterium\" or the \"Company\"), an independent upstream energy development and production company focused on energizing growth for Southeast Asia and Criterium shareholders, is pleased to confirm the filing of its Q2 2024 financial and operating results for the three- and six-month periods ended June 30, 2024 (\"Q2 2024 Results\") 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.)Quarterly HighlightsRealized average field production of 821 barrels per day (\"bbl/d\") in Q2 2024 from the Tungkal Production Sharing Contracts (\"Tungkal PSC\"), compared to 822 bbl/d in Q1 2024 and nil in Q2 2023, reflecting the Mont D'Or Petroleum Limited (\"MOPL\") acquisition in early 2024 and the impact of a successful, ongoing workover program.Completed four workovers on existing wells during the quarter at a cost of approximately US$285,000 allocated to operating expenses. Workovers have exceeded expectations, producing at levels 50% above the projected well type curve1. All workovers completed during the first half of 2024 collectively reached pre-tax payout by the end of Q2 2024.Decreased total expenses quarter-over-quarter, with operating expenses (inclusive of G&A) (\"Opex\") declining 7% to US$40/bbl in Q2 2024 from US$43/bbl in Q1 2024, owing to reduced fuel expenses, cost management, and operational efficiencies realized from the MOPL transaction. Opex is anticipated to fall below US$30/bbl by year end2.Strengthened operating netbacks3 per barrel which averaged US$19/bbl in Q2, approximately 40% higher than the average in Q1 2024. Operating netbacks at year-end are expected to reach nearly US$30/bbl2 despite lower forecast Brent prices in the second half, underscoring the increasing resiliency of Criterium's portfolio.Reduced total debt by C$1.4 million at June 30, 2024 compared to March 31, 2024, with Criterium benefitting from favourable interest rates of just over 8%, a level far better than the Company co...