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Criterium Energy Announces Preliminary Q3 Operating and Drilling Results and Bulu Transaction Update and Participation in the Schachter Catch the Energy Conference
Exited the third quarter with September production of 933 bbl/d (14% increase from Q2 2024) ...
About this update from Criterium Energy Ltd
[{"type":"text","content":"Criterium Energy Announces Preliminary Q3 Operating and Drilling Results and Bulu Transaction Update and Participation in the Schachter Catch the Energy ConferenceExited the third quarter with September production of 933 bbl/d (14% increase from Q2 2024)Gross operating costs down 25% since January of 2024 supporting a $10 per bbl improvement in operating netbacks during yearBulu transaction expected to close in Q4 2024Calgary, Alberta--(Newsfile Corp. - October 17, 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, today announced preliminary Q3 operating results and provided an update on recent drilling activities in the Company's 100% owned and operated Tungkal PSC in Indonesia (the \"Tungkal PSC\").\"Criterium's ongoing work program, emphasizing low-cost well interventions and workovers, has continued to yield positive production increases, with average paybacks of less than 30 days supporting the generation of improved incremental cash flow,\" said Matthew Klukas, President and CEO of Criterium Energy. \"Our infill drilling program also continues to push ahead, with the MGH-43 displaying good to excellent oil shows across multiple reservoir zones in the proven Talang Aker Formation and an encouraging potential discovery of wet gas in the shallower Gumai formation. More broadly, we remain focused on extracting maximum value from across our portfolio of assets and are actively working with the buyer to complete the sale of the Bulu PSC, which will help strengthen our balance sheet as we move into 2025.\"Selected Q3 Operating and Financial HighlightsAchieved average field production in the Tungkal PSC of 880 barrels per day1 (\"bbl/d\") in Q3 2024, up from 821 bbl/d in Q2 2024. The increase reflects the impact of successful pump maintenance and additional workovers conducted in August and September.Completed five workovers during the third quarter, which supported increased production. The Company continues to demonstrate that it can bring incremental volumes on stream at less than US$3,000 per flowing barrel2 and to date has seen over 2.5x payback2 on the workover program. Management is targeting completion of 15 workovers in 2024. Additional information on the results of each workover i...