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Criterium Energy Announces Transformative Acquisition of Mont D'Or Petroleum Ltd. and C$22 Million Public Offering
Calgary, Alberta--(Newsfile Corp. - June 15, 2023) - Criterium Energy Ltd.  (TSXV: CEQ) ...
About this update from Criterium Energy Ltd
[{"type":"text","content":"Criterium Energy Announces Transformative Acquisition of Mont D'Or Petroleum Ltd. and C$22 Million Public OfferingCalgary, Alberta--(Newsfile Corp. - June 15, 2023) - Criterium Energy Ltd. (TSXV: CEQ) (\"Criterium\" or the \"Company\"), an independent upstream energy development and production company focused in Southeast Asia, is pleased to announce that it has executed a sale and purchase agreement (\"SPA\") on June 14, 2023 to acquire all the issued and outstanding shares of Mont D'Or Petroleum Limited (\"MOPL\") (the \"Acquisition\"). MOPL holds 100% operating working interests in two Production Sharing Contracts (\"PSC\") in Indonesia, the Tungkal PSC located onshore South Sumatra which produces 1,030 bbl/d and contains 2P Reserves of 4.6 MMbbl and the West Salawati PSC located in Southwest Papua that produces 20 bbl/d and contains 2P Reserves of 0.1 MMbbl1. Collectively, Tungkal and West Salawati have been independently valued at US$58 million NPV101 after tax.This transformative acquisition will establish Criterium as an operator in Southeast Asia while providing immediate production and operating cash flow. The Acquisition is aligned with Criterium's strategy of building a balanced portfolio of low-risk producing assets with tangible reinvestment opportunities in the form of production optimization, infill drilling, and step-out developments.The Company is also pleased to announce that it has filed and been receipted for a preliminary short-form prospectus in connection with a marketed agency equity public offering (the \"Offering\") of subscription receipts of the Company (the \"Subscription Receipts\") at a price per Subscription Receipt to be determined in the context of the market, for aggregate gross proceeds of up to $22 million (US$16 million equivalent). The Offering is being led by Research Capital Corporation, as lead agent and sole bookrunner (the \"Lead Agent\"), on behalf of a syndicate of agents, including Canaccord Genuity Corp. and Stifel FirstEnergy (collectively, the \"Agents\").Acquisition HighlightsImmediate Cash Flow and Production: Collective production of approximately 1,050 bbl/d1.Significant Upside Identified: Production optimization via workovers and infill drilling to achieve expected production of 1,400 - 1,600 bbl/d by Q4 2023/Q1 2024 and fiscal year-ended 2024 expect...