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Criterium Energy Ltd. (CEQ) announces strategic South East Asia market entry with the acquisition of a 42.5% interest in the Bulu Production Sharing Contract containing the Lengo gas field, offshore East Java Indonesia
Criterium Energy Ltd. (CEQ) announces strategic South East Asia market entry with the acquisition...
About this update from Criterium Energy Ltd
[{"type":"text","content":"\n \n \n \n Criterium Energy Ltd. (CEQ) announces strategic South East Asia market entry with the acquisition of a 42.5% interest in the Bulu Production Sharing Contract containing the Lengo gas field, offshore East Java Indonesia\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n /NOT FOR DISTRIBUTION TO\n \n UNITED STATES\n \n NEWS WIRE SERVICES OR DISSEMINATION IN\n \n UNITED STATES\n \n . FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF SECURITIES LAWS./\n \n \n \n \n \n \n All amounts in this press release are U.S. dollars unless otherwise specified.\n \n \n \n \n \n CALGARY, AB\n \n ,\n \n Dec. 20, 2022\n \n /CNW/ - Criterium Energy Ltd. (\"Criterium\") (TSXV: CEQ) is delighted to announce the completion of the accretive acquisition of a 42.5% interest in the Bulu Production Sharing Contract (\"Bulu PSC\") which contains the fully appraised Lengo gas field located offshore\n \n East Java Indonesia\n \n (the \"Acquisition\") for a total consideration of\n \n US$1.6\n \n MM.\n \n \n \n Acquisition Highlights\n \n \n \n \n \n Strategic Market Entry:\n \n The Acquisition is Criterium's low-risk market entry into its target region of\n \n SE Asia\n \n , and in line with Criterium's strategic interest in developing natural gas assets near to high demand markets.\n \n \n \n Sizeable gas resource:\n \n The Bulu PSC contains the fully appraised Lengo Gas Field which tested 20.6 MMscf/d from the Kujung Carbonate Formation\n \n 1\n \n . The field has been independently assessed in accordance with the Petroleum Resources Management System to support a plan of development\n \n 2\n \n . Criterium will commissioning a COGEH compliant report in Q1 2023.\n \n \n \n Plan of Development Approved:\n \n The Government of\n \n Indonesia\n \n has approved the Plan of Development for the Lengo Gas Field in 2014 with first gas anticipated in 2026-2027 and sales gas of 60 – 80 MMscf/d gross (25 - 30 MMscf/d net Criterium)\n \n \n \n Near major energy demand center:\n \n The Bulu PSC is located 60km offshore from t...