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Criterium Energy Outlines 2025 Capital Plans Including Fully Funded Tungkal Gas Development Project and Active Oil Workover Campaign
Fully funded SE-MGH gas development expected to add ~1,000 boe/d in production where historical l...
About this update from Criterium Energy Ltd
[{"type":"text","content":"Criterium Energy Outlines 2025 Capital Plans Including Fully Funded Tungkal Gas Development Project and Active Oil Workover CampaignFully funded SE-MGH gas development expected to add ~1,000 boe/d in production where historical long-term take-or-pay contracts have ranged between $4-7/MMbtu2025 oil production of 1,000 - 1,200 bbl/d, supported by 8-12 workovers with a focus on increasing margins through further operating cost reductionsReduced amortization payments US$2MM, resulting in cash to fund SE-MGH gas development while achieving US$3.5MM principle debt reduction in 2025 Calgary, Alberta--(Newsfile Corp. - February 13, 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 provided an update on the Tungkal gas development plan, with the initial development of the Southeast Mengoepeh field (\"SE-MGH\"), and provided details of its fully funded 2025 capital program.\"Our focus in 2025 is on building on the positive momentum we created in the last year through a combination of near-term gas development in the Tungkal PSC and extension of our very successful workover program,\" said Matthew Klukas, CEO of Criterium Energy. \"Diversifying our production mix, with the potential to add material gas production, should help generate higher margins and more predictable cash flow. By leveraging an innovative ModularLNG commercial and development approach, our goal is to bring gas production in the SE-MGH field online as quickly as possible, driving meaningful growth in our total production by Q1 2026, while helping Indonesia to ramp-up much needed domestic energy production. Our growing cash flow and the successful reduction of our amortization payments provide added liquidity for us to fully-fund our 2025 capital program internally, without the need for additional funding.\"Tungkal Gas Development Update Gas was initially discovered on the Tungkal PSC in 1988 with the Macan Gedang 1 well and subsequent discoveries were made in 2004 (MGH Pad-3), 2008 (South East Mengoepeh, SE-MGH).There are five discovered gas fields in the Tungkal PSC, but there had been little to no development previously due to a limited regional gas market and no proximal infrastructure. More recently, demand for domestic g...