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Criterium Energy Provides Q4 Preliminary Operating Results and Provides Operational Update
Progressed development of the Southeast Mengoepeh gas field, highlighted by Memorandum of Underst...
About this update from Criterium Energy Ltd
[{"type":"text","content":"Criterium Energy Provides Q4 Preliminary Operating Results and Provides Operational UpdateProgressed development of the Southeast Mengoepeh gas field, highlighted by Memorandum of Understanding signed with PT BlueEnergy for gas offtake.Exited the fourth quarter with December production of 960 bbl/d1; January 2025 production to date has averaged 1,020 bbl/d1.Total of 15 workovers completed in 2024 increasing Mengoepeh field production by 65%1 over Q4 2023.Continued cost reductions led to December operating costs equivalent to US$32/bbl2, a 30% decrease from January 2024. Calgary, Alberta--(Newsfile Corp. - January 20, 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 announced preliminary Q4 operating results and provided an update on recent production and development activities in the Company's Indonesian portfolio. \"2024 was a transformative year for Criterium, acquiring and integrating the Mont D'Or assets and team into our operational base,\" said Matthew Klukas, President and CEO of Criterium Energy. \"With a disciplined focus on our workover program we have demonstrated our ability to steadily increase production. Combined with our strict focus on reducing operating costs we are driving meaningful improvement in cash flow from operations. Our focus for the year ahead will be on improving netbacks further while advancing the development of our expanding gas resources, which we expect to have a material impact on our operations sooner than we anticipated. On that front, we have taken a number of steps to advance the Southeast Mengoepeh gas development at a rapid pace, helping to shorten development timelines and provide optionality on egress, all with the goal of monetizing production as quickly as possible.\"Selected Q4 2024 Operating and Financial Highlights SE-MGH Progress: Achieved significant milestones for the Southeast Mengoepeh gas field (\"SE MGH\"), including obtaining approval for its development plan under the existing Mengoepeh Plan of Development. Additionally, the company signed a Memorandum of Understanding (\"MOU\") with PT BlueEnergy for the sale and purchase of natural gas from the field and is exploring the use of Galileo Technologies' MicroLNG technology as a...