Criterium Energy Ltd · TSXV:CEQ
Criterium Energy — Q3 2025 Earnings Presentation
30 slides from Criterium Energy's earnings presentation, Nov 19, 2025
Slide 1: Invest in the Energy of SE Asia Q3 2025 Operating and Financial Update
Invest in the Energy of SE Asia Q3 2025 Operating and Financial Update Criterium’s Tungkal PSC – South Sumatra, Indonesia
Slide 2: Disclaimers and Key Terms
Disclaimers and Key Terms The information in this presentation is provided as of November 19, 2025 for informational purposes only, is not complete and does not contain all material information about Criterium Energy Ltd. or the management team ("Criterium” or “Company” or “Management"), including i
Slide 3: Invest in the Energy of SE Asia
Invest in the Energy of SE Asia Introducing Criterium Energy (TSXV:CEQ) Expanding energy demand Energy demand growth - Supportive governments - Limited competition ▪ Electrification leads energy demand growth – requiring domestic and imported natural gas ▪ Team has collectively operated >1 MMboe/d g
Slide 4: Criterium is well-positioned to support Indonesia's growing industrial gas demand
Criterium is well-positioned to support Indonesia’s growing industrial gas demand Annual Indonesian Industrial Gas Consumption1 800 Indonesia needs domestic gas – targeting 12 bcf/d production by 2030, a 204% increase from today ▪ Gas demand forecast to grow 3-4%/yr through 2035 +202% ▪ Government p
Slide 5: An Active, Diverse, and Growth-oriented Portfolio
An Active, Diverse, and Growth-oriented Portfolio Tungkal PSC Bulu PSC West Salawati PSC 100% Operated 42.5% non-operated 100% operated 2P Reserves: 4.47 MMbbl 2C Resource: 134 bcf 2P Reserves: 0.1 MMbbl 2C Resource: 27.5 bcf + 3.2 MMbbl Base Prospective: 3.8 MMbbl Base Prospective: 51 bcf + 21.3 MM
Slide 6: Q3 2025 Operational and Financial Highlights
Q3 2026 Operational and Financial Highlights ▪ Reduced total project cost to US$2 - $3 MM (initial estimate US$3 - $5 MM)1 Clear path to SE-MGH First ▪ US$1.7 MM spent to date2 Gas ▪ Remaining costs include land acquisition and pipeline contingencies ▪ Remainder to be funded with cash on balance she
Slide 7: SE-MGH sets the foundation for broader Tungkal gas development
SE-MGH sets the foundation for broader Tungkal gas development Tungkal Gas Development Outline Phase 1 (Target first gas in 2026) Legend N-MGH Existing Infrastructure ▪ SE-MGH & N-MGH gas fields (over 10 MMcf/d tested1,2) Test: 2.5 MMcf/d1 Phase 1 Activity 2C Resource: TBD Phase 2 Activity ▪ Utilize
Slide 8: SE-MGH – Creating Value
SE-MGH – Creating Value Fully appraised and tested ▪ 7-8 MMcf/d tested in August 20251 ▪ Gas Heating Value ~1,100 btu/scf (CO2<1.5% & H2S = 0%)1 ▪ 15 bcf 2C Contingent Resource2 Development plan approved ▪ Initial production from existing SEM-01 ▪ Potential to increase production and reserves with 2
Slide 9: SE-MGH Pathway to First Gas
SE-MGH Pathway to First Gas ▪ No complexity: Using the existing well and producing via existing facilities ▪ Targeting first gas of 5-7 MMcf/d in H1 20261 ▪ US$2 - $3 MM capex2 (net Criterium) with ~$1.7 MM3 spent to date Q1 2025 Q3 2025 In Progress H1 2026 SEM-01 Gas Sales & Project Pipeline Extend
Slide 10: N-MGH – Delivering Incremental Value
N-MGH – Delivering Incremental Value Initial flow test completed ▪ Re-entered MGH-20 (one of four existing wells in N-MGH) ▪ Produced 2.5 MMcf/d with associated oil production (215 bbls)1 ▪ Only one of at least four potential gas bearing zones tested Similar development plan to SE-MGH ▪ Produce from
Slide 11: Summary: Tungkal PSC and Gas Development
Summary: Tungkal PSC and Gas Development ▪ Discovered gas totaling 35 bcf recoverable across 3 fields1 ▪ Initial development of SE-MGH will deliver 5-7 MMcf/d1 in H1 2026 at top tier capital efficiency (<$2,000/boepd)2 ▪ More to follow: N-MGH (2-4 MMcf/d3 in 2026), Macan Gedang (4-6 MMcf/d4 in 2027)
Slide 12: Gas investment in Tungkal
Gas investment in Tungkal ▪ Using existing infrastructure allows for top-tier capital efficiency (~$2,000/boepd for SE-MGH)1 ▪ Rapid, short-cycle returns, with SE-MGH and N-MGH returning capital in <9 months from first gas3 ▪ Domestic GSA provides stable long-term pricing. Revenue generated is not s
Slide 13: Breathing new life into Bulu
Breathing new life into Bulu ▪ The Bulu PSC contains the fully appraised Lengo gas field (360 bcf Gross 1). Criterium holds a 42.5% non-operated WI in the Bulu PSC ▪ Lengo is a material gas development with access to underutilized infrastructure, such as the KJG Pipeline ▪ Criterium seeks to maximiz
Slide 14: Outlook
Outlook Diversifying and doubling current production by H1 2026 with further growth potential in the mid-term ▪ Planning to add 5-7 MMcf/d production (900-1,250 boe/d) from SE-MGH1 Immediate focus on SE- ▪ Finalizing commercial agreements, pipeline construction to commence in early 2026 MGH gas prod
Slide 15: Corporate Snapshot
Corporate Snapshot Stable foundation for growth Capital Markets Select Balance Sheet Data Symbol CEQ.V Cash1 C$1.8 MM / US$1.3 MM Share Price (October VWAP) C$0.08 2P Reserves2 4.6 MMbbl Market Capitalization C$11.0 MM5 2C Resource2 161.1 bcf + 3.2 MMbbls 52 Week High/Low C$0.115 / $0.045 Gross Debt
Slide 16: The Criterium Energy Investment Opportunity
The Criterium Energy Investment Opportunity Value creation rooted in operational excellence, technology and a collaborative approach Attractive Organic, Targeted Commercialize Deleveraging self-funded reserves gas to support Jurisdiction developments production growth growth growth Strong growth for
Slide 17: Supporting Material
G CRITERIUM ENERGY Supporting Material
Slide 18: Why SE Asia?
Why SE Asia? Tailwinds for the energy sector create a favourable environment and long runway for growth A rapidly emerging middle class is driving …where supportive governments …resulting in premium oil and gas pricing record energy demand growth in SE Asia… incentivize domestic production, SE Asia
Slide 19: Experienced and Driven Leadership Team
Experienced and Driven Leadership Team Team has collectively operated >1 MMboe/d globally and >500 Mboe/d in SE Asia Matt Klukas Dr. Henry Groen Special Advisor/Chief Representative, MBA, CPA President & CEO, P.Geo, MBA ▪ Former VP & Deputy General Manager for Talisman Vietnam and Truong ▪ Over 15 y
Slide 20: Seasoned and Strategic Board of Directors
Seasoned and Strategic Board of Directors Proven leadership in governance, financial oversight, and strategic growth across global energy markets Datuk Brian Anderson Non-Executive Chairman ▪ Former Chairman of Shell Northeast Asia and previously Nigeria ▪ Director of Addax Petroleum until its sale
Slide 21: Southeast Mengoepeh ("SE-MGH")
Southeast Mengoepeh (“SE-MGH”) Clear path to first gas SE-MGH Overview SEM-01 Well Log SE-MGH Field (Top GH Sand) ▪ Discovered in 2001 ▪ Successful re-entry and extended well test complete in August 2025 ▪ Gas HV ~1,100 btu/scf (CO2<1.5% & H2S = 0%)1 ▪ Signed LOI with PT Dredolf Indonesia for pipeli
Slide 22: North Mengoepeh ("N-MGH")
North Mengoepeh (“N-MGH”) Incremental near term follow up to SE-MGH, connecting N-MGH and MGH to gas infrastructure North MGH Overview MGH-32 Well Log N-MGH Field (Top GH Sand) ▪ 4 wells are shut-in (idle) – no production for 10-14 yrs due to high gas rates and no infrastructure ▪ Criterium re-enter
Slide 23: Bulu PSC and the Lengo gas field
Bulu PSC and the Lengo gas field Material gas resource awaiting development into the undersupplied Java market Lengo Overview Lengo-2 Well Log Lengo Field (Top Lower Kujung) ▪ Offshore gas field in 50m water depth ▪ Discovered in 2008 (Lengo-1) and appraised in 2013 (Lengo-2) ▪ Two reservoir zones (
Slide 24: West Salawati PSC
West Salawati PSC High-margin exploration upside utilizing established oil transportation network High-Quality Light Oil Opportunity Material 0.9 MMbbl1: Remaining resource in the onshore BLL-A1 field. (1.5% Recovered) discovered and 23.5 MMbbl1: Cumulative STOIIP of the onshore BLL Cluster, defined
Slide 25: 2024 Reserve & Resource Summary
2024 Reserve & Resource Summary Source: 2024 Report and NSAI Bulu Report PSC Field Property Gross Valuation (USD MM NPV10) Reserves Oil (MMbbl) 1P 2P 3P 1P 2P 3P Tungkal PSC MGH, PLT 1.4 4.4 9.9 4.3 58.0 123.0 West Salawati PSC BLL-A - 0.1 0.2 - 1.9 5.5 Contingent Resources – Development Pending 1C
Slide 26: Balancing Financial and Social Profit
Balancing Financial and Social Profit How we achieve our results is important Our approach to sustainability is aligned with the United Nations sustainable development goals and underpinned by our drive to support growing economies and communities by responsibly producing and developing reliable ene
Slide 27: Notes
Notes Slide 3 –Invest in the Energy of SE Asia 1 Reserve, Resource, and Valuation information is contained in the 2024 Report Slide 4 – Criterium is well positioned to support Indonesia’s growing industrial gas demand 1 International Energy Agency - https://www.iea.org/countries/indonesia/natural-ga
Slide 28: Notes
Notes Slide 11 – Summary: Tungkal PSC and Gas Developments 1 Reserve and Resources estimates as per the 2024 Report. 2 Management estimate based on initial capital assessment of gas discoveries 3 Management estimate based on results of MGH-20 well test 4 Management estimate based on results of Macan
Slide 29: Notes
Notes Slide 21 – Southeast Mengoepeh (“SE-MGH”) 1 SEM-01 Well Test Results: SEM-01 completed extended well test on August 24 and is currently suspended while observing pressure build-up. The production test resulted in a clean-up period which produced 7.9 MMcf/d through a 48/64” choke with 706 psig
Slide 30: For more information
For more information Phone: +1 (403) 668 1630 Website: www.criteriumenergy.com Email: info@criteriumenergy.com X (formerly Twitter): https://x.com/CriteriumEnergy LinkedIn: https://www.linkedin.com/company/criterium-energy/ YouTube: https://www.youtube.com/@CriteriumEnergyCEQV 30