Criterium Energy Ltd · TSXV:CEQ
Criterium Energy — FY2024 Earnings Presentation
27 slides from Criterium Energy's earnings presentation, May 2025
Slide 1: 2024 YE Results & Q1 2025 Operational Update
2024 YE Results & Q1 2025 Operational Update May 2025 Criterium’s Tungkal PSC – South Sumatra, Indonesia Criterium Energy Ltd. (TSXV: CEQ)
Slide 2: Disclaimers and Key Terms
Disclaimers and Key Terms The information in this presentation is provided as of May 8, 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 importa
Slide 3: 2024 YE and Q1 Operating Highlights
2024 YE and Q1 Operating Highlights ▪ US$1.7 MM (C$2.5 MM), 4Q 2024 Cash Flow from Operations (equates to Cash flow from operations C$0.07/share on annualized basis)1 growth ▪ 65% increase from Q3 20241 ▪ Reduced principal debt by US$2.5 MM in 2024 (equates to C$0.03/share4) Reduced total debt ▪ Cur
Slide 4: Introducing Criterium Energy
Introducing Criterium Energy A responsible SE Asia-focused energy company primed for growth Favorable market with expanding energy demand Energy demand growth - Supportive governments - Limited competition ▪ Team has collectively operated >1 MMboe/d globally and >500 Mboe/d in SE Asia Developing und
Slide 5: Experienced and Driven Leadership Team
Experienced and Driven Leadership Team Proven track record of value creation from production optimization and development in SE Asia and globally Matt Klukas Dr. Henry Groen Special Advisor/Chief Representative, MBA, CPA President & CEO, P.Geo, MBA ▪ Former VP & Deputy General Manager for Talisman V
Slide 6: 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 7: An Active, Diverse, and Growth-oriented Portfolio
An Active, Diverse, and Growth-oriented Portfolio ▪ Fully appraised Lengo gas field proximal to underutilized ▪ MGH & PLT fields currently producing (~1,000 bbl/d1) infrastructure Oil Production ▪ Growth via workovers and infill wells Offshore Gas ▪ US$45 MM cost recovery pool net to Criterium (100%
Slide 8: 2024 Financial Highlights
2024 Financial Highlights Demonstrated improvement in cash generation Cash flow from operations growth Cash flow from operations1 ▪ US$1.7 MM (C$2.5 MM) Cash Flow generated in Q4 20241 3 +65% ▪ Equals C$0.07/share on an annualized basis2 ▪ 65% increase from Q3 2024 ▪ Realizing economies of scale ass
Slide 9: Increased Netbacks Driven by Low-cost Initiatives
Increased Netbacks Driven by Low-cost Initiatives 40% operating netback increase despite falling oil prices Production (bbl/d)1 Operating Netbacks2 and Cost ($/bbl) +33% 45 +41% Criterium 957 Unit Cost ($/bbl)1 Acquisition 880 Operating Netback1,2 822 821 35 720 30 30 29 ($/bbl 21 15 0 Q4 2023 Q1 20
Slide 10: Reserve Replacement and Resource Growth
Reserve Replacement and Resource Growth Demonstrated ability to increase 2P+2C to 35 MMboe 2P Reserves and 2C Resource Growth (MMboe) Oil Gas 35 3 2P Reserves3 2C Resource4 4.6 MMboe 30 MMboe 100% Oil 90% Gas 4.6 27 22 US$60 MM NPV101 2025 budget expected to move 15 bcf of SE- MGH Resource to Reserv
Slide 11: Tungkal PSC
Tungkal PSC Value creation through oil production, gas monetization and low-risk step out exploration To Duri 1 Existing Production Growth ▪ MGH & PLT oil fields ▪ Executing identified workovers and infill drilling NW Cerah PLT Field ▪ 30% production growth in 20241 N. MGH (TBD) (8 Bcf + 3 MMbbl) 1
Slide 12: A Guide to Converting Discovered Gas to Reserves in the Tungkal PSC
A Guide to Converting Discovered Gas to Reserves in the Tungkal PSC For a gas discovery to classify as reserves, the following criteria must be met ✓ Well encounters reservoir interval that indicates gas pay ✓ Successful production test, indicating commercial rates ✓ Approved and active Plan of Deve
Slide 13: SE-MGH
SE-MGH 2024 Report confirms commercial resource and value potential Well log SE-MGH Field (Top GH Sand) Contingent Resource1 5 / 15 / 39 bcf (1C/2C/3C) Production Plateau Rate1 5,000 / 6,000 / 7,000 Mscf/d (Low/Base/High) Development Pending NPV102 US$6 / US$28 / US$53 MM SEM-01 (1C/2C/3C) Top Reser
Slide 14: SE-MGH Development Milestones
SE-MGH Development Milestones Today Q1 2026 (May 2025) SEM-01 Well Gas Sales Project First Gas Test Agreement Development ▪ Utilize Criterium service rig ▪ Long term take or pay fixed price contract ▪ SE-MGH on production ✓ Identified development plans ▪ Confirms well deliverability ▪ Ensures stab
Slide 15: Additional Tungkal Gas Resource
Additional Tungkal Gas Resource Progressing ~40bcf of gas resource to follow in the footsteps of SE-MGH Macan Gedang Cerah Contingent Resource1 8 / 13 / 20 bcf Prospective Resource (Gumai)1 7 / 26 / 93 bcf (1C/2C/3C) (Low/Base/High) ▪ Discovered in 1988 Prospective Resource (TAF)1 1 / 7 / 67 MMbbl (
Slide 16: Bulu PSC
Bulu PSC Material gas development with access to underutilized infrastructure Fully appraised Lengo gas discovery Criterium Energy Acreage Kepodang Field Java Sea ▪ Discovered in 2008 (Lengo-1) and appraised in 2013 (Lengo-2) Oil Field Gas Field ▪ Prolific Kujung carbonate reservoir Gas Pipeline ~25
Slide 17: 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 18: Outlook
Outlook Diversifying and doubling current production by Q1 2026 with further growth potential in the mid-term Stable oil production ▪ 2025 production guidance of 1,000 and 1,200 bbl/d forecast ▪ Provides stable foundation for operational planning and capital program Immediate focus on gas ▪ Planning
Slide 19: Corporate Snapshot
Corporate Snapshot Stable foundation for growth Capital Markets Select Balance Sheet Data Symbol CEQ.V Cash1 C$2.3 MM / US$1.6 MM Share Price (March VWAP) C$0.06 2P Reserves2 4.5 MMbbl Market Capitalization C$7.5 MM 2C Resource2 161.1 bcf + 3.2 MMbbls 52 Week High/Low C$0.115 / $0.045 Gross Debt3 C$
Slide 20: 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 21: Supporting Material
G CRITERIUM ENERGY Supporting Material 21
Slide 22: 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 23: 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 24: 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 25: Notes
Notes Slide 3 – Introducing Criterium Energy 1 Includes lifting of 40,500 bbls that occurred in January 2025, attributed ~C$3.4MM in revenue and ~C$2.0MM to Q4 2024 Funds Flow based on capitalized inventory numbers in the Company YE 2024 Financial Statements 2 2024 Report 3 Includes 134 bcf 2C Conti
Slide 26: Notes
Notes Slide 12 – A guide to Converting Discovered Gas Resource to Reserves in the Tungkal PSC 1 All timelines are based on indicative management estimates and are not guaranteed. Production for each gas discovery is not certain and depends on multiple factors including receiving regulatory approvals
Slide 27: 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 27