Criterium Energy Ltd · TSXV:CEQ
Criterium Energy — Investor Presentation (February 2026)
31 slides from Criterium Energy's investor presentation, Feb 10, 2026
Slide 1: Corporate Presentation & Project Update
Criterium’s Tungkal PSC – South Sumatra, Indonesia Corporate Presentation & Project Update Criterium Energy Ltd (TSX:CEQ.V) February 2026
Slide 2: Disclaimers and Key Terms
Disclaimers and Key Terms The information in this presentation is provided as of February 10, 2026 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) ▪ SE-Asia focused upstream energy company with 2024→ 2025 → 2026 → three Production Sharing Contracts (“PSCs”) in Indonesia Cashflow Fully funded Step-change ▪ Material onshore gas and oil production in the from oil gas producti
Slide 4: An Active, Diverse, and Growth-oriented Portfolio
An Active, Diverse, and Growth-oriented Portfolio ▪ Existing production of 845 bbl/d1 from MGH & PLT fields in the Tungkal PSC ▪ Material and near term production growth from SE-MGH (5-7 mmcf/d2) in Q2 2026 ▪ More gas to follow with N- MGH (2-3 mmcf/d3), Macan Gedang (4-6 mmcf/d4), Cerah, and Lengo
Slide 5: Criterium is well-positioned to support Indonesia's growing gas demand
Criterium is well-positioned to support Indonesia’s growing gas demand Right Place Right Time (and Price) ▪ Existing gas infrastructure in place – no longer a ▪ Indonesia needs domestic gas – targeting 12 bcf/d production by bottleneck 2030, a 204% increase from today ▪ ~12,000 km of existing pipeli
Slide 6: Tungkal PSC – 100% operated interest
Tungkal PSC – 100% operated interest Gas delivers 2x production and reserves in near term PSC Highlights Gas Asset Gross Split PSC Terms, 2042 expiry ▪ Multiple gas discoveries To Duri ▪ Proximal to processing and transportation facilities ▪ SE-MGH underpins further development Tungkal Gas Resource
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: Tungkal Gas Development Update – February 2026
Tungkal Gas Development Update – February 2026 ▪ Net Criterium capex reduced to US$2.0 MM, 95% incurred to date Clear path to SE-MGH First ▪ Remainder to be funded with cash on balance sheet and cash flow from operations Gas ▪ First gas anticipated from SE-MGH in Q2 2026 at 5-7 mmcf/d1 ▪ 10-year tra
Slide 9: SE-MGH Pathway to First Gas
SE-MGH Pathway to First Gas No complexity: Using existing well and producing via pipeline to existing facilities Q1 2025 Q3 2025 Q1 2026 In Progress H1 2026 SEM-01 Pipeline Gas Sales & Project Construction Extended Well Facility First Gas Development (Underway) Test Agreements → → Capital Cost (
Slide 10: 2026 Budget Approved
2026 Budget Approved ▪ Prioritizes gas production and development, doubling current production to over 2,000 boe/d 1 ▪ Activities will mature gas resource and introduce secondary oil recovery potential ▪ Base case budget can be executed within cashflow, with majority of capital spend (<US$2 MM) in H
Slide 11: Breathing new life into Bulu
Breathing new life into Bulu ▪ The Bulu PSC contains the fully appraised Lengo gas field (360 bcf Gross 1). Criterium holds a 42.5% non-operated WI in the Bulu PSC ▪ Lengo is a material gas development with access to underutilized infrastructure, such as the KJG Pipeline ▪ Criterium seeks to maximiz
Slide 12: West Salawati PSC
West Salawati PSC High-margin exploration upside utilizing established oil transportation network High-Quality Light Oil Opportunity Material 0.9 MMbbl1: Remaining resource in the onshore BLL-A1 field. (1.5% Recovered) discovered and 23.5 MMbbl1: Cumulative STOIIP of the onshore BLL Cluster, defined
Slide 13: Going beyond oil and gas
Going beyond oil and gas Criterium in Aceh In December 2025, severe flooding in Aceh Tamiang transformed a long-standing energy region into a humanitarian priority, “This assistance is not a impacting communities that live alongside and sustain energy one-way charitable act operations. from ‘giver’
Slide 14: Criterium Energy (TSX:CEQ.V) Corporate snapshot
Criterium Energy (TSX:CEQ.V) Corporate snapshot Capital Markets Share Price Performance (1-year lookback) Share Price (C$/share) Volume (000’s) Symbol CEQ.V 0.12 1,000 Closing Price Volume Share Price (January VWAP) C$0.09 0.09 +46% Market Capitalization C$12.3 MM5 0.06 500 52 Week High/Low C$0.110
Slide 15: Outlook
Outlook Diversifying and doubling current production by Q2 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 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: 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 President & CEO, P.Geo, MBA Special Advisor/Chief Representative, MBA, CPA ▪ Over 15 years of SE Asia experience with Talisman Energy / Repsol ▪ Former VP
Slide 19: Strategic & Experienced Board of Directors
Strategic & Experienced 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 20: 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 21: 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 22: 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 23: 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 24: North Mengoepeh – Delivering Incremental Value
North Mengoepeh – 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 ▪ Pr
Slide 25: 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 26: 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 gas2 ▪ Domestic GSA provides stable long-term pricing. Revenue generated is not s
Slide 27: 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 28: Notes
Notes Slide 4 – An Active, Diverse, Growth-Oriented Portfolio 1 Production is based on field estimates year to date in 2025 which was recorded as 890 bbl/d. Does not reflect total liftings or sales volumes 2 SEM-01 Well Test Results: SEM-01 completed extended well test on August 24 and is currently
Slide 29: Notes
Notes Slide 11 – Breathing life into the Bulu 1 Management estimate based on previously disclosed NSAI Report 2 Duration of Lengo-2 well test was 3.15 hours with a 96/64” choke at an interval of 2,415 – 2,571 ft MD. The test included both the Upper and Lower reservoir intervals Slide 12 – West Salaw
Slide 30: Notes
Notes Slide 22 – SE-MGH – Creating Value 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 WHP for
Slide 31: 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 31
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