Criterium Energy Ltd · TSXV:CEQ
Criterium Energy — Q1 2026 Earnings Presentation
27 slides from Criterium Energy's earnings presentation, May 28, 2026
Slide 1: Q1 Financials & Operational Update
Criterium’s Tungkal PSC – South Sumatra, Indonesia Q1 Financials & Operational Update Criterium Energy Ltd (TSX:CEQ.V) May 2026
Slide 2: Disclaimers and Key Terms
Disclaimers and Key Terms The information in this presentation is provided as of May 28, 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 import
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 Criterium’s Portfolio three Production Sharing Contracts (“PSCs”) in Indonesia ▪ Material onshore gas and oil production in the Tungkal PSC (100% operated) ▪ Large-scale Lengo gas d
Slide 4: A Diverse and Growth-oriented Portfolio
A 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 under evalu
Slide 5: Criterium is well-positioned to support Indonesia's growing energy demand
Criterium is well-positioned to support Indonesia’s growing energy 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 pip
Slide 6: May 2026 Operating & Financial Update
May 2026 Operating & Financial Update 6
Slide 7: SE-MGH Project and Pipeline Update
SE-MGH Project and Pipeline Update Pipeline construction ongoing SEM-01 Well Site June 2025 Pipe mobilized at SEM staging area May 2026 ▪ 24km 6” pipeline to transport SE-MGH gas ▪ Pipe fabricated and delivered to two staging areas ▪ More than 15km to utilize existing rights-of-way ▪ Ongoing stringi
Slide 8: Cash Flow and Financial Update
Cash Flow and Financial Update Oil sales achieving premium to benchmark GBT-02: Upgraded service rig to conduct well interventions at the Tungkal PSC ▪ US$121/bbl realized in April 2026 lifting ▪ Premium to Dated Brent and Indonesia Crude Price Near-term oil optimization amidst higher prices ▪ Upgra
Slide 9: 2025 Reserve Report & Portfolio Summary
2025 Reserve Report & Portfolio Summary 9
Slide 10: Record Reserve & Resource Growth
Record Reserve & Resource Growth 47 MMboe of 2P+2C, 30% growth from YE20241 70% Increase in 2P Reserves1 24% Increase in 2C Resource1 ▪ SE-MGH reserve upgrade and +40% increase (+21 bcf) ▪ MGH Waterflood addition (+8.4 MMbbl) ▪ N-MGH addition (+5 bcf) ▪ Lemat addition (+4.7 MMbbl) ▪ 2P Reserves = 55
Slide 11: Executing Our Strategy
Executing Our Strategy Low-Capital Resource-to-Cashflow Transformation SE-MGH: Resource to Cashflow for US$0.5/2P boe1 Monetized Value ▪ MGH & PLT ▪ Key commercial agreements (GSA) Cashflow ▪ Oil Production Action ▪ Utilize existing infrastructure ▪ US$1.9 MM targeted capital deployment Execution Ph
Slide 12: Tungkal PSC
Tungkal PSC Value creation via gas monetization, secondary recovery, and low-risk step out exploration Key Facts Tungkal PSC To Duri Ownership Criterium Energy (100%)* Oil Fields MGH, PLT Gas Fields SE MGH, N-MGH, Macan Gedang, Cerah PLT Field To Singapore License & Expiry Gross Split PSC, expires i
Slide 13: SE-MGH & N-MGH
SE-MGH & N-MGH 2x production step-change from low-cost gas developments MGH Complex Top GH Sand South-East Mengoepeh1 (“SE-MGH”) N ▪ Upgraded to reserves, 40% increase in base case recoverable N-MGH1 Highlights ▪ First gas anticipated Q2 2026 at 5-7 MMCf/d 2P Reserves: 5 bcf ▪ All capex net to CEQ i
Slide 14: Waterflood & Lemat Boost Tungkal Resource
Waterflood & Lemat Boost Tungkal Resource Sizeable waterflood opportunity extends field life1 Applying proven technology to unlock Lemat reservoir 84 MMstb OOIP with only 6.2% recovered to date Stacked pay potential: MGH-Lemat underlies the Talang Aker formation throughout the MGH field Waterflood i
Slide 15: Bulu PSC & the Lengo gas field
Bulu PSC & the Lengo gas field Material gas resource awaiting development into the undersupplied Java market Key Facts1 Ownership Criterium Energy (42.5%, non-operated) License & Expiry Cost Recovery PSC, expires in 2033 Resource (1C/2C/3C) 115 / 134 / 156 bcf Net Working Interest Location Offshore
Slide 16: West Salawati PSC
West Salawati PSC High-margin exploration upside utilizing established oil transportation network Key Facts1 West Salawati PSC Ownership Criterium Energy (100%)* License & Expiry Cost Recovery PSC, expires in 2033 Reserves (1P/2P/3P) - / 0.1 / 0.3 MMbbl Prospective (1U/2U/3U) 0.5 / 2.3 / 12.3 MMboe
Slide 17: 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 18: Corporate snapshot
Criterium Energy (TSX:CEQ.V) Corporate snapshot Share Price Performance (1-year lookback) Capital Markets 0.14 Close 1,200 Volume (MM) Symbol CEQ.V 0.12 900 Share Price (C$/share) 0.10 Share Price (May VWAP) C$0.11 Volume (000’s) 0.08 Market Capitalization C$18.2 MM1 600 0.06 52 Week High/Low C$0.14
Slide 19: Outlook
Outlook Diversifying and doubling current production in 2026 with further growth potential in the mid-term ▪ Planning to add 5-7 MMcf/d production (900-1,250 boe/d) from SE-MGH (21 bcf 2P) Immediate focus on SE- ▪ Finalizing commercial agreements, site-preparation and pipeline construction commencin
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: 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, MBA, CPA ▪ Over 15 years of SE Asia experience with Talisman Energy / Repsol ▪ Former VP & Deputy General Mana
Slide 23: 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 24: 2025 Reserve & Resource Summary
2025 Reserve & Resource Summary PSC Field Property Gross Valuation (USD MM NPV10) Reserves 1P 2P 3P 1P 2P 3P MGH, PLT (MMbbl) 0.79 3.3 7.6 Tungkal PSC 3.5 47.8 114.5 SE-MGH, N-MGH (Bcf) 8.0 23.9 48.4 West Salawati PSC BLL-A (MMbbl) - 0.1 0.3 - 1.9 7.0 Contingent Resources – Development Pending 1C 2C
Slide 25: Notes
Notes Slide 3 – Invest in the Energy of SE Asia 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 Forecasted production is based on gas test results 3 Reserve and resource information is contained in the
Slide 26: Notes
Notes Slide 15 – Bulu PSC & the Lengo gas field 1 Reserve and resource information is contained in the 2025 Report Slide 16 – West Salawati PSC 1 Reserve and resource information is contained in the 2025 Report Slide 18 – Criterium Energy (TSX:CEQ.V) 1 Market capitalization as of market close on May
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