2023 Financials and Year End Disclosures:
The Company has filed its audited full year 2023 financial statements and Management's Discussion & Analysis ('MD&A') to SEDAR+ (www.sedarplus.ca). The Company has also filed its 2023 reserves disclosures and information circular in connection to the previously announced Annual General and Special Meeting scheduled to take place on
Further to the Company's press release dated
The Lenders Shares and an equal number of contingent payment rights ('CPRs') were issued in exchange for the satisfaction of
Operational Update
Criterium has successfully completed the first set of planned workovers in the Mengopeh ('MGH') field in the Tungkal PSC. The Company placed the first two workover wells on production, results to date are in line with expectations of approximately 20bbl/d of incremental production per workover and production continues to increase as a result of the work completed. The third workover well encountered damaged equipment downhole and a result was not completed. The results of this first set of workovers will be analyzed and used to inform decisions on future workovers.
Moving into May, the Company will begin its second tranche of workovers in the first half of May on already identified wells. The Company anticipates two to three well workover programs every other month as part of its strategy of low cost production adds. These programs are expected to deliver 12-15 workovers during 2024 utilizing an already contracted service rig.
Both the MGH and the PLT oil fields on the Tungkal PSC are covered with 3D seismic and Criterium has high-graded over 10 infill development drilling locations3. At an estimated average cost of
As previously reported, the Company has signed an agreement with PT Energasindo Heksa Karya ('EHK'), a company owned by
The company also continues to progress the previously announced sale of Criterium's 42.5% non-operated working interest in the Bulu PSC. Criterium is awaiting buyer's approvals to close Bulu PSC transaction (sale price
Annual General Meeting
The Company has scheduled its Annual General and Special Meeting (the 'Meeting') for
Social Media
Follow Criterium on X (formerly Twitter) at: https://twitter.com/CriteriumEnergy and LinkedIn at: https://www.linkedin.com/company/criterium-energy/
About
Contact:
Chief Executive Officer
Phone: +1-403-668-1630
Email: info@criteriumenergy.com
VP Corporate Development
Phone: +1-403-668-1630
Email: info@criteriumenergy.com
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Acquisition, any information released or received with respect to the Acquisition may not be accurate or complete and should not be relied upon. Trading in the securities of Criterium should be considered highly speculative.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Notes
2 Field estimate, based on most recent production data.
3 Management estimate based on previously disclosed 'Mont D'Or Venture Limited YE Evaluation' reserve and resource report, effective
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain forward-looking information and statements that are based on expectations, estimates, projections, and interpretations as at the date of this news release. The use of any of the words 'expect', 'anticipate', 'continue', 'estimate', 'may', 'will', 'project', 'should', 'believe', 'plans', 'intends', 'seek', 'aims' and similar expressions are intended to identify forward-looking information or statements.
This press release contains statements of forward-looking information including, without limitation, statements with respect to intended use of net proceeds of the Offering.
Factors that could cause actual results to vary from forward-looking statements or may affect the operations, performance, development and results of Criterium's businesses include, among other things: risks and assumptions associated with operations; risks inherent in Criterium's future operations; increases in maintenance, operating or financing costs; the availability and price of labour, equipment and materials; competitive factors, including competition from third parties in the areas in which Criterium intends to operate, pricing pressures and supply and demand in the oil and gas industry; fluctuations in currency and interest rates; inflation; risks of war, hostilities, civil insurrection, pandemics (including COVID-19), instability and political and economic conditions in or affecting
With respect to forward-looking statements contained in this press release, Criterium has made assumptions regarding, among other things: the COVID-19 pandemic and the duration and impact thereof; future exchange and interest rates; supply of and demand for commodities; inflation; the availability of capital on satisfactory terms; the availability and price of labour and materials; the impact of increasing competition; conditions in general economic and financial markets; access to capital; the receipt and timing of regulatory and other required approvals; the ability of Criterium to implement its business strategies; the continuance of existing and proposed tax regimes; and effects of regulation by governmental agencies.
The forward-looking statements contained in this press release are made as of the date hereof and the parties do not undertake any obligation to update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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