Criterium Energy Announces Filing of 2023 Results, Clarifies Previous January 4th Press Release and Provides Operational Updates
Criterium Energy Ltd. (TSXV: CEQ) based in Calgary, Alberta, has recently announced the filing of its audited full year 2023 financial statements and year-end disclosures. This filing includes the clarification of a previous press release from January 4, 2024, which has resulted in a lower outstanding common share count for the company. Additionally, an update on current operations was provided.
The company filed its audited full year 2023 financial statements and Management’s Discussion & Analysis (“MD&A”) to SEDAR+. The 2023 reserves disclosures and information circular were also submitted in connection with the upcoming Annual General and Special Meeting scheduled for May 23, 2024.
Regarding the January 4, 2024 press release, it was clarified that 22,235,055 common shares were issued to one of the lenders of Mont D’Or Petroleum Ltd. at a deemed price of approximately $0.13 per share. The lender currently holds around 16.8% of the issued and outstanding common shares of Criterium.
Criterium has successfully completed the first set of planned workovers in the Mengopeh (“MGH”) field in the Tungkal PSC. The production results from the first two workover wells are meeting expectations, with approximately 20 barrels per day of incremental production per workover. The company plans to continue these workover programs every other month throughout 2024.
Moving forward, Criterium will begin its second tranche of workovers in the first half of May on previously identified wells. The company aims to conduct 12-15 workovers in 2024, utilizing a contracted service rig.
The company also has plans to commence a drilling program at the MGH field in Q3 2024, with a focus on over 10 infill development drilling locations. Additionally, an agreement has been made with PT Energasindo Heksa Karya for the purchase of discovered gas from the Tungkal PSC, which is expected to add natural gas production in 2025-2026.
Criterium is also progressing with the sale of its non-operated working interest in the Bulu PSC, awaiting buyer approvals to close the transaction.
The company has scheduled its Annual General and Special Meeting for May 23, 2024, open to all shareholders of record on April 8, 2024.
Criterium Energy Ltd. is focused on the consolidation and sustainable development of assets in Southeast Asia to deliver scalable growth and cash flow generation. The company aims to contribute responsible, safe, and secure sources of energy to meet the growing demand in the region.
Investors are advised that any information regarding the Acquisition may not be accurate or complete. Trading in Criterium’s securities should be considered highly speculative.
The TSXV and its Regulation Services Provider do not accept responsibility for the adequacy or accuracy of this release. The forward-looking statements in this press release are based on expectations, estimates, and interpretations as of the date of publication. Factors that could affect the company’s operations and performance include risks associated with operations, economic conditions, regulatory changes, and competition.
The company does not undertake any obligation to update or revise forward-looking statements or information unless required by applicable securities laws.