Criterium Energy, an independent upstream energy development and production company focused on energizing growth for Southeast Asia and Criterium shareholders, provide an operational update on the planned optimization activities in the Company’s 100% owned, operated and producing Tungkal PSC, Indonesia.

Tungkal PSC Update: Mengoepeh (“MGH”) Field

Infill Program – Rig Secured, Program On Track and On Budget
Criterium has successfully secured a favorable drilling rig for the upcoming infill drilling program in the oilproducing MGH Field, which is located within the Tungkal PSC. The 750 horsepower rig and select services will be provided by PT Patlance Putra Mandiri and PT Energi Technindo Tama, both integrated oilfield services companies in Indonesia, and the rig is scheduled to mobilize from Jambi, Indonesia to the Tungkal PSC later in August 2024. The Company’s two-well infill program, targeting a previously undrilled section of the MGH Field, is anticipated to commence in early September with the wells expected to come on production in early November at a forecasted combined rate of 300 bbl/d(1). 

Workover Program – Continued Success Targeting New GH Sand Zone
Following up on the success of the Company’s initial workover program Criterium commenced a five-well workover program on July 25, 2024. To date, two workovers have been completed, with well optimization ongoing and early indications of production levels exceeding internal base case forecasts that modeled approximately 30 bbl/d per workover(1). The remaining three workovers, which target the newly discovered GH sand zone are expected to be completed by mid-August. The Company intends to provide an update on the results of these workovers concurrent with the announcement of Criterium spudding the MGH infill well program.

(1) Management estimate based on previously disclosed ‘Mont D’Or Venture Limited YE Evaluation’ reserve and resource report, effective December 31, 2022. This report was conducted by an independent qualified reserves evaluator or auditor in accordance with the COGE Handbook.

KeyFacts Energy: Criterium Energy Indonesia country profile