Criterium Energy today announced the following key executive leadership appointments. In addition, the Company confirms the imminent spud of MGH-43, the first of two planned and operated infill wells to be drilled from a new wellpad within the proven Mengoepeh (“MGH”) field situated on its 100% owned and operated Tungkal PSC (the “2024 Program”). 

Executive Appointments 

Effective immediately, Criterium is pleased to confirm the following appointments to its Executive Leadership team with bios for each individual outlined below. 

• Mr. Matthew Klukas has been appointed President and Chief Executive Officer (“CEO”) of the Company, transitioning from his previous role as Interim CEO; 
• Dr. Henry Groen has resigned his position as Chief Financial Officer (“CFO”) of Criterium and has been appointed as a special advisor to the Company; and 
• Mr. Andrew Spitzer has been appointed CFO of the Company, assuming the role from Dr. Groen and transitioning from his previous role as VP Corporate Development.

Matthew Klukas is a proven leader in managing multi-disciplinary teams and brings extensive oil and gas technical and commercial experience in SE Asia. Mr. Klukas is a Professional Geophysicist and holds an MBA, with over 15 years of experience in business development and operations. He has demonstrated leadership skills and relationship-building in Criterium’s target markets. Prior to assuming the role of Interim CEO in June of 2024, Mr. Klukas served as the Company’s Chief Operating Officer since its recapitalization transaction in the fall of 2022 and has been instrumental in the development and execution of the Company's strategy to date. Prior to Criterium, Mr. Klukas worked for Talisman Energy/Repsol in SE Asia. 

Dr. Henry Groen previously served as the Company’s CFO since its recapitalization transaction in the fall of 2022. With his corporate knowledge of the organization, proven skills in finding cost-effective operating, commercial and financial solutions and leading multi-disciplinary and multi-national teams, he will continue to be a meaningful contributor to the team at Criterium. Dr. Groen has over 40 years of experience in the energy sector and prior to Criterium, was VP and Deputy General Manager for Talisman Vietnam and Truong Son Joint Operation Company, and Assistant General Manager for Talisman Asia Limited. He has held various managerial, and financial roles in Indonesia with Talisman Energy, focused on South Sumatra and East Java. He holds a doctorate in business administration, thesis based on Corporate Social Responsibility within the energy sector in SE Asia.

Andrew Spitzer is an experienced business professional with a focus on delivering shareholder value and internal performance management. With over 15 years of corporate planning and financial experience in North America and overseas, Andrew brings a progressive track record across finance and asset development, corporate planning, A&D processes, performance reporting, and monetization options. He has successfully managed teams through corporate transactions at Talisman Energy/Repsol and supported the related transition activities. Mr. Spitzer served as the Company’s VP of Corporate Development since January 2023, and has been a key figure in driving the Company’s overall financial strategy.

“These leadership changes mark an exciting new chapter for our organization, and we are confident that Matthew, Andrew, and Henry bring the experience, vision, and passion necessary to continue driving our mission forward. All three have demonstrated exceptional leadership, a deep commitment to our values, and possess the experience and knowledge of the sector and region to achieve outstanding results” stated Criterium Chair of the Board Datuk Brian Anderson.

Commencement of Drilling 

The Company has begun endurance testing of the drilling equipment and expects to spud its first operated well, MGH-43 over the next 24-48 hours, commencing the 2 well 2024 drilling program. 

The 2024 Program intends to access untapped areas in the MGH Field, targeting multiple pay zones within the Talang Akar Formation (the “TAF”). The Fluvial Deltaic reservoir features 20 to 25 metres of net pay, with 10 to 20% porosity and 50 to 100 millidarcies of permeability on average, reservoir characteristics that are typically associated with higher productivity. The MGH Field and the planned infill locations are mapped on 3D seismic and located less than 1 km from the central processing facility, mitigating risks related to potential deliverability and access to markets. 

Approximately 300 bbl/d (150 bbl/d per well)1 of incremental light oil (35° API) production is expected to be added from the 2024 Program, which commands premium Brent pricing and benefits from existing infrastructure utilization. The volumes from both wells are expected to be on-stream in November of 2024, producing into nearby MGH facilities. By deploying a production strategy that requires lower capital, the total cost of the 2024 Program is anticipated to be US$4.5 million, including drilling, completion and tie-in. While Criterium plans to build a pipeline along the fence line in the future, volumes will initially be trucked via an existing access road, with well pressures maintained using progressive cavity pumps.

In addition to benefiting from the additional US$500,000 payment received from the Bulu Transaction as announced on September 5, 2024, Criterium is committed to its continued focus on cost reductions, netback enhancements and deleveraging efforts, balanced with value-maximizing capital allocation. As a growth-focused entity, the Company plans to further advance the expansion of its production and reserves base, to support the generation of positive cash flow.

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