On September 6, 2024, Criterium Energy Ltd., a company based in Calgary, Alberta, announced key executive leadership appointments and the imminent spud of MGH-43, the first of two planned and operated infill wells to be drilled within the Mengoepeh (MGH) field on its Tungkal PSC.
Effective immediately, the company appointed Mr. Matthew Klukas as President and Chief Executive Officer (CEO), Dr. Henry Groen as a special advisor, and Mr. Andrew Spitzer as Chief Financial Officer (CFO). Mr. Klukas, a Professional Geophysicist with extensive oil and gas experience, previously served as the company’s Chief Operating Officer. Dr. Groen, who has over 40 years of experience in the energy sector, will continue to contribute to the organization. Mr. Spitzer brings over 15 years of corporate planning and financial experience to the role.
The company has initiated endurance testing of drilling equipment and anticipates spudding the MGH-43 well within the next 24-48 hours as part of its 2024 Program. This program aims to access untapped areas in the MGH Field and increase light oil production from the well.
In addition, Criterium received a $500,000 payment from the Bulu Transaction and remains focused on cost reductions, netback enhancements, and deleveraging efforts. The company plans to build on its production and reserves base to generate positive cash flow.
For more information about Criterium Energy Ltd., interested parties are encouraged to visit the company’s website and follow them on X (formerly Twitter) and LinkedIn for corporate updates and industry information.
Criterium Energy Ltd. is a Canadian-based upstream energy company focused on consolidating and developing assets in Southeast Asia to meet growing energy demand in the region.
