On September 24, 2024, Criterium Energy Ltd., an independent upstream energy development and production company based in Calgary, Alberta, provided an operational update regarding optimization and drilling activities in the Tungkal PSC Indonesia, which is 100% owned and operated by the company.
One of Criterium’s key objectives has been to enhance production in the Tungkal PSC through cost-effective well interventions and workovers in the Mengoepeh Field. These efforts have surpassed expectations, resulting in rapid payback and increased production at minimal costs.
Key highlights of the program in 2024 include the successful completion of 11 workovers, generating incremental pre-tax cash flow of approximately US$1,500,000 from an investment of US$600,000, contributing to current field production of over 950 bbl/d.
Moreover, Criterium has discovered additional gas in MGH-48, reducing operating costs and achieving a 7% reduction in expenses. The company is on track to complete 12-15 workovers in 2024 and has commenced an operated infill drilling program.
In addition to the workover program, Criterium has confirmed the spud of MGH-43, the first of two planned and operated infill wells in the Tungkal PSC. The 2024 Program aims to tap into untapped areas in the MGH Field, targeting multiple pay zones within the Talang Akar Formation.
The company expects to add approximately 300 bbl/d of incremental light oil production from the 2024 Program, with the volumes expected to be on-stream in November 2024.
For further updates on Criterium’s operations and programs, shareholders and interested parties are encouraged to visit the company’s website and follow them on social media platforms.
Criterium Energy Ltd. is committed to consolidating and developing assets in Southeast Asia to deliver scalable growth and cash flow generation in line with the region’s growing energy demand. The company operates under three pillars focused on sustainability, innovation, and operational excellence.
