On September 5, 2024, Criterium Energy Ltd. (TSXV: CEQ) announced that it has received a US$500,000 non-refundable payment from the buyer of its wholly owned subsidiary, which holds a 42.5% non-operated working interest in the Bulu Production Sharing Contract, originally disclosed on May 21, 2024.
With this latest payment, Criterium has now received a total of US$1,000,000 out of the US$7,750,000 purchase price stipulated in the sale and purchase agreement dated May 20, 2024. The Company views the completion of this transaction as a beneficial means of creating value for its shareholders in the short term. The closing of the Transaction is expected to take place in early Q4 2024, subject to the Buyer securing the necessary financing.
Shareholders and interested parties are encouraged to remain connected with Criterium through the Company’s website and corporate presentation for updates on ongoing developments. Criterium Energy Ltd., a Canadian-based upstream energy company, is focused on consolidating and developing assets in Southeast Asia to achieve scalable growth and generate cash flow. The Company is committed to providing responsible energy solutions to meet the growing demand in the region.
This press release contains forward-looking statements that are based on expectations, estimates, and projections as of the date of the release. Criterium cautions investors that actual results may differ from these forward-looking statements due to various factors that could impact the Company’s operations, performance, and business development.
Investors are advised that trading in Criterium securities carries a high level of speculation and risk. The Company does not assume responsibility for the accuracy or completeness of the information provided in this release. Further updates or revisions to forward-looking statements will be made in accordance with applicable securities laws.
