On August 13, 2024, Criterium Energy Ltd., a leading independent upstream energy development and production company, headquartered in Calgary, Alberta, provided an operational update on its planned optimization activities in the Tungkal PSC Indonesia. Criterium’s focus is on energizing growth for Southeast Asia and delivering value to its shareholders.
In the Tungkal PSC, specifically in the MGH Field, Criterium has secured a drilling rig for an upcoming infill program. The rig, provided by PT Patlance Putra Mandiri and PT Energi Technindo, both distinguished integrated oilfield services companies in Indonesia, is set to mobilize from Jambi, Indonesia to the Tungkal PSC in August 2024. The two-well infill program aims to target an untouched section of the MGH Field, with drilling expected to begin in early September and production anticipated to commence in early November at a forecasted rate of 300 bbl/d.
Furthermore, following the success of the initial workover program announced on June 25, 2024, Criterium has initiated a five-well workover program targeting the newly discovered GH sand zone. Two workovers have been completed to date, with production levels exceeding internal base case forecasts. The remaining three workovers are projected to be completed by mid-August, with the results expected to be announced alongside the spudding of the MGH infill well program.
Shareholders and interested parties are encouraged to visit Criterium’s website for more information. Criterium Energy Ltd. is a Canadian-based upstream energy company dedicated to sustainable development and delivering scalable growth and cash flow generation in Southeast Asia. The company’s strategic focus includes building a successful and sustainable reputation, leveraging innovation and technology, and achieving operational excellence with a strong commitment to safety.
Investors should exercise caution when considering forward-looking statements, as they are based on expectations, estimates, projections, and interpretations at the time of release. Various factors can impact actual results, including operational risks, pricing pressures, regulatory changes, and economic conditions. Criterium does not undertake any obligation to update or revise forward-looking statements unless required by applicable securities laws.
For more details, the original press release can be viewed by visiting https://www.newsfilecorp.com/release/219237.
