Criterium Energy Announces 2025 Reserves, Highlighted by 70% 2P Reserve Growth and Increased Contingent Resource

Executive Summary

• Criterium Energy announced record 1P reserves of 2.2 MMboe, 2P reserves of 7.7 MMboe and 3P reserves of 16.5 MMboe – a 55% increase in proved reserves year‑over‑year.
• SE‑MGH gas asset upgraded from contingent resource to reserves with a 40% boost to base‑case recoverable volumes (21 bcf) and first gas expected Q2 2026; N‑MGH added 5 bcf, targeting 2–3 mmcf/d in early 2027.
• Total 2P Reserve NPV10 of US$50 million versus net debt of US$23 million, implying an equity value of C$44 million (≈C$0.27/share).

Key Details

• Reserve Growth:
• 1P: 2.2 MMboe (64% gas) – up 55% YoY.
• 2P: 7.7 MMboe (55% gas) – up 70% YoY; reserve replacement 260% (1P) and >1,000% (2P).

• 3P: 16.5 MMboe (52% gas).

• SE‑MGH Upgrade:

• Extended well test (SEM‑01) removed key commercial contingencies.
• Recoverable estimate increased 40% to 21 bcf (8 bcf 1P, 23.9 bcf 2P, 48.4 bcf 3P).

• First gas production of 5–7 mmcf/d targeted for late Q2 2026; no material additional capital required.

• N‑MGH Addition:

• Successful MGH‑20 test added 5 bcf to total recoverable base case.

• Planned plateau of 2–3 mmcf/d, first gas expected Q1 2027.

• Capital Efficiency:

• US$0.2/1P mcf (US$1.3/1P boe) and US$0.1/2P mcf (US$0.4/2P boe).

• Net Asset Value:

• 2P Reserve NPV10 = US$50 M (price deck avg. $67/bbl, 2026‑2030).

• Net debt = US$23 M → equity value C$44 M (~C$0.27/share).

• Contingent Resources:

• Record 1C of 30 MMboe (73% gas), 2C of 40 MMboe (66% gas) and 3C of 54 MMboe (58% gas).

• Added 8.4 MMbbl oil via MGH waterflood and 4.7 MMbbl via Lemat play.

• Macan Gedang Upgrade:

• Upgraded to Contingent Resource, Development Pending (13 bcf 2C); first gas targeted 2027 at 3–5 mmcf/d.

• Oil Production & Value:

• 2025 oil production 0.31 MMbbl; 2P Oil Reserve Life Index ≈11 years.

• Received US$3/bbl premium to Brent in 2025, continuing into 2026.

• Future Development Plans:

• SE‑MGH pipeline construction underway; N‑MGH pipeline to connect to SE‑MGH.
• Waterflood pilot at MGH field targeting additional 8.4 MMbbl (2C).

• Feasibility studies for Lemat oil stimulation (hydraulic fracturing) slated for 2026.

• Prospective Resources: No change YoY; Cerah & NW‑Cerah totals listed.

Notable Quotes

“These results highlight our ability to deliver meaningful reserve and resource growth through a highly‑capital efficient approach… The gas development is expected to represent a repeatable, low‑cost model for future development.” – Matthew Klukas, President & CEO

All forward‑looking statements are subject to risks and uncertainties detailed in the release.