Criterium Energy Ltd. (TSXV: CEQ), an independent upstream energy development and production company focused on energizing growth for Southeast Asia, has provided an operational update on the Southeast Mengoepeh (SE-MGH) gas
development project. The Company also announced the approval of the Environmental Permit for the pipeline connecting SE-MGH with the Teluk Rendah Gas Plant, as well as management’s participation in upcoming investor conferences.
“The approval of the UKL/UPL is an important final step for the SE-MGH gas development and demonstrates our commitment to responsible operations in Indonesia and our ability to work closely with the government to achieve our objectives,” said Matthew Klukas, President and CEO of Criterium Energy. “On the ground, we are completing the hot-bend installations in the pipeline and anticipate commissioning activities to commence shortly. Following first gas, we expect to more than double our current production and generate stable contracted cash flow to support balance sheet improvement and fund our next phase of development and growth.”
Upcoming First Gas from SE-MGH
Criterium has been advised by its pipeline contractor PT Olindo that construction of the SE-MGH Pipeline is nearing completion. Remaining activities to be completed on the SE-MGH Pipeline and tie-in piping are limited to installation of selected hot-bends and pig-launching equipment. Commissioning activities are anticipated to commence shortly, the timing of which will align with the procedures set forth in the binding Gas Sales Agreement and the joint delivery procedures at the Sekernan metering station, where the gas is contractually sold. With first gas expected in October, increased cash flow will follow with the first gas sales invoice to be issued in early November, in accordance with the agreed GSA.
Environmental Approval Received for SE-MGH
In mid-September, the Indonesian Environment Minister signed the UKL/UPL document for the SE-MGH development, including the 25 km pipeline connecting SEM-01 to the TRGP gas plant. The UKL/UPL sets out environmental management, monitoring and reporting measures to be followed during development and operations. Approval of the UKL/UPL confirms the environmental requirements and mitigation measures for the SE-MGH development and represents an important regulatory milestone.
Future Gas Development
Following first gas from SE-MGH, Criterium intends to shift its focus toward the next phase of low-cost gas developments, including N-MGH (5 bcf 2P Reserves1 ), Cerah (34 bcf 2U Resource1), and Macan Gedang (13 bcf 2C Resource1). Testing and site preparation are ongoing at N-MGH, with the field anticipated to add 2-3 mmcf/d1 in H1 2027, in addition to incremental oil volumes.
To support development activity at Macan Gedang and Cerah in 2027, Criterium has commenced the review and submission process for the UKL/UPL requirements. The scope of the study also includes activities at Berkas, a prospect located less than 10km from Cerah with an estimated 2U Resource of 17 bcf and 6.0 MMbbl1, and a logical step out from the Cerah development. This proactive step will allow Criterium to move swiftly if the decision is made to drill the Berkas prospect.
Criterium to Present at Upcoming Investor Conferences President and CEO Matthew Klukas will present at two investor conferences in October.
Schachter Catch the Energy Conference
Format: Company Presentation and Booth
Presentation Date & Time: Saturday, October 17, 2026, at 11:15 am MT
Location: Calgary, AB
Mr. Klukas will be joined by Mr. Hendra Jaya, Criterium’s Director and General Manager, Indonesia and Andrew Spitzer, Chief Financial Officer, for the Schachter Catch the Energy Conference.
Planet MicroCap Toronto 2026
Format: Company Presentation and 1×1 meetings
Presentation Date & Time: Wednesday, October 28, 2026, at 3:00 pm ET
Location: Toronto, ON
Notes
1 2025 Report: Reserve Report commissioned by Criterium Energy Ltd. and prepared by ERCE Malaysia Sdn. Bhd., an independent reserves evaluator and auditor, dated March 23, 2026 with an effective date of December 31, 2025, which was prepared in accordance with the definitions, standards, and procedures contained in the Canadian National Instrument 51-101 Standards of Disclosure of Oil and Gas Activities. The Reserve Report will be made available on Criterium’s SEDAR profile.
