Discovered Gas Fields: South-East Mengoepeh (“SE-MGH”), North Mengoepeh (“N-MGH”), Macan Gedang
PSC: Gross Split Production Sharing Contract, expiring in 2042
Ownership: 100% Operated
Production (2025 Average): 845 bbl/d
2P Reserves (YE2024): 4.4 MMbbl
2C Resource (YE2024): 27.5 bcf + 3.2 MMbbl
2U Prospective (YE2024): 51 bcf + 21.3 MMbbl

2026 Activity: Development of SE-MGH and N-MGH gas fields and progressing long term oil production growth from MGH and PLT

History

Oil Development & Production
The Tungkal PSC has a long history dating back to the 1930's initially with the Dutch National Company (Royal Dutch Shell), but it wasn't until 1997 that the Mengoepeh (MGH) field was discovered and the PSC was awarded to Asamera Oil. The PSC covers an area of 2,285 km2 (565,000 acres) in onshore South Sumatra and currently produces from the Talang Akar formation at the MGH and Pematang Lantih (PLT) fields. 

The success of Mengoepeh-1 led to production commencing in 2004 reaching a peak rate of 2,500 bbl/d. As of December 31, 2024, the Mengoepeh field has produced 4.7 MMbbl, an estimated 6% recovery factor. More recently the PLT field was discovered and first production initiated in 2015, reaching a peak rate of 2,000 bbl/d by June 2018. As of December 31, 2024 the field had produced 1.8 MMbbl, representing an estimated 10% recovery factor. Both fields produce a light crude which receive a premium price to Brent.

The low recovery factors present an opportunity that Criterium intends to unlock by focusing its efforts on workovers of bypassed pay, infill drilling, and secondary recovery techniques.

Gas Development
The Tungkal PSC contains multiple gas discoveries that in aggregate contain over 25 bcf of 2C Contingent Resource in addition to over 50 bcf of 2U Prospective Resource. These discoveries were historically overlooked as the previous operators focused on oil and the lack of available infrastructure hindered project economics. As time has passed, a domestic gas market in Indonesia has materialized, increasing gas prices and nearby infrastructure has become available as neighboring fields decline. Criterium now sees a significant opportunity to develop the gas resources within the Tungkal PSC and produce into a robust Indonesian gas market.

Criterium intends to develop these gas assets with an eye toward diversifying production beyond oil, backed by long-term Gas Sales Agreements (“GSAs”). The intent is to focus on the SE-MGH field, targeting production in Q2 2026 followed by production from N-MGH thereafter. Production will be tied into nearby gas processing facilities by a newly built pipeline. In addition to SE-MGH and N-MGH, the Tungkal PSC contains the Macan Gedang and Cerah discoveries which can be monetized under similar development plans.

The Lengo gas field was discovered in 2008 by the Lengo-1 well and appraised in 2013 by the Lengo-2 well. Both wells tested commercial quantities of gas from the Kujung Formation and identified a gas-water contact consistent with indications on 3D seismic. Lengo has independently been assessed to contain 2C resource of 359 bcf (134 net to Criterium).

Criterium is in collaboration with the Bulu PSC JV partners to establish a cost effective plan of development. Key drivers for Criterium and the JV are to determine efficient methods to remove the inerts, the Lengo gas contains 13% CO2 and 20% N2, and minimize the environmental footprint. ​

In 2025, Criterium, via a wholly owned subsidiary, signed a Memorandum of Understanding with PT Kalimantan Jawa Gas (“KJG”) to collaborate on gas development and transportation for industrial supply to Central, East, and West Java via the existing KJG pipeline. The KJG pipeline is an existing natural gas pipeline located approximately 25 km from the Lengo field.

Discovered Gas Fields: Balladewa – A1 (“BLL-A1”)
PSC: Production Sharing Contract, expiring in 2033
Ownership: 100% Operated
2P Reserves (YE2024): 0.1 MMbbl
2U Prospective (YE2024): 3.8 MMbbl

The West Salawati PSC is located in West Papua covering an area of 970 km2 (240,000 acres). The PSC contains the Balladewa-A ("BLL-A") oil field which is currently suspended.

The BLL-A1 well was drilled in 2015 and encountered 67m of net oil pay in the Kais reef. It was brought onto production in 2018 at an initial rate of 350 bbl/d of oil and water cut of 70-80%. The field has an estimated recovery factor of 1%. 

In addition to the BLL-A1 field, prospectivity within the block is mature with analog structures identified on 3D seismic data ("Balladewa Cluster") and several leads mapped on 2D seismic, most notably Lead 15 and Lead 3X located in the shallow waters. 

Criterium intends to perform a workover in BLL-A1 to limit water production and will seek strategic partners to derisk future prospects.