Criterium Energy Signs Binding Facility Sharing Agreement for the Teluk Rendah Gas Plant
- FSA signed, granting access to the 30 mmcf/d TRGP and 60 km pipeline to Sekernan gas sales point
- Combined with Gas Sales Agreement, key commercial agreements are now in place for first gas from SE-MGH.
Calgary, Alberta--(Newsfile Corp. - September 9, 2026) - Criterium Energy Ltd. (TSXV: CEQ) ("Criterium" or the "Company"), an independent upstream energy development and production company focused on energizing growth for Southeast Asia, today announced that it has entered into a definitive Facility Sharing Agreement ("FSA") with Jindi South Jambi B Co. Limited ("Jindi"), the operator of the Teluk Rendah Gas Plant ("TRGP").
"Completion of the FSA is another critical milestone that moves us closer to first gas from our SE-MGH gas development, which remains scheduled for Q3 2026," said Matthew Klukas, President and CEO of Criterium Energy. "Importantly, this agreement establishes a strong partnership with Jindi, and our collective collaboration has been instrumental in bringing the FSA to completion and advancing the SE-MGH development. We look forward to building on this partnership as we work together to maximize the utilization of existing infrastructure and support increased gas production in the region. For Criterium, access to this critical infrastructure on a shared-cost basis strengthens our position in Indonesia's domestic gas market and provides a platform to develop our broader gas portfolio, leveraging cash flow expected to be generated from SE-MGH."
Terms of the FSA
Under the terms of the agreement, Criterium gains access to the TRGP, which has a processing capacity of 30 mmcf/d, as well as the 10" 60 km TRGP to Sekernan Pipeline ("TGRP-Sekernan Pipeline") that connects to the delivery point as outlined in the previously completed Gas Sales Agreement. The TRGP and TRGP-Sekernan Pipeline are expected to provide sufficient capacity to support Criterium's near-term gas development plans within the Tungkal PSC.
The TRGP and TRGP-Sekernan Pipeline were originally constructed in 2004 by ConocoPhillips and were upgraded and refurbished by Jindi in 2020 and 2021. Jindi and Criterium will share operating costs, capital expenditures and facility upgrade costs, and will contribute to an abandonment and site reclamation fund, in each case based on throughput. Jindi will retain operatorship of the facilities, while capital expenditures will be subject to mutual agreement and costs will be reconciled annually.
The FSA was entered into on September 8, 2026, on an arm's-length basis between Mont D'Or Oil Tungkal Limited, a wholly owned subsidiary of Criterium, and Jindi.
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About Criterium Energy Ltd.
Criterium Energy Ltd. (TSXV: CEQ) is Canadian-based upstream energy company focused on the aggregation and sustainable development of assets in Southeast Asia that can deliver scalable growth and cash flow generation. This region is expected to reach a population approaching 800 million people within the next 25 years, driving world-leading economic growth and record-high energy demand. With international operating expertise and a local presence, Criterium intends to contribute responsible, safe and secure sources of energy to help meet this demand. The Company is committed to maximizing total shareholder return by executing across three strategic pillars that include (1) fostering a successful and sustainable reputation; (2) leveraging innovation and technology arbitrage; and (3) achieving operational excellence with an unwavering commitment to safety. For further information please visit our website (www.criteriumenergy.com) or contact:
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Abbreviations
| Km mmcf/d SE-MGH PSC | kilometer million cubic feet per day |
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain forward-looking information and statements that are based on expectations, estimates, projections, and interpretations as at the date of this news release. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends", "seek", "aims" and similar expressions are intended to identify forward-looking information or statements.
Factors that could cause actual results to vary from forward-looking statements or may affect the operations, performance, development and results of Criterium's businesses include, among other things: risks and assumptions associated with operations; risks inherent in Criterium's future operations; increases in maintenance, operating or financing costs; the availability and price of labour, equipment and materials; competitive factors, including competition from third parties in the areas in which Criterium intends to operate, pricing pressures and supply and demand in the oil and gas industry; fluctuations in currency and interest rates; inflation; risks of war, hostilities, civil insurrection, pandemics, instability and political and economic conditions in or affecting Indonesia or other countries in which Criterium intends to operate (including the ongoing Russian-Ukrainian conflict); severe weather conditions and risks related to climate change; terrorist threats; risks associated with technology; changes in laws and regulations, including environmental, regulatory and taxation laws, and the interpretation of such changes to Criterium future business; availability of adequate levels of insurance; difficulty in obtaining necessary regulatory approvals and the maintenance of such approvals; general economic and business conditions and markets; and such other similar risks and uncertainties. The impact of any one assumption, risk, uncertainty or other factor on a forward-looking statement cannot be determined with certainty, as these are interdependent and the Company's future course of action depends on the assessment of all information available at the relevant time. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
With respect to forward-looking statements contained in this press release, Criterium has made assumptions regarding, among other things: future exchange and interest rates; supply of and demand for commodities; inflation; the availability of capital on satisfactory terms; the availability and price of labour and materials; the impact of increasing competition; conditions in general economic and financial markets; access to capital; the receipt and timing of regulatory and other required approvals; the ability of Criterium to implement its business strategies; the continuance of existing and proposed tax regimes; and effects of regulation by governmental agencies.
The forward-looking statements contained in this press release are made as of the date hereof and the parties do not undertake any obligation to update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Non-IFRS and Other Financial Measures
Throughout this press release and other materials disclosed by the Company, Criterium uses certain measures to analyze financial performance, financial position and cash flow. These non-IFRS and other specified financial measures do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to similar measures presented by other entities. The non-IFRS and other specified financial measures should not be considered alternatives to, or more meaningful than, financial measures that are determined in accordance with IFRS as indicators of Criterium's performance. Management believes that the presentation of these non-IFRS and other specified financial measures provides useful information to shareholders and investors in understanding and evaluating the Company's ongoing operating performance, and the measures provide increased transparency and the ability to better analyze Criterium's business performance against prior periods on a comparable basis.
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Source: Criterium Energy Ltd.
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