Criterium Energy Ltd. announced that its wholly‑owned subsidiary, Mont D'Or Oil Tungkal Limited, has entered a Gas Sales Agreement with Indonesia's PT Perusahaan Gas Negara Tbk (PGN). The contract provides a long‑term market for natural gas produced from the Tungkal Production Sharing Contract, extending through 2040 and featuring a take‑or‑pay clause with fixed pricing.
The agreed gas price aligns with recent Indonesian domestic sales, ranging between $6.00 and $7.00 per million British thermal units. Volume and exact pricing terms were not disclosed. The Southeast Mengoepeh (SE‑MGH) gas development, which supplies the gas, is about 85% complete and includes a new 25‑kilometre pipeline linking the field to existing processing facilities.
Criterium expects first gas to flow in September 2026, with initial output of 5‑8 million cubic feet per day. PGN, Indonesia's largest natural‑gas transportation and distribution company, will be the off‑taker.
In the second quarter of 2026, Criterium reported operating cash flow of C$1.5 million, up from C$0.2 million a year earlier, and a cash balance of C$2.4 million at June 30, compared with C$2.0 million at year‑end 2025. The quarter ended with a net loss of C$2.7 million. Oil production averaged 627 barrels per day, below expectations due to natural decline and well‑intervention activities, while realized oil price was $85 per barrel. Operating netbacks rose 50% quarter‑over‑quarter to $36 per barrel, driven by higher commodity prices.
