Mr. Matthew Klukas reports

CRITERIUM ENERGY PROVIDES OPERATIONAL UPDATE AND ANNOUNCES PARTICIPATION IN UPCOMING INVESTOR CONFERENCES

Criterium Energy Ltd. has provided an operational update on the southeast Mengoepeh (SE-MGH) gas development project. The company also announced the approval of the environmental permit (UKL/UPL) for the pipeline connecting SE-MGH with the Teluk Rendah gas plant (TRGP), as well as management's participation in coming 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 chief executive officer 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."

Coming 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-kilometre 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 (five billion cubic feet proven plus probable reserves), Cerah (34 bcf 2U resource) and Macan Gedang (13 bcf 2C resource). Testing and site preparation are in progress at N-MGH, with the field anticipated to add two million to three million cubic feet per day in first half 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 fewer than 10 kilometres from Cerah with an estimated 2U resource of 17 billion cubic feet and 6.0 million barrels, and a logical stepout from the Cerah development. This pro-active step will allow Criterium to move swiftly if the decision is made to drill the Berkas prospect.

Criterium to present at coming investor conferences

President and chief executive officer Matthew Klukas will present at two investor conferences in October.

Schachter Catch the Energy Conference

Format:  company presentation and booth

Presentation date and time:  Saturday, Oct. 17, 2026, at 11:15 a.m. MT

Location:  Calgary, Alta.

Mr. Klukas will be joined by 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 one-to-one meetings

Presentation date and time:  Wednesday, Oct. 28, 2026, at 3 p.m. ET

Location:  Toronto, Ont.

A webcast will be available.

About Criterium Energy Ltd.

Criterium Energy 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.

We seek Safe Harbor.