Mr. Matthew Klukas reports

CRITERIUM ENERGY ANNOUNCES FIRST NATURAL GAS PRODUCTION FROM THE SE-MGH PROJECT

Criterium Energy Ltd. has safely delivered first gas from the onshore, southeastern Mengoepeh field in South Sumatra, Indonesia, to the Sekernan gas sales point. The SE-MGH field is 100 per cent operated by Criterium and located in the Tungkal PSC.

"First gas is a major development milestone in the company's history, and the significant expected increase in production as we ramp to commercial levels is expected to drive improved financial performance moving forward," said Matthew Klukas, president and chief executive officer of Criterium Energy. "The resulting increased cash flow will be used to fund serial development of our portfolio of natural gas assets, undertake oil optimization initiatives allowing us to capitalize on high commodity pricing and strengthen our balance sheet as we prioritize debt repayment. The successful completion of this project is a result of hard work and thoughtful collaboration between Criterium, the government of Indonesia and our contractors, most notably, Pt Olindo. Together, from concept to production, we delivered one of the most rapid and efficient gas developments on record in the country. Our goal in the coming months and years is to grow domestic production of both gas and oil, helping Indonesia to become increasingly self-sufficient from an energy perspective."

Favourable southeast Mengoepeh commercial terms

On Nov. 10, 2026, gas from the 21-billion-cubic-foot SE-MGH field flowed through the recently constructed 25-kilometre pipeline that ties into the existing Teluk Rendah gas plant operated by Jindi South Jambi B Co. Ltd. and then on through the 60-kilometre TRGP-Sekernan pipeline to the delivery point. Prior to gas production, the pipeline from SE-MGH to the TRGP was pressure tested up to 1,800 pounds per square inch. Initial production rates are as expected and will be reported once stabilized. Gas will be delivered pursuant to the terms of the previously completed gas sales agreement with Pt Perusahaan Gas Negara (Persero) Tbk at a rate of approximately $7 (U.S.) per million British thermal units (equivalent to $7.60 (U.S.) per thousand cubic feet for SE-MGH gas due to its high heating value), which includes a take-or-pay commitment providing a minimum level of contracted gas sales and providing greater price certainty and visibility over future cash flows. The agreement also provides flexibility for gas sales to increase through mutually agreed nominations as additional production becomes available.

North Mengoepeh development update

With commencement of production from SE-MGH, Criterium's focus will shift to the North Mengoepeh development where engineering and procurement have commenced. The N-MGH development will leverage the same concepts as SE-MGH and will build on the transportation, processing and sales agreements currently in place, recognizing economies of scale from the incremental production. Criterium previously re-entered two N-MGH wells, MGH-20 and MGH-32, in 2026 at rates of 2.5 million cubic feet per day and 2.1 MMcf/d, respectively, with incremental oil production observed. With testing continuing, planned gas production from N-MGH will be transported through a to-be-constructed 14-kilometre pipeline connecting it with SE-MGH and the existing transportation, processing and sales network now in place. Criterium anticipates incremental gas production of two MMcf/d to three MMcf/d with potential upside provided from bypassed gas pay zones within the MGH oil field. Additional information on the N-MGH project will be provided with the company's 2027 budget and guidance.

About Criterium Energy Ltd.

Criterium is a 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.