• Pipeline contractor completing final construction activities, commissioning anticipated in early October
• Environmental approval (UKL/UPL) received for SE-MGH development and associated gas pipeline
• Commenced environmental approval process for Cerah, Macan Gedang, and Berkas

Calgary, Alberta--(Newsfile Corp. - September 29, 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 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 upcoming 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 CEO 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."

Upcoming 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 km pipeline connecting SEM-01 to the TRGP gas plant (the "SE-MGH Pipeline"). 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 (5 bcf 2P Reserves¹), Cerah (34 bcf 2U Resource¹), and Macan Gedang (13 bcf 2C Resource¹). Testing and site preparation are ongoing at N-MGH, with the field anticipated to add 2-3 mmcf/d¹ in H1 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 less than 10km from Cerah with an estimated 2U Resource of 17 bcf and 6.0 MMbbl¹, and a logical step out from the Cerah development. This proactive step will allow Criterium to move swiftly if the decision is made to drill the Berkas prospect.

Criterium to Present at Upcoming Investor Conferences

President and CEO Matthew Klukas will present at two investor conferences in October.

Schachter Catch the Energy Conference
Format: Company Presentation and Booth
Presentation Date & Time: Saturday, October 17, 2026, at 11:15 am MT
Location: Calgary, AB
Mr. Klukas will be joined by Mr. 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 1x1 meetings
Presentation Date & Time: Wednesday, October 28, 2026, at 3:00 pm ET
Location: Toronto, ON
Webcast Link

Stay Connected to Criterium

Shareholders and other interested parties who would like to learn more about the Criterium opportunity are encouraged to visit the Company's website, review a recent corporate presentation, and follow the Company on X (formerly Twitter) and LinkedIn for ongoing corporate updates and relevant international oil and gas industry information.

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:

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Notes

¹ 2025 Report: Reserve Report commissioned by Criterium Energy Ltd. and prepared by ERCE Malaysia Sdn. Bhd., an independent reserves evaluator and auditor, dated March 23, 2026 with an effective date of December 31, 2025 (the "2025 Report"), which was prepared in accordance with the definitions, standards, and procedures contained in the Canadian National Instrument 51-101 Standards of Disclosure of Oil and Gas Activities. The Reserve Report will be made available on Criterium's SEDAR+ profile.

Abbreviations

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/316480

Source: Criterium Energy Ltd.