• Construction and connection of the main 25-km pipeline segments are complete
• Tie-in to the TRGP is underway with commissioning and testing proceeding accordingly
• New, updated investor presentation available on the corporate website

Calgary, Alberta--(Newsfile Corp. - October 16, 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.

"We continue to make steady progress toward first gas from the SE-MGH development and the anticipated increase in cash flow it will deliver," said Matthew Klukas, President and CEO of Criterium Energy. "The main segments of the pipeline are now connected, and the tie-in to the Teluk Rendah Gas Plant and cleaning activities are underway. 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 and connection of the main segments of the 25 km pipeline, connecting the SE-MGH field to the Teluk Rendah Gas Plant ("TRGP"), are mechanically complete, with select sections already hydrotested. Pipeline cleaning and purging activities have commenced, and finale tie-in to the TRGP is ongoing, with commissioning and final inspections expected to commence shortly. Following successful completion of commissioning, the Company expects commercial gas deliveries to commence in accordance with the Gas Sales Agreement.

New Investor Presentation Available
Management has posted a new version of the Company's investor presentation on the corporate website and it is available here.

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 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. For further information please visit our website (www.criteriumenergy.com) or contact:

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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.

Forward-looking information and statements contained in this press release include, but are not limited to, statements regarding the anticipated completion of the SE-MGH pipeline and associated tie-in activities; the timing and successful completion of pipeline cleaning, hydrostatic testing, inspections and commissioning; the anticipated commencement and timing of first commercial gas deliveries under the Gas Sales Agreement; expected initial and future gas production rates; the Company's expectation that gas production will more than double its current production; the anticipated generation of stable contracted cash flow from gas sales; the expected contribution of gas sales to balance sheet improvement; and the Company's ability to fund future development activities and growth.

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; delays or difficulties in completing pipeline construction, tie-in activities, testing, inspections and commissioning; the ability to successfully complete remaining operational and regulatory requirements prior to commencing commercial gas deliveries; the timing and availability of gas processing and transportation infrastructure; the ability to achieve and maintain anticipated gas production and delivery rates; the performance and reliability of third-party contractors, infrastructure and facilities; the timing and receipt of payments for gas sales; 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 in relation to Criterium's 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: the successful completion of remaining SE-MGH pipeline construction, tie-in, testing, inspection and commissioning activities; the timing of first commercial gas deliveries; the availability and operational readiness of required gas processing and transportation infrastructure; the ability to achieve anticipated gas production and delivery rates; the performance of third-party contractors and facilities; the continued validity and performance of the Gas Sales Agreement; the anticipated cash flow contribution from gas sales; 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 Company does 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/319327