An undisclosed buyer agreed to acquire AWE(Asia) Ltd from Criterium Energy Ltd. (TSXV:CEQ) for $7.8 million on December 14, 2023. The transaction also includes the sale of 42.5% non-operated working interest in the Bulu PSC. The total cash consideration for the Transaction of $7.6 million, with $2 million will be received as a non-refundable deposit upon signing of the Definitive Agreement and the remaining $5.8 due upon closing.

The transaction is categorized as an Indirect Change of Control and is not subject to Criterium receiving any approvals at this time and all notifications required under New Zealand and Indonesian regulations will be provided during the closing period and is expected to close in Q1 2024.