Criterium Energy : Investor Presentation

Fuelling future prosperity: Energizing growth for SE Asia and shareholders

Tungkal PSC - South Sumatra

February 2024

Disclaimers and key terms

The information in this presentation is provided as of February 29, 2024 for informational purposes only, is not complete and does not contain all material information about Criterium Energy Ltd. or the management team ("Criterium" or "Company" or "Management"), including important disclosures and risk factors associated with the current business plans and objectives of Management. This Presentation is not intended to provide financial, tax, legal or accounting advice and do not purport to contain all the information that a prospective investor may require. Each prospective investor should perform and rely on its own investigation and analysis of the Company and the terms of any offering of the securities referenced herein, including the merits and risks involved, and are advised to seek their own professional advice on the legal, financial and taxation consequences of making an investment in the Company.

Forward Looking Information. Certain statements contained in this Presentation are forward looking statements. These forward-looking statements are not based on historical facts but rather on the expectations of management of the Company regarding the resulting company's future performance. All statements, other than statements of historical fact, may be forward looking statements. Forward looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "propose", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct, and actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements. Forward-looking statements contained in this Presentation include, but are not limited to, statements with respect to the Company's business strategy, the market in which the Company operates; the ability of the Company to successfully integrate businesses; the timing and nature of equity offerings to be completed by the Company; the Company's potential revenue; the ability of the Company to successfully complete mergers and acquisitions; the ability of the Company to realize on the potential of target companies; and other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking statements contained in this Presentation reflect the current beliefs and assumptions of the Company's management based on information in its possession as of the date of this Presentation. The material risk factors that could adversely impact on the forward looking information and assumptions include, but are not limited to: (i) the inability to obtain equity and debt financing on terms acceptable to it, or at all; (ii) the uncertainty of estimates and projections relating to the Company's industry; (iii) fluctuations in interest rates; (iv) the risks of the competition; (v) the possibility that government policies or laws may change or governmental approvals may be delayed or withheld; and (vi) the risk and changes of international, national and regional economic and business conditions. The foregoing list of risk factors is not exhaustive. Readers are cautioned that the foregoing list is not exhaustive. The forward looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward looking statements included in this Presentation are made as of the date of this Presentation and the Company does not undertake and is not obligated to publicly update such forward looking statements to reflect new information, subsequent events or otherwise unless so required by applicable securities laws.

Future Oriented Financial Information. The future orientated financial information contained in this Presentation are examples only and are not a guarantee or representation of the future performance of the Company and should not be relied upon to indicate a potential rate of return that may be earned by an investor.

Statutory Rights of Rescission. Securities legislation in each of the Provinces in which securities will be sold, provides investors with remedies for rescission or, in some jurisdictions, damages, if this Presentation contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the investor within the time limit prescribed by the securities legislation of the investor's province. An investor should refer to any applicable provisions of the securities legislation of the investor's province for the particulars of these rights or consult with a legal adviser.

UNLESS INDICATED OTHERWISE, ALL DOLLAR AMOUNTS IN THIS PRESENTATION ARE EXPRESSED IN USD.

Barrel of oil equivalent (BOE) is equivalent to 6 mmscf of gas

All forecasts are based on $80/bbl brent pricing

The Reserve Report: Reserve Report commissioned by MOPL and prepared by ERCE Limited dated March 15, 2023 with effective date of December 31, 2022 (the "Reserve 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

The Resource Report: Resource Report prepared by Netherland, Sewell & Associates, Inc. dated February 6, 2023 with an effective date of December 31, 2022 (the "Resource Report"), which was prepared in accordance

with the definitions, standards, and procedures contained in the Canadian National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities. The Resource Report is available in the Annual Information Form on
Criterium's SEDAR profile.	2

Criterium Energy (CEQ.V)

SE Asia consolidation delivers material accretive growth to shareholders

• SE Asia's rapidly growing populations & economies create energy demand growth1
• Incumbent retrenchment and subsequent underinvestment has led to decreased supply1
• Stable governments support and incentivize domestic oil and gas production
• Lack of competition allows for rapid consolidation in an accretive manner
• Exposure to premium pricing, top-tier netbacks, and long-term gas contracts
• Our team has collectively operated >500 Mboe/d in SE Asia and >1 MMboe/d globally

	Executing a consolidation strategy focused on cash flow generation and growth	3
Tungkal PSC - South Sumatra	1 Southeast Asia Energy Outlook 2022. Page 8 - 13

Why Southeast Asia?

Supportive governments, underutilized infrastructure, and premium pricing

	Supportive Governments		Low-risk value creation		Premium pricing
		opportunities
	Energy security		Undercapitalized assets		Brent+ pricing
	Tax incentives		Underutilized infrastructure		Fixed price gas sales >US$6/MMbtu
	Indonesian Gov. Production Targets		Natural gas supply and demand -		Commodity pricing comparison
		a story of spare capacity

Oil (Mbbl/d)		Natural Gas (Bcf/d)	(Bcf/d)				Oil (US$/bbl)			Pipe Gas (US$/MMbtu)
				20									Variable
+63%	+107%			Existing Infrastructure						Fixed
		15
						5 bcf/d
	1,000		12
						81	80	77		7.9
612				10	Demand						60	6.0
	6
				SE Asia Domestic Supply
										2.4	1.8
2022	2030	2022	2030	5				CEQ	Brent	WTI	WCS	Europe CEQ AECO	HH
2020	2025	2030	2035
	Target		Target

Source: Reuters, Indonesia's 2022 oil lifting miss target, hopes stalled projects resume, January 18, 2023

Wood Mackenzie Energy Transition Service 2021. Asian gas demand	Source: CME, February 29 2024. CEQ represents estimated priced
includes North Asia, ASEAN, and Southern Asia	realized from CEQ assets in South Sumatra

4

Executing our strategy

September 2022

December 2022

January 2024

2024 onwards

C$5.5 MM	Bulu	Acquire Mont	Accretive
D'Or
Private	Acquisition &	Petroleum	Mont D'Or
Placement	Monetization	Ltd.	Development

  

Founders round, with over 30%	High margin monetization	Current production 900 bbl/d with 4.7	Execute well interventions,
from management	options available prior to	MMbbl 2P & 6.5 MMboe 2C3	workovers, and drill identified
 Executing a SE Asia	significant capital investment1	 Acquired 100% operated interest in	infill wells.
aggregation and consolidation	 Acquired with private		two onshore PSCs in Indonesia	 Monetize >20 bcf of gas
strategy	placement proceeds at a 90%		15-year record of safe operations.	resource. Adds ~1,000 boe/d by
	discount to market	20254
			~65 field & support staff
	 Resource Report (Q1 2023)		Immediate cash-flow & low-risk	 Material step-out developments
	confirms 134 Bcf net 2C	can add over 2,000 boe/d5
	resource to Criterium2		value creation opportunities	 Increase recovery factor up to
		 Current recovery factor is 5%. 3P
1 Criterium signed a LOI on Dec 14, 2024 to divest the interest in Bulu	40% through secondary
2 The Resource Report			reserves estimate 15-20%.3	recovery6
3 The Reserve Report

• Management estimate based on development of contingent resources
  5 Management estimate based on development of prospective resources
  6 Management estimate based on analogous fields in South Sumatra that have produced from the Talang Aker Formation

2024 onwards

Rapid

consolidation

(>25,000

boe/d)

Line of sight to consolidation of over 25,000 boe/d

• Mature pipeline with near- term acquisition opportunities
• Identified assets with value creation opportunities
• Mont D'Or gets us a seat at the table for larger, more material producing assets

5

Criterium Energy's Portfolio

Our Value Propositions

Portfolio at a glance

Mont D'Or Assets

Production Optimization		Tungkal PSC1	West Salawati PSC1	Bulu PSC2	CEQ Portfolio
Innovative & accelerated development	Gross Area (km2)	2,285	970	218	3,473
(565,000 acres)	(240,000 acres)	(54,000 acres)	(859,000 acres)
Unlock material step-out & exploration potential	Current Production (boe/d)	880	20	-	900
(As of January 31st, 2024)
	2P Reserves (MMboe)1	4.6	0.1	-	4.7
	(100% Oil)
	2C Resource (MMboe)1	6.5	Under Evaluation	22	28.5
	(134 bcf)	(10% Oil, 90% Gas)
	2U Prospective (MMboe)1	27	2	-	29
	(90% Oil, 10% Gas)

Tungkal PSC

100% Operated - Expires 2042

		Bulu PSC	West Salawati PSC
		42.5% Non-Operated - Expires 2033	100%% Operated - Expires 2033
	Jakarta	$43 MM net cost recovery pool	$26 MM cost recovery pool
	(Indonesia Office)
Indonesia	Mont D'Or Assets	Bulu PSC	1 The Reserve Report	6
			2 The Resource Report

Post-closing capital structure and use of proceeds

Financing and acquisition closed January 3, 2024

Acquisition and financing summary

• Criterium acquired Mont D'Or Petroleum Limited (Mont D'Or or MOPL) for the assumption of US$25.9 MM of 8.3% debt plus US$0.9 MM in shares
• Closed C$6.7 MM (US$5.0 MM) equity financing to facilitate closing and provide working capital
• Net Debt post-closing equals C$22.1 MM (US$16.4 MM), with line of sight to debt elimination within 3 years

Capital structure	Estimated Use of Proceeds
C$ millions and millions of shares

	Criterium	MOPL	Equity	Pro
(TSXV: CEQ)	(Pre-Mont D'Or)	Acquisition	Financing	Forma
Shares Issued & Outstanding	38.4	33.1(2)+36.1(3)(4)	60.9	132.4/168.5	(4)
Warrants	27.2	-	68.2	95.4
Options & RSUs	4.2	-	9.3	13.5
Fully Diluted Shares	69.7	69.2	138.4	277.0
Outstanding
Debt	-	$40.4	($5.4)	$35.0	(5)
Cash	$1.8(1)	$9.7	$1.4	$12.9	(6)
Net Debt (Debt-Cash)	($1.8)	$30.7	($6.8)	$22.1

• Workovers on producing wells
• Identified infill wells
• Progress secondary recovery feasibility study
• Progress development of 2C gas resource

2024 capital guidance in progress

• At September 30, 2023

2	Includes debt converted to equity at closing and payment to MOPL shareholders
3	Assumed F/X of $0.74 CAD/USD
4	36.1 million (at an assumed market price of $0.11/share to be issued in 2025 to fulfill completion of Summit loan)
5	Reduced to US$25.9MM (C$35.0MM) at closing of the acquisition by US$4.0MM debt repayment in cash at closing and debt-to-equity conversions	7
6	Includes cash in MOPL and deducting US$4.0MM debt repayment and including adjustments for fees/expenses related to the financing totaling C$1.4MM

Mont D'Or is unique

Unique factors have created an opportunity to grow significantly and within cash flow with minimal upfront investment

Fields located in well-developed
production regions	Experienced operating team

	Favorable reinvestment
	opportunities
Underinvestment has led to	Commercial contracts in place
spare processing capacity

Well payback1: 1x in 9-12

months

	Production receives premium
Drilling from existing well-pads	to Brent

1 Assumes $80/bbl Brent and type curve from Reserve Report

8

Tungkal PSC - 100% Operated

Value creation through infill development, gas monetization and low-risk step out exploration

Melawen

N Serian

To Duri

Elang EmasNW Cerah

(8 Bcf + 3

MMbbl)

N. MGH

(TBD)

PLT Field

To Singapore

Tungkal value creation strategy

1. Infill drilling, workovers & production optimization in MGH & PLT fields
 Low-hanging fruit - 15 infill well locations identified1
	Capital efficient. Wells payback in 9-12 months, workovers payback in 3-4 months
	3P Reserves (7.6 MMbbl) only represent 15-20% recovery factor2. Secondary recovery
	3

		MGH Field
	10km	S.MGH	Berkas
	MGH	(7 Bcf)
	(17 Bcf +
Serian	Subthrust
	6 MMbbl)
	15km		TRGP
Macan		20km
Gedang
(13 Bcf)

Peninjauan

Luncung

10km

Cerah

(26 Bcf + To Java

7 MMbbl)

could increase to 30-40% with analogues nearby

2. Monetize gas via existing underutilized infrastructure

 25- 30 Bcf contingent gas resource (N. MGH, S.MGH, Macan Gedang)2

 Estimated production of 5 - 10 MMcf/d by 2025. FEED studies ongoing4

 Tie-in to premium domestic markets and/or Singapore. Sold via take or pay contracts

of US$6 - $7/MMbtu

3. Low-risk step out development / exploration

 Nearby infrastructure ensures high chance of commercial success

 Mature prospect inventory is fully defined on 2D seismic

 Cerah-1 encountered oil and gas (not tested). studies ongoing

All volumes are unrisked 2C/2U resources. Berkas gas resource is Managements Estimate.

Tungkal PSC

Prospects/Leads

Processing Plant

Oil Fields		Existing gas pipeline
Gas Fields		Potential Gas Pipeline
Metering Station		Exploration Wells

• Infill wells are categorized as follows: 10 are Reserves, 3 are Contingent Resource, 2 are Prospective Resource
  2 The Reserve Report

3	Secondary recovery factors are based on Management estimates from analogous fields	9
4	Management estimate based on development of Contingent Resource

West Salawati PSC - 100% Operated

Exploration upside within a proven hydrocarbon basin and utilizing an established oil egress network

			5	6
			2
	1			Balladewa
				Cluster
				(2 MMbbl)
	7	19
20		11	E2
		12b
		13
10	21
	E1
9
		14

• 15

(7 MMbbl)

4

3X

(25 MMbbl)

10km

All volumes are unrisked estimated ultimate recovery. Lead 3X and Lead 15 are Managements Estimates.

West Salawati PSC		Prospects/Leads
Gas Fields		Oil Fields

West Salawati value creation strategy

1. Production Optimization
2. • Only 4% recovered from BLL-A field1. Analogue fields produce up to 15%2
   • Workover can potentially revive BLL-A field to economic production levels
   • Opportunity exists for sidetrack of current well or infill development
3. Step-outdevelopment (Balladewa Cluster)
4. • Certified prospective resource of 2 MMbbl directly offsetting BLL-A2
   • Cost effective tie-ins can utilize spare capacity at existing facilities and egress routes
   • Fully defined on 3D seismic
5. High impact exploration
6. • Management has identified an additional 19 prospects/leads from 2D seismic
   • Notable prospects include Lead 3X (25 MMbbl) and Lead 15 (7 MMbbl)3
   • Prospects outside of the Balladewa Cluster are not included as Prospective Resources in most recent reserve report conducted by previous ownership

Note: We take a disciplined approach to exploration and will aim to maximize our net carried interest in the West Salawati PSC via partnerships and/or farm-ins.

1 The Reserve Repport	10
2 Based on Bagong 1 & Bagong 2 well performance
3 MOPL Estimates