Criterium Acquired Tungkal and West Salawati Block from D’Or Petroleum

By Editorial Team 19/06/2023
Summary

Criterium Energy has acquired Singapore-based E&P player Mont D'Or Petroleum in a cash and shares deal that gives it 100 percent operated interests in two onshore production sharing contracts in Indonesia — Tungkal and West Salawati.

Canadian independent Criterium said the acquisition, which it described as "transformative," would establish it as an operator in Southeast Asia while providing immediate production and operating cash flow.

"With the recently announced 2042 Tungkal PSC extension, we intend to execute annual drilling programs to fully realize Mont D'Or's potential to deliver long-term sustainable production growth within cash flow," Criterium chief executive Robin Auld on Monday, as quoted by UpStream Online.

This extension is in the form of the gross split PSC, which has a favorable contractor take and an income tax rate of 40 percent on net profits.

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