Criterium Energy (TSE:CEQ) has released an update.
Criterium Energy has successfully increased its production by 12% in the Tungkal PSC, Indonesia, through an effective workover program that added 180 barrels per day at a cost significantly below industry norms. These interventions in the Mengoepeh Field have resulted in operating cost savings, particularly highlighted by the MGH-07 workover which now uses gas for power generation, saving around US$250,000 annually and reducing emissions. The company’s strategy has led to rapid payback times for its investments, exemplifying efficiency and cost-effectiveness in enhancing production.
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