#1C CRITERIUM ENERGY Fuelling future prosperity: Energizing growth for SE Asia and shareholders Tungkal PSC-South Sumatra#2Disclaimers and key terms C CRITERIUM ENERGY The information in this presentation is provided as of September 5, 2023 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#3Criterium Energy (CEQ.V) SE Asia consolidation delivers material accretive growth to shareholders C CRITERIUM ENERGY SE Asia's rapidly growing populations & economies require large new sources of reliable energy1 r Underinvestment has led to decreased supply & inability to meet increasing energy demand¹ Stable governments support and incentivize domestic oil and gas production Ba $ New and responsible operators are needed to supply reliable and sustainable energy Exposure to premium global commodities, top-tier netbacks, and long-term gas contracts deliver outsized cash flow and reduce profit volatility Our team has over 100 years of collective experience in the SE Asia region. We are focused on jurisdictions where we have identified a distinct value proposition Criterium Energy is uniquely positioned to capitalize on this opportunity as a regional consolidator while delivering material accretive growth to shareholders 3 1 Southeast Asia Energy Outlook 2022. Page 8 - 13 C Tungkal PSC-South Sumatra#4Why Southeast Asia? Supportive governments, premium netbacks, and underutilized infrastructure Supportive Regulatory Environment Energy security has led governments to increase domestic production targets ■ Tax incentives are available for natural resource development¹ Indonesian Gov. Production Targets Premium Netbacks ■ Brent + pricing Conventional low-opex production² Illustrative Netback @ US$80/bbl Brent C CRITERIUM ENERGY Low-risk value creation opportunities Undercapitalized assets Underutilized infrastructure Natural decline plus limited investment results in 5 bcf/d of spare capacity by 2035 Oil (kbbl/d) 612 +63% Natural Gas (bcf/d) Netback ($/bbl) 1 16 12 12 9 (bcf/d) 20 Diff to Brent 15 1,000 +107% Royalties 22 22 15 Existing Infrastructure 5 bcf/d 12 Opex B/Tax Netback 49 10 Demand 6 37 Southeast Asia Production 2022 2030 Target 2022 2030 Target 5 Onshore Indonesia Western Canada Light Oil 2020 2025 2030 2035 Source: Reuters, Indonesia's 2022 oil lifting miss target, hopes stalled projects resume, January 18, 2023 Onshore Indonesia is illustrative of a recent Production Sharing Contract Western Canada is illustrative of SE Saskatchewan Wood Mackenzie Energy Transition Service 2021. Asian gas demand includes North Asia, ASEAN, and Southern Asia 1 Oil and Gas in Indonesia, Investment and Taxation Guide. December 2020, 11th Edition. Pwc. Page 60 2 In comparison to unconventional assets in North America, Criterium's target assets in SE Asia have lower operating costs of which a major portion is fixed. Therefore operating cost per barrel improves with production increase#5Executing our Strategy September 2022 December 2022 Present 2023 onwards C$5.5 MM Private Placement Bulu Acquisition Acquire Mont D'Or Petroleum Ltd. C CRITERIUM ENERGY 2024 onwards Accretive Mont D'Or Development Rapid consolidation (>25,000 boe/d) Founders round, with over 30% from management Executing a SE Asia aggregation and consolidation strategy 1 The Resource Report 2 The Reserve Report Acquired with private placement proceeds at a 90% discount to market Resource Report (Q1 2023) confirms 134 bcf net 2C resource to Criterium' $43 MM cost recovery pool (net to Criterium) High margin monetization options available prior to significant capital investment 3 Management estimate based on development of contingent resources 4 Management estimate based on development of prospective resources 5 Management estimate based on analogous fields " " " Acquiring Mont D'Or Company 15-year record of safe operations ~65 field & support staff Immediate cash-flow & low-risk value creation opportunities Current cash-flow ~$1MM/month² Current production ~ 1,050 bbl/d with 4.7 MMbbl 2P & 6.5 MMboe 2C² Current recovery factor is 5% and 3P reserves estimate 15-20%.² Drill identified infill wells. YE24 production of 2,500 boe/d and >3,000 boe/d at YE252 Monetize >20 bcf of gas resource. Adds ~1,000 boe/d by 20253 Material step-out developments can add over 2,000 boe/d4 Increase recovery factor up to 40% through secondary recovery5 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 Line of sight to consolidation of over 25,000 boe/d 5#6Mont D'Or Transaction Criterium's foundational acquisition provides material accretive growth within free cash flow C CRITERIUM ENERGY ■ Criterium is acquiring Mont D'Or Petroleum Limited (Mont D'Or or MOPL) for the assumption of US$25.5MM of 7.95% debt plus US$1MM in shares Currently produces 1,050 bbl/d with 11.1 MMboe 2P + 2C reserve + resource from two producing onshore assets in Indonesia¹ ■ US$58 MM (C$79.5 MM) 2P NPV10, independently valued¹ ■ Increase production in the near-term by executing identified infill wells and workovers ■ Material production and reserves increase is realized through the monetization of discovered gas, step out developments, and secondary recovery ■ Provides immediate cash flow and opportunities for sustainable value creation Transaction Metrics $26.5 Production (boe/d) 1,2 Cash Flow (US$MM) 1,2 6,100 61 Existing Wells Infills (2P) Existing Wells Infills (2P) MOPL Debt (US$MM) (Cash profile based on Existing wells & infill only) Debt Balance Cash Balance US$ MM Assumed Purchase Price (EV) 2024 EBITDA 1x Gas Monetization (2C) Step-Out Production Value ($/bopd) $25,300 2P ($/bbl) $5.6 2,100 2P NPV(10%) 2.4x Cash Balance at Closing $8.5 1,050 Debt at Closing $16.0 2023 2024 1 The Reserve Report 2025 Gas Monetization (2C) Step Out 13 2023 25 16 2024 2025 12 8 8 7 2 YE 2024 YE 2025 2 Production and cash flow projections of Existing wells and Infills are based on the Reserve Report and estimates for Gas-Monetization and Step-Out are management estimates based on the development of select contingent and prospective resources Closing 6#7Mont D'Or is Unique Unique factors have created an opportunity to grow significantly and within cash flow with minimal upfront investment C CRITERIUM ENERGY m Fields located in well-developed production regions F Underinvestment has led to spare processing capacity Drilling from existing well-pads 1 Assumes $80/bbl Brent and type curve from Reserve Report Cash flow from 1 well unlocks $25 MM of value within 2 years Experienced operating team Commercial contracts in place Well payback¹: 1x in 6 months, 2x in 12 months Self funds 6 additional wells Production receives premium to Brent 7#8Mont D'Or: Cycling Cash and Creating Value 24-month value creation profile, self funding reinvestment can grow production and cash flow quickly Putting capital to work to create a cash flow engine months 0 6 12 18 24 Well #1 1x 2x 3x $1.6MM I H Single well economics Capex: $1.6 MM¹ Payback: 6 months² NPV10: $3.6 MM² C CRITERIUM ENERGY EUR: 260MM bbl³ IRR: 152%2 Breakeven: $35/bbl² 1x 2x XX 1x 2x A 1x 2x 1x 1x Well Payout 1x 2x ले 3x 1 Reflects the average cost per well in 2022 in the Tungkal PSC. 2 Assumes $80/bbl Brent and type curve from Reserve Report 1x 3 The Reserve Report - MGH Central well forecast Single well economics comparable to the best plays in North America $1.6MM investment self funds 6 additional drills that also payback, all within 24 months. This adds ~1,000bbl/d at peak, and nearly $2MM/month in cash flow¹² This unlocks $25MM in value. 8#9Mont D'Or: Immediate cash flow and low risk growth Moving quickly to execute work program and create value Executing quick wins in 2023 & 2024 2023 Execute workovers in MGH, PLT, and BLL-A1 (workover rig onsite) Forecasted production profile³ 3,000 2024 Drilling 2024 Workovers 2023 Drilling 2,500 2023 Workovers Commence drilling campaign in MGH Central North and South (began procurement in August 2023 with spud as soon as possible - likely Q1 2024) Existing Production 2,000 C CRITERIUM ENERGY 2024 Workover program targeting bypassed pay Drilling campaign targeting MGH Central (new well pad) and South 15-month projection bbl/d 1,500 1,000 Estimates (US$ millions) Closing Q1 2024 Q2 - Q4 2024 Capital Budget $7.3 $13.2 Wells Workovers $7.2 $13.0 500 $0.1 $0.2 Exit Production (bbl/d) Exit Annualized EBITDA² 1 Reflects the average costs in 2022 in the Tungkal PSC. 1,400 - 1,600 $24-$26 2,200 - 2,600 $32 - $40 0 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct-Nov-Dec- 23 23 23 23 24 24 24 24 24 24 24 24 24 24 24 24 2 Assumes $80/bbl Brent and type curve from Reserve Report 3 Production profile forecast is from the Reserve Report, specifically using the production profiles and EURS of future wells. The timing of the drilling reflects Management's estimate of rig availability and drilling schedule in 2024. 6#10Balancing Growth and Deleveraging Ensuring debt is managed while capital is deployed CEQ Gross Debt and Leverage¹,2 (US$ MM) 257 23 24 24 CEQ Annual Payout Ratio 1,2 (@$80/bbl Brent) Gross Debt T 20 20 15 10- 5 0 22 3.5 140% D:CF 125 MOPL 3.0 120% Strategic Investor 2.5 100% 21 19 18 16 15 2.0 13 11 10 1.5 9 7 1.0 10 H Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2024 2024 2024 2025 2025 2025 2025 2026 2026 2026 2026 D:CF (x) 80% 60% 40% 0.5 20% 0.0 0% 2024 1 Assumes $80/bbl Brent and type curve from Reserve Report 2 Production profile forecast is from the Reserve Report, specifically using the production profiles and EURS of future wells. The timing of the drilling reflects Management's estimate of rig availability and drilling schedule in 2024 - 2026. Capex Debt C CRITERIUM ENERGY 98 100% 91 2025 Fully financed Mont D'Or acquisition 2026 10 10#11Balancing Growth and Deleveraging Deployment of capital drives real cash flow per share growth, while convert structure protects existing shareholders CEQ Quarterly Cash Flow 1,2 (Annualized US$ MM) C CRITERIUM ENERGY Implied Share Price (Current Offering vs Straight Equity)³ (@1.5x EV/DACF) 40 T 35 30 30 T T 20 25 20 15 10 5 T Current 0.60 July 2023 Prospectus @ $0.20 0.53 0.50 Share Price (C$) 0.40 0.30 0.23 0.20 0.17 0.10 0 0.00 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2024 2024 2024 2025 2025 2025 2025 2026 2026 2026 2026 2024 0.43 0.40 0.33 2025 2026 1 Assumes $80/bbl Brent and type curve from Reserve Report Accretive to current and future shareholders, limits dilution 2 Production profile forecast is from the Reserve Report, specifically using the production profiles and EURS of future wells. The timing of the drilling reflects Management's estimate of rig availability and drilling schedule in 2024 - 2026. 3 Based on pro forma shares outstanding at close 11#12Strategic Rationale and Foundation for Consolidation C Mont D'Or is the foundation for further growth and CEQ's target of achieving >25,000 boe/d CRITERIUM ENERGY Illustrative accretive growth trajectory mboe/d Foundation for consolidation Provides immediate, stable cash flow base from which to grow 30 MOPL As an operator, CEQ gets a 'seat at the table' for larger acquisitions/consolidation options Bulu 25 Purchasing a fully functioning Indonesian company ☐ Motivated team with an inventory of immediate low capital optimization opportunities Indonesia based corporate services functions (HR, Finance) Strategic partners and relationships in region Crystalizes long standing relationship with Provident Capital ■ 20 15 10 5 Inherits relationship with reputable banks and lenders for future access to capital Acquisition A: Bi-lateral sale of high-netback production Acquisition B: Material gas and condensate production 0 2023 2024 2025 2026 2027 12#13Criterium's Portfolio Our Value Propositions 업 Production Optimization Innovative & accelerated development Portfolio at a glance Unlock material step-out & exploration potential Tungkal PSC 100% Operated - Expires 2042 C CRITERIUM ENERGY Mont D'Or Assets Tungkal PSC1 West Salawati PSC¹ Bulu PSC² CEQ Portfolio 970 (240,000 acres) 218 (54,000 acres) 3,473 (859,000 acres) 1,030 20 1,050 Gross Area (km²) Current Production (boe/d) (As of December 31st, 2022) 2P Reserves (MMboe)1 2,285 (565,000 acres) 4.6 0.1 6.5 Under Evaluation 22 (134 bcf) 2C Resource (MMboe)¹ 2U Prospective (MMboe)1 27 2 Jakarta (Mont D'Or Office) Bulu PSC 42.5% Non-Operated - Expires 2033 $43 MM cost recovery pool West Salawati PSC 100%% Operated - Expires 2033 $26 MM cost recovery pool Indonesia Mont D'Or Assets Bulu PSC 4.7 (100% Oil) 28.5 (10% Oil, 90% Gas) 29 (90% Oil, 10% Gas) 1 The Reserve Report 2 The Resource Report 13#14Financing Led by a Strategic Investor Acquisition expected to provide accretion for CEQ shareholders Financing Strategic Investor Use of Proceeds US$11.2 MM (C$15.3 MM)1 to complete MOPL acquisition and provide working capital for development Strategic investment of US$9.1 (C$12.5 MM) of the total US$11.2MM financing, comprised of C$10 MM convertible loan and C$2.5 MM equity US$6.6 MM to execute infill development and workover program US$4.6 MM to MOPL lenders in exchange for US$4.3 MM write- down Assumption of debt paydown (US$ MM) 25.5 Cash paid at closing Conversion to Common Shares Conversion to Common Shares (2025) Cash from operations 4.6 2.5 2.4 16.0 1.5 6.0 Provident Capital Partners are converting debt to equity in 2025 6.0 Closing cash balance build-up² (US$ MM) Implied Share Price (C$/share)_ 11.2 C CRITERIUM ENERGY 1.0 4.6 7.6 MOPL Cash Debt Payment Development Capital CEQ Proceeds Illustrative Valuation 2024³ (C$/share) 1.00 0.75 0.50 0.25 0.00 2.5 EV Multiple (1.5x - 2.5x) Purchase Cash to Conversion Closing 2023 2024E 2025E 2026E 1 Excludes the exercise of the over-allotment option Price Lenders to Equity Production ($25k - $35k) 2P NAV (0.8x - 1.2x) 2 On a pro-forma basis upon completion of equity financing and MOPL acquisition 3 Based on Analyst Report, which relies on forward looking information and calculated information in the Reserve Report. Average = C$0.68 14#15Criterium Capital Structure & Use of Proceeds Capital Structure (in C$ millions and millions of shares) (TSXV: CEQ) MOPL (Current) Acquisition Financing Pro Forma Share Price $0.110 $0.110 $0.110 $0.110 Estimated Use of Proceeds (5) Putting Criterium in position to execute our value creation strategy in a disciplined manner while creating a resilient portfolio Gross Proceeds Gross Proceeds C CRITERIUM ENERGY (C$MM) Shares Issued & Outstanding 38.4 43.6 (1)(2) 48.2 130.2 Warrants 27.2 117.3 Drilling activities in 144.5 C$9.0MM (US$MM) US$6.6MM H1 2024 Options & RSUs 3.0 3.0 Fully Diluted Shares Outstanding 68.5 43.6 165.5 277.6 Debt repayment w/ C$6.3MM US$4.6MM MOPL Acquisition Market Capitalization $4.2 $4.8 $5.3 $14.3 Total Estimated C$15.3MM US$11.2MM Use of Proceeds Debt $21.5 (2) $10.0 $31.9 (3) Cash $1.8 $6.9 $15.3 $11.7 (4) Net Debt ($1.8) $14.7 ($5.3) $20.2 Enterprise Value $2.4 $19.5 $34.6 1 Includes debt converted to equity at closing and payment to MOPL shareholders 2 Assumed F/X of $0.73 CAD/USD 3 Reduced to US$16.0MM (C$21.9MM) at closing of the acquisition by US$4.6MM debt repayment in cash at closing from the financing and debt-to-equity conversions 4 Includes cash in MOPL and deducting US$4.6MM debt repayment but excluding adjustments for fees/expenses related to the financing 5 Gross proceeds from C$10.0MM convertible loan and C$5.3MM equity subscription receipt financing, excluding the exercise of over-allotment options 15#16APPENDIX 1 Proven team with significant operating experience in SE Asia 2 Major & IOC exit creates our opportunity to fill the void as credible operators 3 Material M&A opportunities of discovered resources 4 C CRITERIUM ENERGY Uniquely positioned to support SE Asia energy demand growth 5 Value creation rooted in reputation, technology, and collaborative approach SE Asia growth provides compelling investment opportunity 16#17Experienced Leadership Team C CRITERIUM ENERGY Datuk Brian Anderson Non-Executive Chairman Safely led multi-disciplinary and multi-national operational E&P teams in Malaysia, Australia, and Nigeria. Former Chairman of Shell Northeast Asia and previously Nigeria, responsible for managing over 1 mmboe/d. Director of Addax Petroleum until its sale for $8 Bn to Sinopec, leveraging experience and relationships to grow the business from start- up to 130 mboe/d Robin Auld CEO, Executive Director, P.Eng MBA Founder of Criterium Group and for over 20 years has specialized in leading organizations through mission-critical initiatives and periods of transformational change. Global energy experience as strategy & commercial advisor to several of Canada's largest upstream and midstream companies including three years with Talisman Energy Asia Pacific. Former Chairman & CEO of North American Gem (TSX-V) & former CTO of TransAKT (TSX-V) David Dunlop Independent Director, MBA, CPA, CFA Senior Manager, Controller, Transmission BU at Pembina Pipeline. Prior roles include VP Finance at Veresen Inc and VP Controller and VP Planning and Process improvement at Talisman Energy. Successfully led global finance teams through business acquisitions and integrations. Comprehensive understanding of financial controls and procedures required for a listed Canadian international company operating in Southeast Asia Matt Klukas COO, P.Geo, MBA Sourced, evaluated, and executed business development opportunities in Southeast Asia with Talisman Energy/Repsol. Proven leader in managing multi-disciplinary teams and transitioning acquisitions to domestic operations teams. Major project experience with gas developments, power generation, CCS, and hydrogen production Dr. Henry Groen CFO, MBA, CPA Former VP and Deputy General Manager for Talisman Vietnam and Truong Son Joint Operation Company, and Assistant General Manager for Talisman Asia Limited. Held various managerial and financial roles in ASEAN and brings first-hand understanding of the financial and accounting controls required for a Canadian company operating in Southeast Asia Hendra Jaya President, Director, Indonesia, B.Eng, MBA 30-year distinguished career with Pertamina, most notable positions were: President Director for PT Pertamina Gas, President Director of PT Nusantara Regas, and General Manager for JOB Pertamina-Medco Tomori. Results oriented, decisive leader with proven success in project monetization and developing partnerships with NOCs, IOCs, and government Michèle Stanners Independent Director, MBA/LLB, MTS Strategic advisor and results-oriented board member bringing corporate governance, audit and financial oversight for TSX listed, private and not for profit entities. Held executive leadership roles, including business and policy development with extensive experience working with Indigenous peoples. Active member of the International Women's Forum and past board member for Softrock Minerals (TSX-V) and Mount Royal University Andrew Spitzer VP, Corporate Development Seasoned corporate planning professional with 15 years of progressive oil and gas experience in North America and overseas. Has held roles in asset operations, business development and corporate planning teams leaving Talisman Energy/Repsol as the Manager of North American Special Projects. Led teams responsible for capital budgeting, reserves/impairment valuations, process implementations and strategic planning 17#18• Criterium Energy's competitive advantage Our strategic pillars underpin differentiated and scalable value creation Successful and sustainable reputation Built upon a collective 100 years of experience in SE Asia Collaborate with governments, regulators, and industry partners Differentiated and Scalable Value Creation ■ Deep understanding of regulatory • framework Access to non-competitive M&A opportunities Prioritize the safety of our employees and communities Technology Arbitrage C CRITERIUM ENERGY Applying proven technologies to undercapitalized assets " Innovative subsurface approach Introduction of 3D seismic Well log/petrophysical analysis Detailed reservoir modelling Directional drilling Discover new or bypassed reservoirs Carbon sequestration and enhanced recovery Operational Excellence History matching and dynamic reservoir modelling Pressure support and maintenance (e.g. water flooding, and CO₂) Production and facility debottlenecking Introduce digital technologies Emission reduction targets 18#19How we achieve our results is important Our approach to sustainability is aligned with the United Nations sustainable development goals and is underpinned by our drive to support growing economies and communities by responsibly producing and developing reliable energy¹ C CRITERIUM ENERGY 7 AFFORDABLE AND INDUSTRY, INNOVATION CLEAN ENERGY 9 AND INFRASTRUCTURE 12 RESPONSIBLE CONSUMPTION AND PRODUCTION Running a responsible and profitable business 1 UN 17 Sustainability Goals 8 DECENT WORK AND ECONOMIC GROWTH 10 REDUCED INEQUALITIES 11 SUSTAINABLE CITIES AND COMMUNITIES 13 CLIMATE ACTION LIFE 14 BELOW WATER 15 LIFE ON LAND M Sharing benefits with the communities where we operate Creating a sustainable energy future 19#20Mont D'Or: Tungkal PSC Value creation through infill development, gas monetization and low-risk step out exploration 10km Melawen Serian N Serian Macan Gedang (13 Bcf) Elang Emas MGH To Duri NW Cerah PLT Field (8 Bcf +3 MMbbl) To Singapore N. MGH (TBD) MGH Field S.MGH 10km (7 Bcf) Berkas (17 Bcf + 6 MMbbl) Cerah (26 Bcf + 7 MMbbl) Subthrust 15km Peninjauan Luncung 20km TRGP All volumes are unrisked 2C/2U resources. Berkas gas resource is Managements Estimate. Tungkal PSC Oil Fields Prospects/Leads Processing Plant Gas Fields Metering Station To Java CRITERIUM ENERGY 6 miles = 9.65 km 31 32 33 34 35 30 29 28 27 26 25 19 20 21 22 23 24 Tungkal value creation strategy C CRITERIUM ENERGY 1. Infill drilling, workovers & production optimization in MGH & PLT fields Low-hanging fruit over 20 infill well locations identified¹ Capital efficient. Wells payback in 6 months, workovers payback in 3-4 months 3P Reserves (7.6 MMbbl) only represent 15-20% recovery factor². Secondary recovery could increase to 30-40% with analogues nearby³. 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). Requires perforations/reservoir stimulation. Studies ongoing The Tungkal PSC has an area of 2,285 km² (565,000 acres) which is equivalent to ~25 townships in Alberta 1 Infill wells are categorized as follows: 10 are Reserves, 3 are Contingent Resource, 2 are Prospective Resource, 5 are identified by Management 2 The Reserve Report Existing gas pipeline 18 17 16 15 14 13 Potential Gas Pipeline Exploration Wells 7 8 9 10 11 12 5 4 32 17 3 Secondary recovery factors are based on Management estimates from analogous fields 4 Management estimate based on development of Contingent Resource Alberta Township System (ATS) 20#21Mont D'Or: West Salawati PSC Exploration upside within a proven hydrocarbon basin and utilizing an established oil egress network 10km 20 20 1 19 E2 12b 13 10 21 E1 9 D 14 8 15 (7 MMbbl) 3X (25 MMbbl) Balladewa Cluster (2 MMbbt) All volumes are unrisked estimated ultimate recovery. Lead 3X and Lead 15 are Managements Estimates. West Salawati PSC Gas Fields Prospects/Leads Oil Fields # CRITERIUM 6 miles - 9.65 km 31 32 33 34 30 29 28 ENERGY 19 20 21 22 23 24 10 16 13 14 7 8 9 10 11 65 Alberta Township System (ATS) West Salawati value creation strategy 1. Production Optimization " C CRITERIUM ENERGY Only 4% recovered from BLL-A field¹. Analogue fields produce up to 15%² Workover to be conducted in Q1 2024 Opportunity exists for sidetrack of current well or infill development 2. Step-out development (Balladewa Cluster) 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 3. High impact exploration " Management has identified an additional 19 prospects/leads from 2D seismic. Notable prospects include Lead 3X (25 MMbbl) and Lead 15 (7MMbbl)³. Prospects outside of the Balladewa Cluster are not included as Prospective Resources and will be added promptly 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. West Salawati PSC has an area of 970 km² (240,000 acres) which is equivalent to ~10 townships in Alberta 1 The Reserve Repport 2 Based on Bagong 1 & Bagong 2 well performance 3 MOPL Estimates 21#22Bulu: PSC Overview Fully appraised Lengo gas development in shallow water Innovative Development Plan Offshore modular development concept B Carbon sequestration provides egress optionality Indonesia Bulu PSC Strait of Malacca Gulf of Thailand South China Sea Celebes Sea Java Sea Bulu PSC Banda Sea Indian Ocean Arafura Sea ■ 25km tie-in utilizes existing gas pipeline Supportive Government / Regulator Criterium has met with regulators and offtakers, that are supportive of development plan Direct analogue with Conrad Asia's Mako Gas Field Mako gas field is at a similar stage of development as Lengo Market valuation is ~$200 MM1 1000km Gas Field Gas Pipeline Demand Center Expected First Gas 2026 / 2027 2C Resource² Capital 134 bcf Net Criterium Pending updated development plan Timor Sea Criterium Energy Acreage Oil Field Java Sea Kepodang Field Kepodang Pipeline ~25km Semerang Demand Center Gresik Semarang, Pipeline Gas Sales HOA Fixed Take or Pay (90%): DCQ = 70 mmcf/d (gross sales gas) at $6.5 - $7.5/mmbtu 50km Central Java 1 Based on ASX Market information on May 31, 2023 2 The Resource Report C CRITERIUM ENERGY Pacific Ocean N Bismarck Sea Lengo Field: Bulu PSC Tuban Demand Center Solomon Sea N 10.30 2 East Java Gresik/Surabaya Demand Center L 22 22#23Accretive shareholder value realized from regional consolidation Leveraging our competitive advantage to consolidate a diversified portfolio in a discounted market Disciplined approach to consolidation ■ Focus on assets and jurisdictions where there is a clear value proposition Leverage strong relationships and reputation as a trusted operator to unlock sizeable assets and portfolios ■ Aim big in our pursuits - positioned to fill the gap left by Majors exit and consolidate undercapitalized assets Criterium's 3-6 year balanced growth targets C CRITERIUM ENERGY Primary target markets Secondary SE Asia focus Criterium Asset Target 1 25,000 Target 2 50% Target 3 >3 Top-tier independent producer in SE Asia (~25kboed+) 2P Reserves balanced between oil and gas Multi-jurisdictional portfolio with assets in 3 or more markets MOPL - West Salawati PSC (100%) MOPL - Tungkal PSC (100%) Bulu PSC (42.5%) 23#24C CRITERIUM ENERGY www.criteriumenergy.com [email protected] +1 (403) 668 1630 DD 1 24 Tungkal PSC South Sumatra