Canada's Criterium buys Indonesian oil, gas assets
Canada-based Criterium Energy, an independent company focused on Southeast Asia, has acquired Mont D'Or Petroleum, which holds 100% operating working interests in two production sharing contracts (PSC) in Indonesia, it announced on June 14.
The combined production of the two PSCs is approximately 1,050 barrels/day. The Tungkal PSC is located onshore South Sumatra and the West Salawati PSC is located in Southwest Papua.
The PSCs have a 2C resource of 6.5mn barrels of oil equivalent (boe) and a total prospective resource of 29mn boe, including 20bn ft3 of natural gas. The PSCs also have a mature prospect inventory near existing infrastructure.
MOPL has a 15-year track record of operations in Indonesia and provides Criterium with an experienced operating and technical team. Criterium said it will assume $32.5mn of outstanding debt from MOPL. They plan to reduce the debt to $19.7mn post-closing through cash payments and conversion to equity, Criterium.
In addition to the acquisition, Criterium has filed for a preliminary short-form prospectus for a marketed agency equity public offering. The offering aims to raise aggregate gross proceeds of up to $16mn through the issuance of subscription receipts. The net proceeds will be used for drilling activities, front-end engineering and design studies, and debt repayment.