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Criterium Energy: Bulu sale would double market cap of company says analyst (TSX-V: CEQ)

Criterium Energy (TSX-V: CEQ) Auctus Advisors analyst note:

On Track

  • The work-over programme has started with the first two work-overs having added a total of ~40 bbl/d. The third work-over was not completed as damaged equipment was encountered downhole.
  • The second tranche of work-overs will start in May. Overall, 12-15 work-overs will be undertaken during 2024, at a pace of 2-3 workovers per month, potentially adding a total of 240-300 boe/d.
  • The drilling of new wells is expected to start in 3Q24 at a cost of US$1.8 mm per new well. 10 infill development and infill drilling locations have been high-graded. Each well could add 75-200 bbl/d with a payback of 4-6 months.
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