01:51 PM EDT, 04/02/2024 (MT Newswires) -- Criterium Energy (CEQ.V) shares were last seen up 78% after the company said Tuesday it expects annual production this year of 1,000 to 1,100 barrels per day, a 22% rise from 2023.

The company said it expects to exit 2024 producing between 1,200 to 1,300 bpd. EBITDA for 2024 is expected to range between US$8 million and US$10 million.

Capital set for 2024 is expected to be between US$4.8 million and US$5.5 million, the company noted.

The company said the guidance is focused mainly on the continued development of assets recently acquired from its purchase Mont D'Or Petroleum.

The company has identified more than 50 workover and intervention opportunities to be completed over the next several years.

The company has also secured a service rig to complete the 2024 workover program of 12 to 15 wells. The company has completed the first set of workovers, which are expected to be on production within two weeks.

Further, the multi-well oil development drilling program at Tungkal is expected to begin in the third quarter. The Tungkal PSC gas project is expected to add 1,000 to 1,500 barrels of oil equivalent per day of natural-gas production once onstream from 2025 to 2026.

Criterium shares were last seen up C$0.035 to C$0.08 on the TSX Venture Exchange.

Price: 0.08, Change: +0.03, Percent Change: +77.78