Past year: ▲ 0%(1.00c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Nov 2012flow test result▲ GoodMajor
Lofin-1 sidetrack's four-rate test reached 15.7 MMscfD of gas plus 171 bpd of oil/condensate, with pressures and rates still rising as the well cleans up. More than double the earlier 6.9 MMscfD rate; maximum potential not yet reached. Lion holds 2.5%.
31 Oct 2012farm in farm out completion▲ GoodMajor
Indonesian government approved KRX's 35% transfer in the South Block A licence in Sumatra, resolving the pending approval. Lion holds 30.77% of KRX and has the right, not obligation, to reach 57.14% by funding a further A$2m. Seismic planned Q4 2012.
26 Oct 2012capital raising announcement● Neutral
Lion paid the final A$580,000 of its A$1m firm commitment to KRX at 5c per share, lifting its stake to 30.77%. Completes the funding begun in June. The text says KRX's initial South China Sea bid was unsuccessful.
10 Oct 2012flow test result▲ GoodMajor
After acid treatment, Lofin-1 sidetrack flowed wet gas at a stabilised 6.9 MMscfD, though restricted by surface equipment limits. Earlier tests showed no flow. This turns the long-troubled well into a gas discovery; reserve estimates for gas are being prepared. Lion holds 2.5%.
21 Sept 2012drilling progress report● Neutral
Lofin-1 sidetrack reached 4,383 m, hitting the Manusela target at 4,265 m with trace oil shows over 117 ft of 379 ft open hole. A drill stem test is being run. Separately, a 327,714-barrel Oseil lifting completed, with about US$800,000 net to Lion expected.
18 Sept 2012annual report▼ Bad
Annual report for year to 30 June 2012: consolidated loss after tax A$2,606,910 (2011: A$741,048). Covers the Tulloch settlement at A$737,500 and the selective buy-back of 61,734,292 shares, which an expert judged not fair or reasonable. No dividend.
16 Aug 2012drilling progress report● Neutral
Lofin-1 sidetrack is at 4,168 m with a 7-inch liner cemented; Manusela is now expected at 4,197-4,221 m. Lion also recovered US$180,000 of a written-off US$299,028 loan from 2005. Still no well result; Lion holds 2.5%.
2 July 2012joint venture update● Neutral
KRX signed an agreement with two Indonesian groups to jointly evaluate onshore Java, Kalimantan and Sumatra for unconventional gas acreage, with a 35% share. Three joint study applications are already lodged. Early-stage; no acreage secured yet.
29 June 2012other● Neutral
Re-release: Raisama Energy, which controls the operator of South Block A, announced KRX's 35% farm-in and reproduced Lion's 28 June release. It adds that Raisama has an effective 38.25% interest. No new Lion information.
28 June 2012farm in farm out agreement▲ GoodMajor
Lion-funded KRX farm-in to a 35% interest in the 2,105 sq km South Block A licence in Sumatra, Indonesia. KRX pays 49% of cash calls up to US$3.92m. KRX estimates un-risked potential of 87-475 million barrels of oil. Delivers the first asset under the KRX deal; subject to government approval.
26 June 2012capital raising announcement● Neutral
Lion paid the first A$420,000 of its A$1m KRX commitment for 8,400,000 KRX shares at 5c, giving it 15.73% of KRX. Continues the 18 June KRX agreement; the remaining funding is still to come.
25 June 2012drilling progress report● Neutral
Lofin-1 was sidetracked after the earlier well problems and is drilling at 4,012.8 m. The Manusela top is now forecast at 4,168.5 m, deeper than the earlier target. Three drill-stem tests are planned. No result yet; Lion holds 2.5%.
18 June 2012material agreement● NeutralMajor
Lion signed an interim term sheet with Singapore-based KRX Energy to fund its SE Asian oil and gas push. Lion commits A$1m for shares at 5c, giving 30.77% of KRX, plus a right to fund further over 36 months. Starts a new strategy after the buy-back; funded from cash.
24 May 2012drilling progress report▼ BadMajor
Lofin-1 reached 4,093.9 m, then took a high-pressure kick and the open hole packed off, leaving drill pipe stuck. The well was killed and cemented; a sidetrack is being prepared to reach the Manusela target. Lion holds 2.5%. Setback to the earlier hopeful drilling progress.
17 Apr 2012drilling progress report● Neutral
Lofin-1 is at 3,559.9 m with casing set, but the Manusela target was not met at the predicted 3,327.6 m. Total depth is revised to 4,196.9 m. The target is deeper than forecast; no result yet.
22 Mar 2012drilling progress report● Neutral
Lofin-1 is drilling 12-inch hole at 2,939.3 m. Plan is to reach about 3,350 m and set casing before entering the Manusela target. No hydrocarbon result yet.
15 Mar 2012director officer appointment● Neutral
Brimage bought 10,000,000 more shares and options for $210,000 in the placement approved on 17 February. He now holds 22,554,400 shares and 22,500,000 3c options.
13 Mar 2012capital raising announcement● Neutral
4,000,000 free 3c options were issued to the underwriter's nominees, as approved on 17 February. This finishes the rights issue paperwork. Shares on issue are stated as 101,273,309, which follows the buy-back; 3c options are 58,328,034.
12 Mar 2012half year report● Neutral
Half-year to 31 December 2011 shows an operating loss of $1,127,734. It recaps the Tulloch settlement ($737,500), the buy-back and the December placement and rights issue. Directors are now Brimage, Zhang and Reeve.
9 Mar 2012other● Neutral
Xianjun Yang ceased to be a substantial holder on 27 February via the buy-back, receiving 16.20% of the package. The form lists 22,688,916 shares, which looks like a possible copy of Hu's figure. Companion to the other cessation notices.
9 Mar 2012other● Neutral
Wenmei Hu, formerly Lion's largest holder, ceased to be substantial on 27 February. She sold 22,688,916 shares in the buy-back for 36.75% of the package of US$200,000, Lion Nanning and the debt assignment. Follows the earlier buy-back notices.
9 Mar 2012asset acquisition disposition● NeutralMajor
Ling Gu and Jian Wu ceased to be substantial holders on 27 February through the selective buy-back, which they gave up 5,987,080 and 7,058,296 shares in. This indicates the buy-back was completed that day; they received a share of US$200,000, Lion Nanning and the debt assignment.
9 Mar 2012drilling progress report● Neutral
Lofin-1, spudded 17 January, is drilling at 2,247.5 m. The Manusela carbonate target is expected at 3,328 m. The 412 million barrel in-place estimate (82 million recoverable) is unchanged. No result yet; Lion holds 2.5%.
9 Mar 2012other● Neutral
Yuda Chen ceased to be a substantial holder on 27 February, selling 10,000,000 shares in the buy-back for 16.2% of the package of US$200,000, Lion Nanning and the debt assignment.
22 Feb 2012director officer appointment● NeutralMajor
Chairman Jian Wu resigned as a director on 21 February, after the buy-back vote. Russell Brimage becomes Executive Chairman. Simon Reeve, an oil and gas services executive and petroleum engineer, joins as non-executive director.
17 Feb 2012agm notice● NeutralMajor
All nine resolutions at the 17 February general meeting passed, including the selective buy-back, which had a large vote in favour (68,996,719 for, 1,979,706 against). This clears the restructure despite the expert's not fair, not reasonable view. It also covers the placements and the underwriter options.
15 Feb 2012director officer appointment● Neutral
Director Russell Brimage took 12,500,000 shares and as many options for $250,000, as sub-underwriter of the rights issue shortfall. He now holds 12,554,400 shares. This is the same 12.5m block as the final shortfall issue.
14 Feb 2012capital raising announcement● Neutral
The final 12,500,000 shortfall shares were issued to the underwriter at 2c, completing the rights issue. Shares on issue are 163,001,726 and 3c options 54,333,909. The underwriter's fee options are still to be issued.
3 Feb 2012capital raising announcement● Neutral
The underwriter took up 35,902,293 rights issue shortfall shares at 2c, with matching free 3c options. This is part of the 48.4m-share shortfall. Shares on issue rise to 150,501,726.
19 Jan 2012capital raising announcement● Neutral
5,931,616 rights issue shares issued at 2c with free 3c options expiring 31 December 2013. Shares on issue now 114,599,433, including the 14.17m December placement. Shortfall shares still to be allotted.
