Past year: ▲ 0%(1.00c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
6 Nov 2014drilling spud▲ GoodMajor
Lofin-2 appraisal well in Seram (Lion 2.5%) spudded 31 October 2014, after repeated delays. It targets a 5425m depth to extend the 160m hydrocarbon column found by Lofin-1 in 2012; about 150 days to drill. Lion's costs are covered by production revenue.
29 Oct 2014quarterly activities report● Neutral
September quarter: Seram output averaged 3,010 bopd (75 net), and the operator proposed a Phase 3 Oseil development, now awaiting approval. Lofin-2 spud slipped again to late October after equipment delays. Paya Bili well now early 2015.
24 Oct 2014annual report● Neutral
Annual report 2014 summarises the transformation year: A$9.5m raised, cash A$6.16m, net loss A$2.20m, Seram output 2,589 bopd average. South Block A shallow well planned Q1 2015. Repeats the statutory accounts and media release.
8 Oct 2014security holder rights change● Neutral
Unmarketable parcel sale completed: 1,371 holders' 490,263 shares were placed with sophisticated investors at 19c net, and sellers get 19.88c each. Holder count fell from about 1,830 to 559. Resolves the July facility.
1 Oct 2014investor presentation● Neutral
Media release on the 2014 accounts: A$2.20m loss, cash A$6.1m at 30 June, market cap up from A$3.1m to A$17.1m. Seram output now 2,994 bopd; Lofin-2 spud now October; South Block A well Q1 2015. Up to three joint studies expected by end 2014.
1 Oct 2014annual report● Neutral
Statutory accounts for the year to 30 June 2014 show a net loss of A$2.204m (prior year A$2.760m). They detail the 2013-14 recapitalisation: A$9.5m raised at 20c, 1-for-8 consolidation, KRX bought out and joint study interests acquired.
10 Sept 2014investor presentation● Neutral
Company overview presentation for the Good Oil conference, repeating the 1 January 2014 reserves and resources table (Seram 2P 0.234 MMbbl net) and the known strategy. Largely a re-statement of known facts.
9 Sept 2014investor presentation● Neutral
Good Oil conference presentation by CEO Kim Morrison on Indonesian unconventional prospects: strong demand, rising gas prices, over 70 joint study applications and two unconventional PSCs awarded so far. Largely industry background and strategy; no new company results visible.
19 Aug 2014other● Neutral
Michael Ellis, drilling engineer with about 20 years in Indonesia, joins the advisory panel, completing five members. Lion issues 214,096 shares to advisers and consultants as part-payment, which the text says conserves cash. He has already reviewed Lofin-2 drilling plans.
31 July 2014quarterly activities report● Neutral
June quarter: Seram gross output averaged 2,818 bopd (70 bopd net), up from 2,577. Lofin-2 spud now late September, later than the earlier July/August guidance. South Block A seismic points to Paya Bili as the prime shallow target for late 2014.
21 July 2014security holder rights change● Neutral
Lion starts a sale facility for small shareholdings worth under A$500 (2,777 shares or fewer at 18c): 589,512 shares held by 1,574 holders. Lion pays sale costs; holders can opt out by 4 September 2014. Aims to cut administration costs.
10 June 2014director officer appointment● Neutral
Stuart Smith joins the board as Executive Director for finance, based in Singapore, nominated by Risco Energy under its placement rights. He has over 20 years in energy, including as Merrill Lynch's Asia-Pacific oil and gas research head. The board now has five directors.
3 June 2014production update▲ Good
A Seram lifting of 357,786 bbl (8,944 bbl net to Lion) at US$94.09/bbl should bring Lion about A$850,000. Production is above 3,100 bopd gross. The company says it is placed to exceed its A$2.2m revenue forecast. Lofin-2 still expected late July or early August.
13 May 2014well test result▲ GoodMajor
Oseil-21 development well is producing about 525 bopd, on budget and 113 ft high to prognosis. Seram output is about 3,000 bopd (75 bopd net to Lion). Follows Oseil-26 success; the rig now moves to the Lofin-2 appraisal, expected to spud late July or early August.
30 Apr 2014quarterly activities report▲ Good
March quarter: Seram gross output averaged 2,577 bopd, up from 2,464. A reserve report showed a 53% replacement of 2013 production. Oseil-26 produced about 560 bopd; Oseil-21 due on stream in May; Lofin-2 spud in July/August. South Block A seismic finished 2 April.
16 Apr 2014drilling progress report▲ Good
Lion confirms the 183 km South Block A seismic survey finished on budget, with processing underway. It plans a shallow oil well in late 2014 and a deeper gas well in 2015. Lion holds 35%. Repeats the partner's 15 April release; no drilling result yet.
15 Apr 2014other▲ Good
Peak Oil and Gas, South Block A operator's majority owner, reports the 183 km 2D seismic survey complete. Live 50° API oil was found in hand-dug shallow wells and a gas pipeline is being built through the block. A shallow oil well is targeted for end 2014. This is a partner's release, not Lion's.
28 Mar 2014director officer appointment● Neutral
Zane Lewis of SmallCap Corporate becomes company secretary on 28 March 2014, replacing Jack Toby, who resigned. An administrative change with no stated impact on the business.
18 Mar 2014investor presentation● Neutral
Updated version of the 12 March conference presentation, adding a reserves and resources table at 1 January 2014. Seram 2P oil reserves are 0.270 MMbbl net to Lion; South Block A and Seram prospective resources are also tabled. Otherwise a re-release.
13 Mar 2014half year report▼ Bad
Half-year to 31 December 2013 shows an operating loss of A$1,607,415 (prior period A$1,051,586). It recaps the January 2014 share issues of 69,028,361 shares at 20c-based pricing, the 8-to-1 consolidation and the KRX and joint study acquisitions already completed.
12 Mar 2014investor presentation● Neutral
Conference presentation titled 'Recapitalised, Reskilled, Repositioned' restates the post-relisting position: 95m shares, A$19m market cap at 20c, A$7.6m cash, Seram 2.5%, South Block A 35%, four unconventional applications. Largely repeats known facts; cash figure is the main update.
5 Mar 2014other▲ Good
Lion adds Dr Andrew Cullen and Dr Harold Williams, North American unconventional experts, to its advisory panel alongside Roger Whyte and Sammy Hamzah. Supports the new unconventional strategy; no financial impact stated.
25 Feb 2014production update▲ GoodMajor
Seram's Oseil-26 development well is flowing about 490 bopd versus 300 predicted, lifting field output to over 2,800 bopd, up 20%. Oseil-21 spuds this week. Lofin-2 appraisal now expected July 2014. Lion's net share is about 71 bopd.
31 Jan 2014quarterly activities report● Neutral
Cash at 31 December was A$239k, up from A$143k. The A$9.5m raising came after quarter end. Next-quarter outflow is estimated at A$2.85m.
31 Jan 2014quarterly activities report● Neutral
December quarter Seram output was 226,659 bbl (2,464 bopd). A 30 December lifting will bring US$618,121 in February. South Block A seismic was 26% complete. Lofin appraisal now scheduled for mid-2014.
21 Jan 2014asset acquisition disposition▲ GoodMajor
Lion completed its transformation, raising A$9.5m and converting a A$1.5m note. It now holds 2.5% of Seram, 35% of South Block A and four unconventional study applications over 17,000 km2. Shares relist 22 January 2014.
21 Jan 2014other● Neutral
Lion launches a new website describing its shift to Indonesian unconventional oil and gas. No new financial or operational information.
20 Jan 2014listing compliance notice● Neutral
Lists the pre-reinstatement disclosure documents Lion must lodge, such as top 20 holders and capital structure. A checklist with no new facts.
20 Jan 2014material agreement● Neutral
Lion confirms the KRX share purchase, Risco AMI, Tower and placement agreements have completed. One condition was waived: South Block A partner consents. Until received, KRX vendors hold their shares on trust for Lion.
20 Jan 2014listing compliance notice● Neutral
ASX circular formally confirming reinstatement from 10.00am EDST on 22 January 2014 with 73,591,805 quoted shares. Lists restricted securities: 5,812,523 shares escrowed 12 months and 15,625,049 shares escrowed 24 months, plus escrowed options. Administrative.
