Past year: ▲ 0%(1.00c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 July 2013material agreement● NeutralMajor
Lion updates the June Risco deal: ASX requires re-compliance with listing rules Chapters 1 and 2. Added terms: A$260,000 of loans/fees converting to 10.4m shares, a listed-option buyback, Risco's 6-month right to negotiate buying Lion's Seram interest, Tower AMI purchase for 34.2m shares, and board changes.
18 June 2013joint venture update▲ Good
Peak Oil & Gas, which controls South Block A operator RENCO Elang, says KRX has secured fresh funding through Risco's proposed investment in Lion. Repeats Lion's 17 June deal: Risco to hold about 48% of Lion and Lion to own 100% of KRX.
17 June 2013capital raising announcement● NeutralMajor
Lion signed binding deals with KRX and Risco: a A$1.5m convertible loan, a A$2.5m placement of 100m shares to Risco (2.5c each), up to 80m shares to investors, and 39.9m shares for Risco's AMI interest. Lion also plans to buy the rest of KRX for 93m shares. Risco could reach about 48%. The earlier terms sheet lapsed.
12 June 2013production update▲ Good
A 300,744-barrel Seram lifting was completed on 30 May 2013, with about US$650,000 expected to Lion in early July. Monthly output rose to 2,570 bopd in May; the operator projects above 3,000 bopd by end-2013.
26 Apr 2013quarterly activities report● Neutral
March quarter cash report: cash A$261k, up from A$83k, helped by A$340k share issue proceeds and A$150k borrowings. Next-quarter outflow estimated at A$550k. Next Seram lifting (about US$700k to Lion) is expected late June or early July. Shares on issue 126,929,163.
26 Apr 2013quarterly activities report● Neutral
March quarter: Seram output 208,836 barrels (2,320 bopd). Sproule's Lofin-1 report was received and a follow-up program agreed. KRX terms sheet expired but parties remain committed; Lion lent KRX a further A$180k. South Block A 2D seismic began, drilling Q1 2014.
7 Mar 2013half year report● Neutral
Half-year to 31 December 2012: operating loss after tax A$1,051,586. Recaps Lofin-1 gas test results and KRX funding; 1,572,520 shares were issued for US$50,000, offset against a capital raising mobilisation fee. Lofin-1 was suspended in January 2013.
28 Feb 2013director officer appointment● Neutral
Director change notice: Chairman Russell Brimage exercised 5,666,667 options at 3c (A$170,000), lifting his shares to 28,221,067. He holds 16,833,333 options remaining. Routine director interest filing.
30 Jan 2013quarterly activities report● Neutral
December quarter: Seram output 209,809 barrels (2,280 bopd), down from 219,798. A 248,419-barrel lifting brings US$561,630 to Lion. Lofin-1 is suspended awaiting Sproule's February evaluation. KRX takeover terms sheet noted; South Block A seismic now Q1 2013.
30 Jan 2013quarterly activities report▼ Bad
December quarter cash report: cash fell to A$83k from A$646k, including the final A$580k KRX payment. Next-quarter outflow is estimated at A$550k, with US$561,630 of Seram lifting proceeds due in January. Shares on issue 115,595,829. Cash is very thin.
22 Jan 2013business combination● NeutralMajor
Lion signed a non-binding terms sheet to buy the rest of KRX, which it part-owns at 30.77%, for 75,000,300 new Lion shares, plus a placement of at least A$1m. KRX holders would rise from 20.13% to up to 45.58%. Lion would lend KRX up to A$2m.
7 Jan 2013drilling result● NeutralMajor
Lofin-1 was suspended with four cement plugs after a stuck testing packer could not be recovered; Sproule is to deliver a reserve evaluation in February 2013. The well's final test was 15.7 MMscfD gas plus 171 bpd condensate. The rig moves to Oseil-1ST, a development well. Lion holds 2.5%.
22 Nov 2012agm notice● Neutral
Results of the 22 November 2012 annual general meeting: all five resolutions passed, including the remuneration report, director re-election and election, and the additional 10% placement capacity. Votes against were small in each case.
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.
25 Oct 2012quarterly activities report▲ Good
September quarter: Seram output fell to 219,798 barrels (2,389 bopd) from 227,773. Lofin-1 sidetrack reached 4,427 m, with about 522 ft of hydrocarbon column in the Manusela; flow testing is being prepared. Net lifting proceeds of US$847,227 are due.
25 Oct 2012quarterly activities report● Neutral
September-quarter cash report: cash fell to A$646k from A$1.275m, after A$597k net outflow, partly offset by A$180k loan recovery. Next-quarter outflow estimated at A$550k, with US$847k Seram lifting proceeds due in October. Shares on issue 114,023,309.
17 Oct 2012agm notice● Neutral
Notice of annual general meeting for 22 November 2012. Resolutions cover the remuneration report, re-election of Weidong Zhang, election of Simon Reeve, and approval of an additional 10% placement capacity.
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%.
25 July 2012quarterly activities report● Neutral
June-quarter cash report: cash fell to A$1.275m from A$1.655m, after A$420k invested in KRX and A$759k of receipts. Estimated outflow next quarter is A$750k. Shares on issue 114,023,309.
25 July 2012quarterly activities report● Neutral
June quarter: Seram output slipped to 227,773 barrels (2,503 bopd) from 235,356. A 299,878-barrel lifting occurred on 19 May. Lofin-1 sidetrack is at 4,168 m, preparing to log. KRX farm-in and area-of-interest deal summarised; South Block A seismic planned for Q4 2012.
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%.
