Past year: ▲ 0%(1.00c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
12 Nov 2007asset acquisition disposition● NeutralMajor
Lion sold its Gulf of Mexico subsidiary to Sterling Grant on 9 November 2007, ending its five-lease interest after the dry SMI 138 well. It keeps 50% of any future proceeds until sunk costs are recovered, and writes off about US$1.277m.
31 Oct 2007quarterly activities report● NeutralMajor
September quarter: Seram output fell again to 362,679 barrels (3,942 bopd). Directors now want to sell or farm out the Gulf of Mexico leases quickly, with an interested party in talks, and are investigating a China refinery, a shift from exploration.
23 Oct 2007agm notice● NeutralMajor
Notice of the 27 November 2007 AGM. Beyond routine items, shareholders vote on diversifying from an oil and gas company into a general resources company, and on renaming it Lion Group International Ltd. The auditor is also to be changed to Bentleys MRI Perth.
7 Sept 2007annual report● Neutral
The 2007 annual report confirms the $10.59m loss and the year's events, including the $10.66m rights issue at 0.35c per share before the 1-for-100 consolidation. It also lists Ridgelake and director-nominee options at 35c expiring 2011. The board is now three directors.
31 Aug 2007annual report▼ Bad
Preliminary results for the year to 30 June 2007: net loss of $10.59m against a $2.14m profit the prior year, on revenue of $2.7m. Cash stood at $8.74m. Exploration expenses of $6.65m reflect the dry SMI 138 well.
29 Aug 2007other● Neutral
Administrative notice that annual reports will now be made available on the website by default, with printed copies sent only to shareholders who request one.
6 June 2007director officer appointment● Neutral
CFO and director Zhong Wang resigned on 6 June 2007 to pursue personal business interests. Chairman Jian Wu becomes executive chairman, and company secretary Jack Toby is also appointed CFO.
3 Apr 2007other● Neutral
Lodgement of the company constitution, a lengthy legal document. The extract shows only its table of contents and no stated change in shareholder rights or other news.
14 Mar 2007director officer appointment● Neutral
Non-executive director Paul Garner resigned on 14 March 2007, citing other commitments. He had been a director since August 2005, during the company's recovery after its 2005 suspension.
28 Feb 2007half year report▼ Bad
Half-year to 31 December 2006: net loss of $8.81m against a small profit a year earlier, on revenue of $1.13m. Cash rose to $8.53m after the roughly $10.7m share raising, with exploration spending of $8.95m in the period.
9 Feb 2007drilling result▼ BadMajor
The SMI 138 #1 well reached 3,628 metres and was plugged and abandoned, as analysis found no commercial hydrocarbon sands. This is a dry hole for Lion's first Gulf of Mexico well, in which it held a 30% interest. It leaves the other four leases.
7 Feb 2007drilling progress report▼ Bad
GulfX reports SMI 138 at 3,551 metres, nearing total depth. Logs so far are disappointing, though two low-resistivity intervals with possible hydrocarbon indications will get enhanced open hole logging. Lion's 30% interest is unchanged.
5 Feb 2007drilling progress report▼ Bad
SMI 138 was at 3,389 metres. A poor quality sand with possible hydrocarbons was met at 3,290-3,300 metres, but the company says it is unlikely to be commercial if quality is as poor as it looks. Drilling continues to 3,627 metres, then logs and a plug-or-complete decision.
1 Feb 2007production update● Neutral
A 362,112 barrel fuel oil lifting from the Seram (Non Bula) block was completed on 30 January 2007, following the 361,101 barrel lifting on 2 November 2006. Routine sales activity.
30 Jan 2007drilling progress report● Neutral
The SMI 138 well was at 2,939 metres on 29 January. Heavy connection gas forced mud weight up, and the team is checking hole stability before choosing how to set the liner. Primary targets are not expected above 3,048 metres. No discovery yet.
30 Jan 2007drilling progress report● Neutral
Entek reports the SMI 138 well at 2,939 metres, where high connection gas forced heavier mud as pressure neared the casing test limit. Logs were run, and hole stability is being checked. A nearby block 139 well produced steadily. No discovery yet.
30 Jan 2007drilling progress report● Neutral
GulfX reports the SMI 138 well at 2,939 metres on 29 January, conditioning mud, with the zone of interest at about 2,980 metres expected within days. Same working interests as before; no result yet.
23 Jan 2007drilling progress report● Neutral
SMI 138 well reached 2,499 metres by 22 January, with 9 5/8 inch casing set at 2,486.7 metres. The well continues toward the planned 3,627 metres. No hydrocarbons reported yet.
23 Jan 2007drilling progress report● Neutral
GulfX reported the SMI 138 well at 2,499 metres on 22 January, with 9 5/8 inch casing being set and the first target zone expected within 8 days. Working interests were Lion 30%, GulfX 16.25% and Entek 11.25%.
22 Jan 2007other● Neutral
Distribution schedule for the 29 million 35c options expiring 31 August 2011, held by 65 holders. Administrative only. Note these options are new since the earlier context said none were on issue.
22 Jan 2007other● Neutral
List of the top 20 holders of 35c options expiring 31 August 2011, holding 25.3 million of the options (87.23%). Administrative; includes Brimage and Garner entities. No new events.
18 Jan 2007drilling progress report● Neutral
The SMI 138 well was at 2,286 metres on 17 January, drilling ahead toward a planned 3,627 metres. No hydrocarbon result yet.
8 Jan 2007drilling spud● Neutral
Entek Energy's copy of the spud notice for the South Marsh Island 138 well: spudded 6 January 2007, with Entek earning 11.25%. Duplicate of Lion's announcement from the partner's perspective; no new result.
8 Jan 2007drilling spud▲ GoodMajor
The South Marsh Island 138 #1 well spudded 6 January 2007 after weather delayed the rig from 27 December. Lion is earning 30%, targeting 6 to 10.1 million barrels of oil at up to 3,627 metres.
22 Dec 2006drilling scheduled● Neutral
The operator has signed a drilling contract for South Marsh Island 138, with the rig due to be towed in around 27 December, weather permitting. The well is still expected to take about 35 days to reach 3,627 metres.
14 Dec 2006drilling scheduled▲ GoodMajor
Lion has received the drilling budget for the first South Marsh Island 138 well, which targets 6 to 10.08 million barrels of oil. It would earn a 30% interest, with rig mobilisation expected within 10 days and about 35 days to drill. It is Lion's first activity outside Indonesia.
1 Dec 2006security holder rights change● Neutral
Post-consolidation holding statements have been sent out. Lion now has 60,922,354 ordinary shares on issue.
29 Nov 2006material agreement▲ GoodMajor
CITIC Seram granted Lion's subsidiary a put option to sell its 2.5% Seram interest for US$4,774,510, exercisable within three months of 2 November 2006. Lion cites uncertainty over the direction under CITIC's operatorship. This advances the stay-or-sell decision.
21 Nov 2006security holder rights change● Neutral
Shareholders approved a 1-for-100 share consolidation. Trading on the new basis began 21 November under code LIODC, returning to LIO around 5 December. Holdings shrink in number, not in value.
21 Nov 2006director officer appointment● NeutralMajor
After the AGM, Weidong Zhang (non-executive) and Zhong Wang (executive director and CFO) joined the board. Martin Bennett resigned, and the office moved to 15 Rheola St, West Perth. Jian Wu stays chairman.
