Past year: ▲ 0%(1.00c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 Oct 2011quarterly activities report● Neutral
September quarter: Seram output 232,851 barrels (2,531 bopd), about flat. Cumulative Oseil output passed 10 million barrels. Oseil-16 infill well spudded 14 August amid drilling problems. A lifting of about 320,000 barrels is planned for mid-October.
17 Oct 2011agm notice● Neutral
Notice of AGM for 22 November 2011: shareholders vote on the remuneration report (advisory) and re-election of Chairman Jian Wu. Administrative.
7 Oct 2011regulatory community update● Neutral
Lion settled the Tulloch Lodge claim, paying $737,500 against the $1,082,388.35 plus interest demanded, to avoid the cost and risk of prolonged litigation. Resolves the July 2011 proceeding.
22 Sept 2011annual report▼ Bad
Annual report for year to 30 June 2011: loss of $741,048 versus a $1,186,207 profit the year before. Recaps the abandoned Qinghai solar deal and the final Papua holdback of A$191,991. No dividend.
1 Sept 2011director officer appointment● Neutral
Director Weidong Zhang's 1,000,000 options lapsed unexercised on 31 August 2011, leaving him with no securities. Consistent with the 35c options being far above the share price.
1 Sept 2011director officer appointment● Neutral
CEO Russell Brimage's 4,000,000 options (35c, expiring 31 August 2011) lapsed unexercised, leaving him with 54,400 shares. Matches the lapse of the other directors' out-of-the-money options.
29 July 2011quarterly activities report● Neutral
June quarter cash report: cash fell to $6.60m from $7.47m on a $730k operating outflow and no receipts in the quarter. Next-quarter outflow estimated at $725k. Share and option numbers unchanged.
29 July 2011quarterly activities report● Neutral
June quarter: Seram output rose to 233,703 barrels (2,568 bopd), driven by the Oseil-2 sidetrack. A 365,235-barrel lifting gave Lion US$905,974. Nief Utara B-1 exploration well found only gas, flowing up to 2.6 MMSCFD with no oil, and was shut in for evaluation.
6 July 2011regulatory community update▼ Bad
Tulloch Lodge Limited (in liquidation) has served a proceeding demanding $1,082,388.35 plus interest under a January 2003 loan agreement. Lion intends to defend. This turns the earlier disputed claim into formal legal action.
6 July 2011security holder rights change● Neutral
Lion's 31m quoted options (35c, expiring 31 August 2011) are well out of the money: shares last traded at 2.9 cents on 30 June 2011. Unexercised options lapse; no notices will be mailed after an ASX waiver.
4 May 2011production update● Neutral
Next Seram lifting is tentatively early June 2011, about 350,000 barrels, with net revenue to Lion expected around US$870,000, payable 30 days after. Final amount depends on the price in the 30 days before lifting.
29 Apr 2011quarterly activities report● Neutral
March quarter cash report: cash rose to $7.47m from $7.01m, with $395k operating inflow from the December lifting. Next-quarter outflow estimated at $850k. No share or option changes.
29 Apr 2011quarterly activities report● Neutral
March quarter: Seram output 193,870 barrels (2,154 bopd); US$804,154 received from the December lifting. Oseil Selatan-1 produces only about 25 bopd at 92% water cut; Oseil-18 disappointing. Oseil-2 sidetrack tested about 600 bopd. Solar project reported as dropped.
27 Apr 2011material agreement termination▼ BadMajor
Lion will not proceed with buying 38% of the Qinghai solar project (CNY38m, about A$6m). ASX ruled the shares were a 'classified asset' under Listing Rule 10.7, so payment would have to be restricted securities, which the agreement does not allow. Ends the November 2010 plan.
11 Mar 2011half year report▼ Bad
Half-year to 31 December 2010 shows a loss of $357,838, against a $1.85m profit a year earlier. Sales revenue was $898k. The final Papua holdback of A$191,991 was received in December, closing the Papua Petroleum sale. The solar project is described as still conditional.
28 Jan 2011quarterly activities report● Neutral
December quarter cash report: cash fell to $7.01m from $7.57m, with $481k operating outflow and $194k investing inflow. Next-quarter outflow estimated at $850k. Shares remain 94,493,754 with 31m options at 35c expiring 31 August 2011.
28 Jan 2011quarterly activities report▲ Good
December quarter: Seram output rose to 200,185 barrels (2,176 bopd) from 185,259, helped by Oseil-12 coming on mid-November. A 420,116-barrel lifting at US$76.55 on 30 December. Exploration well Oseil Selatan-1 spudded 29 November, testing underway, cost expected US$8.8m.
24 Dec 2010other● Neutral
Lion publishes its securities trading policy, effective 1 October 2010. It sets closed periods from 7 January and 7 July until the next financial results. Administrative; no new business or financial information.
17 Nov 2010agm notice● Neutral
AGM held 17 November 2010; both resolutions passed on a show of hands, with proxy votes strongly in favour. This covers the remuneration report and Russell Brimage's re-election.
16 Nov 2010listing compliance notice● NeutralMajor
ASX suspended Lion's shares on 16 November after the solar announcement. They are due to resume trading on 17 November unless ASX decides otherwise. If shareholders approve the change of activities, suspension would follow until Lion re-complies with listing rules.
16 Nov 2010material agreement● NeutralMajor
Lion will pursue buying 38% of Qinghai First New Energy, a planned 1000MW solar thermal plant, for CNY38m (about A$6m), from a company controlled by substantial holder Yuda Chen. It needs shareholder and ASX approval and would force relisting compliance. Reverses the earlier denial of any solar link.
28 Oct 2010quarterly activities report● Neutral
September quarter: Seram output 185,259 barrels (2,014 bopd). Oseil-18 tested at about 600 bopd after high initial gas, and Oseil-12 spudded 22 September. Nief Utara A-3 went on production in August. Cash was $7.57m after $6.33m of investing inflow.
28 Oct 2010quarterly activities report● Neutral
September quarter cash report: cash rose to $7.57m from $2.48m, helped by $6.33m of investing inflows. Operating outflow was $756k. Next-quarter outflow estimated at $870k.
13 Oct 2010agm notice● Neutral
Notice of AGM for 17 November 2010. Shareholders vote on the remuneration report and the re-election of Russell Brimage as director.
22 Sept 2010annual report● Neutral
2010 annual report confirms a $1,186,207 profit, no dividend, and repeats the Papua sale and China steps. It notes the September reinstatement of Lion Nanning, with CNY 38.4m transferred to it. Directors remain Wu, Brimage and Zhang.
8 Sept 2010annual report● Neutral
Unaudited FY2010 profit of $1,186,207 on $2.10m sales revenue, down from the half-year's $1.85m. Lion reinstated Lion Nanning Petro-Chemical in China and moved CNY 38.4m there. Cash is now spread across yuan, Australian dollars and others.
29 July 2010quarterly activities report● Neutral
June quarter cash report: cash fell to $2.48m from $5.47m, with $3.49m of investing outflow. Next-quarter outflow is estimated at $1.05m, up from $200k the prior quarter.
29 July 2010quarterly activities report● Neutral
June quarter: Seram output fell to 188,204 barrels (2,068 bopd). A 354,750-barrel lifting on 29 May brought net proceeds of US$607,193. Oseil-18 infill well spudded 4 July. Nief Utara A-3 testing gave only 8.5% oil cut; East Nief-1 results were disappointing.
14 May 2010other● Neutral
Yuda Chen disclosed he became a substantial holder on 2 March 2010 with 10 million shares (10.58%), bought for $600,000. This matches the 10m-share off-market sale by Jian Wu that day, which is an inference.
14 May 2010other● Neutral
Xianjun Yang disclosed he became a substantial holder on 6 April 2010 with 10 million shares (10.58%), paid $600,000. This appears to be the buyer of Ling Gu's 10m-share sale that day (inference).
