Past year: ▲ 0%(1.00c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Apr 2010quarterly activities report● Neutral
March quarter cash report: cash fell to $5.47m from $8.95m, mainly because $3.56m was moved into investing outflows, with no detail in the text. Receipts were $475k. Next-quarter outflow is estimated at $200k.
28 Apr 2010quarterly activities report● Neutral
March quarter: Seram crude output 196,297 barrels (2,181 bopd), steady. The operator is seeking approval for continued direct crude sales, and a roughly 340,000-barrel lifting is scheduled for end of May. First Papua holdback of A$143,335 received.
6 Apr 2010other● Neutral
Substantial holder notice: Ling Gu sold a further 10 million shares off market for $600,000 on 6 April 2010. Jian Wu and Ling Gu now hold 13.81%, down from 24.39%.
3 Mar 2010other● Neutral
Substantial holder notice: Jian Wu sold 10 million Lion shares off market for $600,000 on 2 March 2010. He and Ling Gu now hold 24.39%, down from 34.97%.
2 Mar 2010half year report▲ Good
Lion reported a half-year profit to 31 December 2009 of $1,847,540, up from $1,641,606, on sales revenue of $1.42m. The Papua Petroleum sale agreed in December brought A$4,415,800 in cash in January 2010, and a new Qinghai subsidiary was registered that month.
4 Feb 2010other● Neutral
Lion denied an online report that China Huadian would partner with it on a 1 GW solar plant in Qinghai. It says it only commissioned Huadian Engineering to prepare a report, with no investment decision made.
29 Jan 2010quarterly activities report▲ Good
Cash flow report for December quarter: cash rose to $8.95m from $5.12m, helped by $4.42m from the Papua Petroleum sale. Operating cash flow was negative $526k. Next-quarter outflow estimated at $200k.
29 Jan 2010quarterly activities report● Neutral
December quarter: Seram crude output 200,483 barrels (2,179 bopd). The trial crude sale completed with a 249,887-barrel lifting, reducing costs. The Papua Petroleum stake was sold for A$4.80m, having cost A$3m.
18 Jan 2010other● NeutralMajor
Lion's subsidiary registered a new China company, Qinghai First New Energy, to investigate new energy opportunities. About $3.5m is to be moved there and held as cash in China. Continues the search for new businesses; no project is named.
8 Jan 2010asset acquisition disposition▲ GoodMajor
Lion received A$4,415,800 in cash from the Papua Petroleum sale, so the Talisman sale has completed. A$383,983 stays in escrow as holdback. This ends Lion's exposure to the Sasol-farmed PNG licences.
8 Dec 2009asset acquisition disposition▲ GoodMajor
Lion agreed to sell its 19.199% Papua Petroleum stake to Talisman Niugini for A$4.80m, against the A$3m paid in June 2008. A$4.42m is due at completion and A$384k is held back. Completion depends on audited accounts by 15 January 2010.
25 Nov 2009agm notice● Neutral
AGM held 25 November 2009; all three resolutions passed on a show of hands, with proxy votes overwhelmingly in favour. This covers the remuneration report, Weidong Zhang's re-election and the auditor appointment.
29 Oct 2009quarterly activities report● Neutral
September quarter: Seram crude output fell to 207,884 barrels (2,260 bopd). 365,355 barrels of fuel oil lifted. Regulator approved a trial direct crude sale to cut costs. Sasol's PNG seismic interpretation continues, with drilling targeted for 2010.
29 Oct 2009quarterly activities report● Neutral
Cash flow report for September quarter: cash fell to $5.12m from $5.28m, though operating and investing flows were a net $112k inflow (the fall is attributed to exchange effects of $271k). Next-quarter outflow estimated at $200k. Shares on issue unchanged at 94.49m.
6 Oct 2009agm notice● Neutral
Notice of the 25 November 2009 AGM. Items: adopt the remuneration report, re-elect director Weidong Zhang, and appoint Grant Thornton Audit Pty Ltd as auditor in place of Grant Thornton (WA) Partnership, nominated by a shareholder.
18 Sept 2009annual report● Neutral
2009 annual report shows a loss of $1,676,134 for the year to 30 June 2009. It recaps the rights issue, the Papua Petroleum and Sasol farmout, and the Dawang-1 spud. Extract shows no new developments.
30 July 2009quarterly activities report● Neutral
Cash flow report for June quarter: cash fell to $5.28m from $7.24m, with a quarterly net outflow of $1.09m. Estimated spending next quarter is $200k. Shares on issue unchanged at 94.49m.
30 July 2009quarterly activities report▼ Bad
June quarter: Seram output fell again to 219,625 barrels (2,413 bopd). The Oseil-2 workover brought gas, not oil, and the well was shut in. The futures loss of US$666,119 is restated, and Papua Petroleum is described as having upside.
20 May 2009other▼ Bad
Lion received US$320,172 from the March fuel oil sale. It moved its 2.5% Seram interest into Lion International Investment. It also closed its futures trading, which lost US$666,119 since inception.
22 Apr 2009quarterly activities report● Neutral
Cash flow report for March quarter: cash fell to $7.24m. The year-to-date figures show the $2.1m borrowing repaid, which resolves the open director-loan thread. Estimated next-quarter outflow is $216k.
22 Apr 2009quarterly activities report▼ BadMajor
March quarter: Seram output fell to 243,650 barrels (2,707 bopd). The company calls Nief Utara A and East Nief-1 results disappointing; A-2 and A-3 were not commercial. The A prospect's oil in place estimate was cut from 42 to 36 MMbbl.
27 Feb 2009half year report● Neutral
Full half-year report confirms the $1,641,606 profit. It repeats the rights issue, the Papua Petroleum (PPU) and Sasol events, and the Tulloch Lodge claim, and notes that the claim is disputed. The $2.1m director loan is not mentioned as repaid in the extract.
26 Feb 2009half year report▲ Good
Preliminary half-year results to 31 December 2008: profit of $1.64m (against a $1.53m loss a year earlier) on revenue of $1.87m. Cash was $7.97m. Other income of $1.26m helped the result. No dividend.
9 Feb 2009admin correction● Neutral
Addendum to the December quarterly report: a competent person's statement naming director Russell Brimage. No new results or figures.
29 Jan 2009quarterly activities report▼ Bad
December quarter: Seram output fell to 329,768 barrels (3,584 bopd) from 367,018. Neif Utara A-1 water cut reached 22%. A-3 tested 100% water and was suspended; A-2 is under workover to seal off water.
9 Dec 2008other▼ Bad
Lion received a claim from Tulloch Lodge Limited (in liquidation) for $1,481,244 plus $398,855.99 interest under a January 2003 loan agreement. The company says the claim is without foundation and has sought legal advice.
11 Nov 2008agm notice● Neutral
Annual general meeting held 11 November 2008; all resolutions passed on a show of hands, with proxy votes mostly in favour. These were the remuneration report and chairman Jian Wu's re-election, so no change to the board.
24 Oct 2008admin correction● Neutral
Addendum to the September quarterly report: a competent person's statement naming director Russell Brimage as the source of the reserves and resources information. No new results or figures.
24 Oct 2008quarterly activities report● Neutral
September quarter: Seram output rose to 367,018 barrels (3,950 bopd). Neif Utara A-1 started producing 17 August, but water cut rose to about 16% and its rate was cut back. A-3 reached 7,221 feet and is being logged. Rights issue completed.
26 Sept 2008agm notice● Neutral
Notice of the 11 November 2008 annual meeting. Items: the remuneration report vote (advisory) and re-election of chairman Jian Wu.
