Past year: ▲ 0%(1.00c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
24 Apr 2024material agreement▲ GoodMajor
Lion signed a 10-year lease, with a 10-year extension option, at the Port of Brisbane for its first hydrogen hub, resolving the lease talks under way since the March 2023 heads of agreement. Lion says costs are not materially affected. Construction is now guided to Q3 2024, later than Q2, with commissioning by end of 2024.
28 Mar 2024annual report● Neutral
2023 full-year loss was US$1,406,691 (US$2,720,188 in 2022). Two oil liftings earned Lion US$274,141 and US$336,091, and cash at 31 December 2023 was about US$2.06m. The Lofin-2 four-rate flow test was delayed. Mostly confirms already reported figures.
20 Mar 2024regulatory community update▲ GoodMajor
Queensland's planning agency SARA approved the Port of Brisbane hydrogen hub, with conditions, and issued an environmental permit for over 200 tonnes of hydrogen a year. This resolves the pending approval; construction is due to start in Q2 2024, with commissioning in 2H 2024.
30 Jan 2024admin correction▼ Bad
Corrects a typo in the December quarter cash figure: cash at 31 December 2023 was US$2.041m, not US$2.613m as first lodged. Lion's cash is lower than first reported; the rest of the quarterly report is unchanged.
5 Dec 2023farm in farm out agreement▲ GoodMajor
Lion appoints Moyes & Co, who advised on the earlier OPIC deal, to find a partner to take part of its 60% East Seram interest in exchange for a funded exploration well. The process is expected to conclude mid-2024. No partner is yet secured.
11 Oct 2023resource reserve update▲ GoodMajor
East Seram's three targeted prospects (Kobi, Waru, Tanah Baru) rise 20% to a combined unrisked P50 of 828 mmboe from 675 mmboe. Kobi is the standout (up to 110 km², P50 range 98-1047 mmboe). Lion is advancing a farm-out for a free-carried well.
12 Sept 2023half year report● Neutral
Half-year loss to 30 June 2023 was US$1,044,868 (US$1,784,927 a year earlier); cash fell to US$3.6m from US$6.5m. The directors' declaration on paying debts is made 'subject to Note 2', which is not shown in the text supplied. Lofin-2 prolonged test is now scheduled for 2H23.
29 Aug 2023admin correction● Neutral
Computershare's Perth share registry office moves to Level 17, 221 St Georges Terrace from 18 September 2023. Administrative notice only; phone numbers and postal address are unchanged.
31 July 2023director officer appointment● Neutral
Rowan Harland of SmallCap Corporate replaces Arron Canicais as Company Secretary; Mr Canicais had served about 7 years. Administrative change with no effect on operations or finances.
13 July 2023investor presentation● Neutral
Peak Microcap presentation restates the hydrogen strategy and roadmap. It cites US$4.4m cash at 31 March 2023, about US$1m oil revenue and an A$15m market cap, with hydrogen production targeted next year. Repeats known plans with no new contracts or funding.
11 July 2023well test result▲ GoodMajor
Lofin-2 was completed with chrome casing and tubing, and a cleanup flow finished 15 June; the rig is released. An extensive four-rate flow test is next, and the Operator can now talk to potential gas buyers. Lion holds 2.5% of the 1.5 TCF field.
6 July 2023resource reserve update▲ GoodMajor
Interpretation of the new ~200km East Seram seismic confirms all targeted prospects, with closures up to 90 km² and hydrocarbon columns up to 1200m. Pre-survey prospective resource was 675 mmboe unrisked. Lion (60%) has a 20% OPIC carry to a US$10m well cost cap; the resource figure is not yet updated.
14 June 2023security holder rights change● Neutral
Lion reminded holders of 102,926,689 listed LIOO options, exercisable at 4c, that they expire 12 July 2023. The shares closed at 2.7c on 13 June, below the exercise price, and exercise is not underwritten. Inference: little cash is likely to come in.
26 May 2023other● Neutral
Lion's updated constitution takes effect on 26 May 2023, prepared by Hamilton Locke. The text supplied is the document's contents and standard clauses; no specific change or its effect on shareholders is described.
26 Apr 2023annual report● Neutral
2022 Annual Report repeats the year's results already reported in March: cash US$6.5m, Seram gross output 478,907 bbl (down 13%), and Lion's crude revenue share US$1.01m (US$0.89m prior). Initial seismic interpretation is due Q2 2023, with drilling possible in 2024.
26 Apr 2023annual report● Neutral
Appendix 4G and corporate governance statement for the year to 31 December 2022, lodged with the annual report. Administrative compliance filing with no new information on operations or finances.
20 Apr 2023investor presentation● Neutral
April webinar slides say the East Seram seismic is complete, with a well to be drilled in 2024 or the permit relinquished or extended. They cite about US$6m cash and an A$17m market cap, and describe the Lofin test as 'very promising' at about 15 mmscfd. Mostly repeats known facts.
17 Apr 2023other● Neutral
Lion will hold an online investor briefing with Executive Chairman Tom Soulsby on 20 April 2023 (about 30 minutes, with Q&A). Notice of an event only, with no new results or figures.
30 Mar 2023annual report▼ Bad
Full-year 2022 accounts show a net loss of US$2,720,188 (2021: US$1,831,575) and cash of US$6.5m including joint-venture cash. Seram gross output fell 13.0% to 478,907 bbl. The Port of Brisbane site is subject to board approval and a lease.
14 Mar 2023material agreement▲ GoodMajor
Lion signed a binding agreement to buy a refuelling package and two tube trailers from Fueltech for about US$1.8m, delivery September 2023. It is for the Port of Brisbane hydrogen hub site announced 3 March, advancing the hydrogen plan towards a first build.
16 Feb 2023flow test result▲ GoodMajor
Lofin-2 clean-up flow reached up to 14.8 mmscfd, with the water leg isolated by a cement plug. Rates are encouraging for the 1.5 TCF field (Lion 2.5%), but this is an early clean-up phase; the multi-rate test and pressure build-up are still to come.
30 Jan 2023drilling progress report▲ GoodMajor
Recording of the East Seram onshore seismic survey finished, with 194km recorded and no lost-time incidents, within 10% of the US$7.2m budget. One line in Tanah Baru was skipped over land access. Processing is due Q2 2023, then possible drillable targets.
21 Dec 2022drilling progress report● Neutral
Re-entry of the Lofin-2 gas well began 19 December, with testing in January and completion expected early February 2023. The test aims to reaffirm the 1.45 TCF contingent resource (Lion 2.5% interest). Sale of 10% of the PSC would cut Lion's interest to 2.25%.
16 Nov 2022investor presentation● Neutral
Presentation restates Lion's green hydrogen strategy: first production by end-2023, 20 locations by 2026, and A$12m capex per 500kg/day unit. It mostly repeats known plans and gives no new funding, site or contract.
25 Oct 2022drilling progress report● Neutral
East Seram onshore seismic is over 95% surveyed and about 50% shot-hole drilled; recording starts late October, later than the earlier early-August plan. Cost is expected within 5% of about US$7.2m. Processing is due around March 2023.
19 Sept 2022other▲ GoodMajor
Wasco's initial design for Lion's first hydrogen production and refuelling station is complete: 430kg/day, A$12.0m capex, production by 4Q2023. Lion is exploring joint-venture partners and debt funding, but expects no external funding need in 2022. Site not yet secured.
12 Sept 2022half year report▼ Bad
Half-year to 30 June 2022: loss US$1,784,927 (2021: US$1,326,760), including US$1,077,485 non-cash finance expenses; cash US$7.9m. The Lofin-2 test has slipped to Q4 2022 from the September timing flagged in June. The directors' going-concern statement is made subject to Note 2.
13 July 2022production update● Neutral
June lifting of 246,535 bbl sold at US$106.82/bbl gives Lion net revenue of US$541,485, due late July or early August. Separately, Soulsby's fixed pay rises to US$240,012 and Servant's to US$206,780 from 1 Jan 2022, plus US$50,000 bonuses each.
24 June 2022drilling scheduled▲ Good
The Seram (Non-Bula) operator confirmed the Lofin-2 re-entry and extended test for September 2022, on the 1,450 Bcf (2C) discovery (Lion share 36.3 Bcf). The East Seram seismic recording is due to start in early August, finishing Q4 2022.
25 May 2022contract award▲ GoodMajor
Lion appointed Wasco to do front-end engineering and design for its first hydrogen production and refuelling station, due end July 2022. A board investment decision would follow, with completion targeted for early 2H 2023 if approved. Moves the hydrogen plan from studies toward a project.
