Past year: ▲ 0%(1.00c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
12 Sept 2024half year report● Neutral
Half-year loss to 30 June 2024 was US$661,451 (US$1,044,868 a year earlier); cash fell to US$1.3m from US$2.1m. The directors' solvency declaration is again 'subject to Note 2', not shown in the text supplied. Reports the A$1.6m notes, East Seram extension and DGA/Samsung deal.
30 Aug 2024listing compliance notice● Neutral
Lion replied to an ASX aware letter after its share price rose 52% (1.9c to 2.9c) before the joint venture announcement. It says the deal was only finalised on 23 August while in a trading halt, and confirms it complied with Listing Rule 3.1.
29 Aug 2024investor presentation● Neutral
Webinar slides repeat the DGA and Samsung C&T deal (A$3.7m, 50/25/25 ownership, A$6.3m debt). Adds cash of US$1.2m at 30 June 2024 excluding JV cash, 496m shares on issue and about 300 tonnes a year capacity; two other sites under investigation.
27 Aug 2024investor presentation● Neutral
Notice of an investor webinar on 29 August 2024, where Executive Chairman Tom Soulsby will discuss the new Port of Brisbane joint development agreement. No new information.
26 Aug 2024material agreement▲ GoodMajor
Lion signed a joint development agreement for the Port of Brisbane hydrogen hub with Mitsubishi's DGA and Samsung C&T, who pay A$3.7m of pre-construction costs for 25% each. On construction they arrange A$6.3m of debt, leaving Lion at 50%. Resolves the long-running JV search.
22 Aug 2024security holder rights change● Neutral
Board proposes renewing the director performance rights program after the previous one expired 6 July 2024: five tranches of 4.6m rights with share-price targets of 4c to 12c, three-year expiry. Needs shareholder approval at a general meeting; the board says it also conserves cash.
30 July 2024quarterly activities report● Neutral
June quarter: Port of Brisbane lease reported as 20-year (10+10), tube trailers and compressors delivered, and JV talks said to be near finalisation. A$1.6m note raise and East Seram extension are repeated. June lifting gave about US$235k; net output about 25 bopd.
1 July 2024regulatory community update▲ GoodMajor
Indonesia granted a four-year extension of the East Seram PSC (Lion 60%) to 16 July 2028, with the area cut to 1,300 km² from 4,557 km². All key prospects (Kobi, Waru, Tanah Baru) are kept. This gives farm-out partners clearer tenure; a farm-out update is expected in 2H 2024.
28 May 2024capital raising announcement● NeutralMajor
Lion raised A$1.6m through convertible notes from three of its largest shareholders, to fund the Port of Brisbane project. Notes carry no interest, mature 31 December 2025 and convert at 2.7c a share. Follows cash of US$2.04m at December 2023.
30 Apr 2024quarterly activities report● Neutral
March quarter: Port of Brisbane approval and 10-year lease are reported, tube trailers received, and joint venture partners are in due diligence. East Seram farm-out began, with talks on a four-year PSC extension and Kobi targeted for drilling in 2025. Net oil output about 37 bopd.
24 Apr 2024annual report● Neutral
Full-year 2023 annual report lodged, repeating the 828 mmboe East Seram upgrade, the Port of Brisbane hydrogen approval and 2023 revenue of US$0.67m (US$1.07m in 2022). Largely repeats the 28 March 2024 results; no new figures in the text shown.
24 Apr 2024admin correction● Neutral
Appendix 4G and corporate governance statement for the year to 31 December 2023, confirming the statement is current at 24 April 2024. Compliance paperwork with no operational or financial news.
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.
28 Mar 2024agm notice● Neutral
Lion's AGM will be held on or around 27 May 2024. Director nominations close 5 April 2024. Administrative notice only.
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.
30 Jan 2024quarterly activities report● Neutral
December quarter: cash fell to US$2.6m as first reported (corrected next day). Port of Brisbane state approval is expected in Q1 2024, and hydrogen joint venture partners are doing due diligence. A 30 December lifting gave Lion about US$296,000. Moyes & Co engaged to find an East Seram drilling partner.
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.
30 Oct 2023quarterly activities report● Neutral
September quarter: cash fell to US$2.6m from US$3.5m. Port of Brisbane lease negotiations are finalised, development consent was obtained and state approval documents submitted. Repeats the 828 mmboe East Seram upgrade; Seram (Non-Bula) output was 105,800 bbls gross (Lion 2,645 bbls).
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.
26 July 2023quarterly activities report● Neutral
June quarter: cash fell to US$3.5m from US$4.4m. Seismic processing is complete and the Lofin-2 well is completed, awaiting further testing. The Port of Brisbane development approval request has been submitted, with lease talks 'well advanced'. A June lifting is worth about US$280,000 gross to Lion.
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.
