Past year: ▲ 0%(1.00c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
12 Dec 2016drilling scheduled▼ Bad
Amanah Timur-1 spud is deferred a further 7-10 days as a precaution after an earthquake about 200km away and heavy rain; the rig is being rigged down so the site can be built up. Cost impact is expected to be minimal.
5 Dec 2016drilling scheduled▼ Bad
Amanah Timur-1 spud is delayed to about 12 December because heavy rain hampered rig mobilisation. The company says there is no material impact on the US$1.3m well cost (US$0.53m net to Lion).
1 Dec 2016drilling scheduled● Neutral
Amanah Timur-1 in South Block A (Lion 40.7%) is scheduled to spud around 5 December, with a planned depth of about 530m and 15 days including testing. Cost is estimated at US$1.3m (US$0.53m net to Lion).
1 Mar 2016resource reserve update▲ GoodMajor
DeGolyer & MacNaughton put Seram proven (1P) oil reserves at 4.88 mmbbl at end 2015, against 4.75 mmbbl a year earlier. After 1.22 mmbbl of 2015 production this is a 28% increase. The joint venture is suspending further development drilling, including Oseil-23, to maximise cash flow.
24 Nov 2015drilling spud▲ Good
Oseil-22, the sixth Phase 3 development well, spudded 18 November 2015, projected to add about 500 bopd. Field output exceeds 4,000 bopd (~100 net). Lion received US$332,609 from the September lifting. Four more wells are planned for the first half of 2016.
8 Oct 2015resource reserve update▲ GoodMajor
Lion reports Lofin 2C contingent resources of 2,020 bcf gas and 18.25 mmbbl condensate (100% basis), after the Lofin-2 appraisal well; Lion's 2.5% share is 50 bcf and 0.46 mmbbl. PSC extension beyond October 2019 is needed to convert this to reserves.
21 July 2015drilling progress report▲ Good
Lofin-2 is suspended as a potential gas producer and the rig released 19 July; the gas column is put at 1106m, possibly 1300m. Oseil-28 spudded 18 July; field output is about 3,430 bopd (86 net), helped by Oseil-27 at 740 bopd.
15 May 2015drilling progress report● NeutralMajor
Lofin-2 reached 5861m with continuing gas and oil shows; pressure data suggest a hydrocarbon column of at least 761m, or 1106m including Lofin-1. Stuck drill string problems mean only a 437m open-hole section will be tested, and deeper testing may not be possible.
29 Apr 2015drilling progress report▲ Good
Lion relays operator CITIC Resources' Hong Kong announcement: Lofin-2 is at 5,602m and under test, with promising results so far. CITIC proposes deepening the well, but cautions that limestone reservoir performance is uncertain and an independent reserves report is needed.
15 Apr 2015drilling progress report▲ Good
Lofin-2 reached 5471m, slightly beyond the planned 5425m, as hydrocarbon shows continued. Logging is underway, then open-hole flow testing; if still in hydrocarbons the well will likely be deepened. CEO cautions limestone reservoir performance is uncertain.
25 Mar 2015drilling progress report▲ Good
Lofin-2 at 4867m has penetrated 255m of Manusela with gas readings up to 229 units; preliminary data suggest a potential hydrocarbon column of at least 600m. A first coring attempt recovered only 1.7m. CEO cautions it is too early to call the outcome.
17 Mar 2015drilling progress report● Neutral
Lofin-2 (Lion 2.5%) hit the Manusela limestone target at 4615m, 125m lower than predicted, with weak gas and fluorescence shows. The company cautions that fluid content is unknown until logging and testing; drilling continues toward 5425m.
19 Feb 2015drilling progress report▲ Good
Lofin-2 has 9-5/8 inch casing cemented at 3661m and is drilling at 3972m; the Manusela objective is expected around 4509m. Oseil-27 Phase 3 development well is due to spud in late February, projected to add 500 bopd, with operator forecasting about 4,500 bopd.
24 Dec 2014drilling progress report▲ Good
Lofin-2 reached 2295m with 13-3/8 inch casing cemented, said to be on schedule; Manusela objective expected early February 2015. Oseil produces over 3000 bopd, 2014 average to November 2.838k bopd versus 2,500 forecast. About 300,000 bbl lifting due 26-27 December.
19 Dec 2014farm in farm out agreement▲ GoodMajor
Lion joins Bukit Energy and New Zealand Oil & Gas in North Sumatra: Lion gets an option on 15% of the conventional Bohorok PSC, while the partners can take 45% of Lion's overlapping unconventional joint study application. Bohorok well planned 4Q 2015.
19 Dec 2014farm in farm out agreement● Neutral
Partner New Zealand Oil & Gas confirms the Bohorok deal: Lion's option on 15% of the conventional PSC for the partners getting 45% of the unconventional study, leaving Lion 55%. If exercised, Lion reimburses 15% of back costs. Repeats Lion's announcement.
6 Nov 2014drilling spud▲ GoodMajor
Lofin-2 appraisal well in Seram (Lion 2.5%) spudded 31 October 2014, after repeated delays. It targets a 5425m depth to extend the 160m hydrocarbon column found by Lofin-1 in 2012; about 150 days to drill. Lion's costs are covered by production revenue.
16 Apr 2014drilling progress report▲ Good
Lion confirms the 183 km South Block A seismic survey finished on budget, with processing underway. It plans a shallow oil well in late 2014 and a deeper gas well in 2015. Lion holds 35%. Repeats the partner's 15 April release; no drilling result yet.
7 Jan 2013drilling result● NeutralMajor
Lofin-1 was suspended with four cement plugs after a stuck testing packer could not be recovered; Sproule is to deliver a reserve evaluation in February 2013. The well's final test was 15.7 MMscfD gas plus 171 bpd condensate. The rig moves to Oseil-1ST, a development well. Lion holds 2.5%.
31 Oct 2012farm in farm out completion▲ GoodMajor
Indonesian government approved KRX's 35% transfer in the South Block A licence in Sumatra, resolving the pending approval. Lion holds 30.77% of KRX and has the right, not obligation, to reach 57.14% by funding a further A$2m. Seismic planned Q4 2012.
21 Sept 2012drilling progress report● Neutral
Lofin-1 sidetrack reached 4,383 m, hitting the Manusela target at 4,265 m with trace oil shows over 117 ft of 379 ft open hole. A drill stem test is being run. Separately, a 327,714-barrel Oseil lifting completed, with about US$800,000 net to Lion expected.
16 Aug 2012drilling progress report● Neutral
Lofin-1 sidetrack is at 4,168 m with a 7-inch liner cemented; Manusela is now expected at 4,197-4,221 m. Lion also recovered US$180,000 of a written-off US$299,028 loan from 2005. Still no well result; Lion holds 2.5%.
28 June 2012farm in farm out agreement▲ GoodMajor
Lion-funded KRX farm-in to a 35% interest in the 2,105 sq km South Block A licence in Sumatra, Indonesia. KRX pays 49% of cash calls up to US$3.92m. KRX estimates un-risked potential of 87-475 million barrels of oil. Delivers the first asset under the KRX deal; subject to government approval.
25 June 2012drilling progress report● Neutral
Lofin-1 was sidetracked after the earlier well problems and is drilling at 4,012.8 m. The Manusela top is now forecast at 4,168.5 m, deeper than the earlier target. Three drill-stem tests are planned. No result yet; Lion holds 2.5%.
24 May 2012drilling progress report▼ BadMajor
Lofin-1 reached 4,093.9 m, then took a high-pressure kick and the open hole packed off, leaving drill pipe stuck. The well was killed and cemented; a sidetrack is being prepared to reach the Manusela target. Lion holds 2.5%. Setback to the earlier hopeful drilling progress.
17 Apr 2012drilling progress report● Neutral
Lofin-1 is at 3,559.9 m with casing set, but the Manusela target was not met at the predicted 3,327.6 m. Total depth is revised to 4,196.9 m. The target is deeper than forecast; no result yet.
22 Mar 2012drilling progress report● Neutral
Lofin-1 is drilling 12-inch hole at 2,939.3 m. Plan is to reach about 3,350 m and set casing before entering the Manusela target. No hydrocarbon result yet.
9 Mar 2012drilling progress report● Neutral
Lofin-1, spudded 17 January, is drilling at 2,247.5 m. The Manusela carbonate target is expected at 3,328 m. The 412 million barrel in-place estimate (82 million recoverable) is unchanged. No result yet; Lion holds 2.5%.
18 Jan 2012drilling spud▲ GoodMajor
Lofin-1 exploration well spudded on 17 January 2012 on Seram, expected to take about 120 days to drill and test. Targets the same Manusela limestone as Oseil. Estimated 82 million barrels recoverable (company estimate); Lion holds 2.5%.
6 Dec 2011drilling scheduled▲ GoodMajor
Operator CITIC expects to spud the Lofin-1 exploration well on Seram in early January 2012, about 56 km west of Oseil. Estimated 412 million barrels in place, 82 million recoverable (company estimate). Lion holds 2.5%.
