Past year: ▲ 0%(1.00c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 Apr 2023quarterly activities report● Neutral
March quarter: cash fell to US$4.4m from US$6.0m. Lofin-2 testing finished 4 March (up to 14.8 mmscfd), and seismic processing was 60% done. A Port of Brisbane heads of agreement was signed; lease signing is expected in Q2 2023, with plant commissioning targeted for early 2024.
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.
31 Mar 2023agm notice● Neutral
Lion will hold its AGM on or around 26 May 2023. Director nominations close 7 April 2023. Administrative notice only.
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.
31 Jan 2023quarterly activities report● Neutral
December quarter: cash US$6.0m (US$6.4m prior). A December lifting of 224,853 bbl gave Lion US$321,699 pre-tax. Lofin-2 re-entry began 18 December, and seismic recording finished in January. Hydrogen vendors are chosen; first site is still being finalised.
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.
28 Oct 2022quarterly activities report● Neutral
September quarter: cash fell to US$6.4m from US$7.9m. Hydrogen design is finished, with the first site still being chosen. The Lofin-2 test slipped again to December 2022 because of rig delays, and seismic recording is now due early November.
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.
28 July 2022quarterly activities report● Neutral
June quarter: cash fell to US$7.9m from US$8.8m. Wasco was appointed for hydrogen design, seismic mobilisation began, and the June lifting brought US$541,486 net to Lion. Hydrogen first-site decision is still pending.
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.
29 Apr 2022quarterly activities report● Neutral
March quarter: cash US$8.8m (US$8.6m prior quarter). BGP seismic contract signed after quarter end, with the survey due to start in Q2 2022; hydrogen proposals progressed with BLK, Pulitano and Foton, and the QUT study was completed.
27 Apr 2022annual report● Neutral
2021 Annual Report repeats known results: cash US$8.6m (US$0.6m a year earlier), market capitalisation A$25.2m at 6.6c, and about US$7.2m of CPC's seismic carry still unused. Nothing new beyond the accounts and operations already reported.
27 Apr 2022other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, dated 27 April 2022. Administrative filing only, with no business information.
13 Apr 2022contract award▲ GoodMajor
Lion's subsidiary signed a contract with BGP for the 200km East Seram onshore seismic survey, targeting five structures with combined 675 mmboe P50 (unrisked). Mobilisation is set for May 2022, finishing by Q1 2023; CPC's OESC pays about 80% of the US$7.25m cost.
31 Mar 2022annual report● Neutral
Full-year accounts to 31 Dec 2021 show a net loss of US$1,831,575 (2020: US$746,274) and cash of US$8.6m. Seram gross output fell 12.6% to 550,734 bbl; the 42,187,500 convertible notes converted to shares on 19 Jan 2022.
15 Mar 2022other● Neutral
A study by the Australian Road Research Board, presented to the Queensland Government, concluded hydrogen fuel cell buses are a core zero-emission bus option alongside battery buses. It says this needs government support. Lion plans to submit proposals to transport ministries; no funding or contract stated.
27 Jan 2022quarterly activities report▲ Good
December quarter: cash rose to US$8.6m (up US$6.4m) after the A$9.6m November raise. Hydrogen partnerships signed with BLK Auto, Pulitano and Foton; Lofin-2 test approved; onshore seismic contract talks advanced. A 241,693 bbl lifting was completed in December.
19 Jan 2022other● Neutral
Computershare distribution schedule shows 75,000,000 listed options held by 325 holders. A registry report with no new business information.
19 Jan 2022other● Neutral
Top 20 holder list for the new 12c options expiring 19 July 2024: 10 Bolivianos 21.08%, Areen 19.17%. The top 20 hold 61.43%. Registry report only.
