Past year: ▲ 0%(1.00c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Sept 2008drilling result● NeutralMajor
Neif Utara A-1 began producing 17 August 2008, now about 420 bopd, below its 640 bopd test. A-2 found the water contact, so reserves were trimmed to 12.3 MMbbl from 12.5; it tested 372 bopd at 12% water. Dawang-1 hit a potential gas zone and is suspended.
5 Aug 2008farm in farm out completion▲ GoodMajor
Papua Petroleum completed farmouts to Sasol, which will spend US$11.8m to earn 51% of licences PPL 285-288. Lion's 19.49% holding in Papua Petroleum gains a funded drilling partner, though Lion's own licence option has lapsed.
14 July 2008drilling progress report● Neutral
Neif Utara A-2, the appraisal well spudded 19 May 2008, reached 6,975 feet and logging is under way. It aims to find the oil-water contact to firm up reserves for the structure A-1 found (12.5 MMbbl). No result yet.
14 July 2008drilling spud● Neutral
Dawang-1, a shallow Seram well about 25 km southeast of the Bula oilfields, spudded on 13 July 2008. Planned depth is 2,133 feet, taking about 14 days, testing seismic anomalies like those at Bula. Lion holds 2.5%.
24 Apr 2008drilling progress report● Neutral
Neif Utara A-1 was at 6,661 feet with 7 inch casing set just above the Manusela target at 6,705 feet. Drilling continues toward the planned 7,309 feet. No result yet.
17 Mar 2008drilling progress report● Neutral
Neif Utara A-1 reached 1,511 feet, with 13-3/8 inch casing cemented, and is preparing to resume drilling. Planned depth is 7,309 feet. No new result.
6 Mar 2008drilling spud● NeutralMajor
Neif Utara A-1 spudded on 28 February 2008 on the Seram block, targeting the Manusela Carbonate. Estimated reserves are 10.2 million barrels; well cost is US$6.33m, with Lion's 2.5% share expensed. This is the first Seram exploration well since the Gulf failure.
9 Feb 2007drilling result▼ BadMajor
The SMI 138 #1 well reached 3,628 metres and was plugged and abandoned, as analysis found no commercial hydrocarbon sands. This is a dry hole for Lion's first Gulf of Mexico well, in which it held a 30% interest. It leaves the other four leases.
7 Feb 2007drilling progress report▼ Bad
GulfX reports SMI 138 at 3,551 metres, nearing total depth. Logs so far are disappointing, though two low-resistivity intervals with possible hydrocarbon indications will get enhanced open hole logging. Lion's 30% interest is unchanged.
5 Feb 2007drilling progress report▼ Bad
SMI 138 was at 3,389 metres. A poor quality sand with possible hydrocarbons was met at 3,290-3,300 metres, but the company says it is unlikely to be commercial if quality is as poor as it looks. Drilling continues to 3,627 metres, then logs and a plug-or-complete decision.
30 Jan 2007drilling progress report● Neutral
The SMI 138 well was at 2,939 metres on 29 January. Heavy connection gas forced mud weight up, and the team is checking hole stability before choosing how to set the liner. Primary targets are not expected above 3,048 metres. No discovery yet.
30 Jan 2007drilling progress report● Neutral
Entek reports the SMI 138 well at 2,939 metres, where high connection gas forced heavier mud as pressure neared the casing test limit. Logs were run, and hole stability is being checked. A nearby block 139 well produced steadily. No discovery yet.
30 Jan 2007drilling progress report● Neutral
GulfX reports the SMI 138 well at 2,939 metres on 29 January, conditioning mud, with the zone of interest at about 2,980 metres expected within days. Same working interests as before; no result yet.
23 Jan 2007drilling progress report● Neutral
SMI 138 well reached 2,499 metres by 22 January, with 9 5/8 inch casing set at 2,486.7 metres. The well continues toward the planned 3,627 metres. No hydrocarbons reported yet.
23 Jan 2007drilling progress report● Neutral
GulfX reported the SMI 138 well at 2,499 metres on 22 January, with 9 5/8 inch casing being set and the first target zone expected within 8 days. Working interests were Lion 30%, GulfX 16.25% and Entek 11.25%.
18 Jan 2007drilling progress report● Neutral
The SMI 138 well was at 2,286 metres on 17 January, drilling ahead toward a planned 3,627 metres. No hydrocarbon result yet.
8 Jan 2007drilling spud● Neutral
Entek Energy's copy of the spud notice for the South Marsh Island 138 well: spudded 6 January 2007, with Entek earning 11.25%. Duplicate of Lion's announcement from the partner's perspective; no new result.
8 Jan 2007drilling spud▲ GoodMajor
The South Marsh Island 138 #1 well spudded 6 January 2007 after weather delayed the rig from 27 December. Lion is earning 30%, targeting 6 to 10.1 million barrels of oil at up to 3,627 metres.
22 Dec 2006drilling scheduled● Neutral
The operator has signed a drilling contract for South Marsh Island 138, with the rig due to be towed in around 27 December, weather permitting. The well is still expected to take about 35 days to reach 3,627 metres.
14 Dec 2006drilling scheduled▲ GoodMajor
Lion has received the drilling budget for the first South Marsh Island 138 well, which targets 6 to 10.08 million barrels of oil. It would earn a 30% interest, with rig mobilisation expected within 10 days and about 35 days to drill. It is Lion's first activity outside Indonesia.
22 Sept 2006farm in farm out agreement▲ GoodMajor
Participation Agreement signed 18 Sept lets Lion's US subsidiary farm into Gulf of Mexico leases, a condition of the rights issue. Ridgelake Energy is to receive options, subject to shareholder approval.
