Past year: ▲ 0%(1.00c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
7 May 2021price query● Neutral
Replying to an ASX query on a ~15.7% price rise to A$0.082 on 4 May, Lion said the hydrogen strategy is early-stage, not price-sensitive, and it believes the move reflects general hydrogen interest. The Board approved the roadmap on 4 May and Lion confirmed Listing Rule 3.1 compliance.
7 May 2021other● Neutral
Lion clarified its hydrogen plan: Stage 2 costs about A$500,000 over six months from existing funds, and there is no certainty an opportunity will be found. Later stages need extra funding and ASX consultation. Of the A$2.8m raise, A$2.0m is for East Seram onshore seismic.
5 May 2021other● NeutralMajor
Lion released a green hydrogen strategy and registered the name 'Lion H2 Energy', following the 23 April raise. The roadmap covers an advisory board, site analysis, feasibility work and joint ventures. It is provisional, and Indonesian oil and gas remains.
5 May 2021other● Neutral
ASX paused trading in Lion's shares pending a further announcement, on the day of the hydrogen strategy release. The notice gives no reason.
30 Apr 2021admin correction● Neutral
Lion is using COVID-era ASIC and ASX relief to delay lodging its annual report, which will now be filed by the earlier of 21 days before the 2021 AGM or five months after 31 December 2020. Administrative only.
23 Apr 2021capital raising announcement● NeutralMajor
Lion raised A$2.8m at 3.0c per share, with a 1:1 option at 4.0c: A$933k placement, A$1.517m convertible notes (12%, due 31 Dec 2021) and A$350k from directors, the latter two needing shareholder approval. It also starts exploring green hydrogen, a new direction beyond oil and gas.
13 Apr 2021admin correction● Neutral
Amended re-release of the 13 April reserves update with the same headline figures: Oseil 2P reserves up 203% and Lofin 2C of 1,450 Bcf. The amended version runs to 5 pages instead of 4; the nature of the change is not visible in the text shown.
13 Apr 2021resource reserve update▲ GoodMajor
New Miller and Lents report lifts Oseil field 2P reserves 203% to 4.37 MMbbl gross (Lion 2.5% share 0.109 MMbbl). Lofin gas 2C contingent resource is cut to 1,450 Bcf (Lion 36.3 Bcf) from 2,020 Bcf, on a lower recovery factor.
13 Apr 2021other● Neutral
ASX paused trading in Lion's shares pending a further announcement, on the same day as the reserves and contingent resources update. No reason is given in the notice.
31 Mar 2021annual report● Neutral
2020 net loss was US$746,274 (2019: US$778,200). Seram (Non-Bula) gross output was 630,311 barrels (1,727 bopd), flat on 2019. Onshore seismic is pushed to late 2021, and Lion will seek a deferral of relinquishment obligations.
24 Mar 2021director officer appointment● Neutral
Zane Lewis resigned as joint company secretary on 24 March 2021 but stays as a non-executive director. Arron Canicais remains company secretary.
17 Mar 2021drilling result▲ Good
Processing of the 664km East Seram marine seismic is complete, so Lion has met its firm PSC commitment ahead of schedule. Interpretation has begun and is expected to finish in May 2021; onshore survey timing depends on Covid-19.
16 Mar 2021investor presentation● Neutral
Seapex conference presentation by Exploration Manager Kim Morrison on the Seram Basin fold-thrust and shallow Plio-Pleistocene plays, covering the 664km survey now being interpreted. Largely restates known facts; no new results in the text shown.
11 Jan 2021drilling progress report● Neutral
Processing of the 664km East Seram marine seismic is on track, with final data expected in March 2021 and interpretation in Q2 2021. A ~200km onshore survey is still being planned. No new results.
6 Jan 2021price query● Neutral
Responding to ASX's query on a price rise from 1.6c to 4c, Lion said it knows of no unannounced information and noted recent oil and gas price increases that may be drawing speculative interest. It confirmed Listing Rule 3.1 compliance.
5 Jan 2021other● Neutral
ASX paused trading in Lion's shares pending a further announcement. No reason is given in the notice.
11 Nov 2020drilling result▲ GoodMajor
Offshore East Seram seismic survey finished 9 November: 664km acquired, 22% more than the 545km planned, within the ~US$800,000 budget. Data quality looks good; interpretation is due early 2021. Firm PSC commitment is met once data is processed.
2 Nov 2020drilling scheduled▲ Good
The Barakuda vessel is heading to start the ~545km East Seram offshore 2D seismic survey, expected within two weeks at a cost of about US$800,000, largely covered by CPC's farm-in. It targets 7 prospects and leads with ~100 mmboe P50 unrisked prospective resource.
10 Sept 2020half year report▼ Bad
Half-year to June 2020 loss was US$627,411 (US$363,630 a year earlier). Low oil prices and Covid-19 delayed work; the Lofin-2 well test slipped to early 2021 and further Oseil wells are on hold. Marine seismic is expected to start in 2020.
31 July 2020other● Neutral
Updated company constitution, effective 30 July 2020. Text shown is the table of contents and definitions only; no business impact is stated.
30 July 2020investor presentation● Neutral
AGM presentation says seismic is set for H2 2020 and restates resources: Lion net P50 prospective resource of 278 MMbbl oil/condensate and 1.1 TCF gas, and net 2C contingent gas of 50 BCF. Repeats known facts; no new results.
29 May 2020well test result▲ GoodMajor
Oseil-29 development well in the Seram (Non-Bula) PSC, drilled to 2,321m, is producing about 399 bopd with 168 bwpd of water. PSC output exceeds 2,000 bopd for the first time since March 2018. Lion holds 2.5%.
27 Apr 2020other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, pointing to the governance statement on the website. Administrative; no new business information.
27 Apr 2020annual report● Neutral
2019 annual report: cash US$1,669,266 at 31 December; market cap A$4.8m versus A$8.3m a year earlier. Repeats the CPC 40% farm-in, with CPC funding 80% of seismic up to US$8.5m. Mostly restates known events.
24 Apr 2020quarterly activities report▲ GoodMajor
March quarter: Indonesian approval of CPC's 40% East Seram farm-in came on 13 April 2020, resolving the open approval thread. Cash fell to US$1.21m from US$1.62m. The Oseil-29 well spudded, and further 10% East Seram farm-out talks continue.
31 Mar 2020annual report● Neutral
2019 net loss was US$778,200, versus US$727,683 in 2018. Seram gross production was 0.629 million barrels (1,725 bopd), down 10.2%. Lion's 60% East Seram stake still awaited Indonesian approval; CPC farm-out receipts totalled US$1.38m. Covid-19 flagged as a subsequent event.
26 Sept 2019farm in farm out agreement▲ GoodMajor
Taiwan's CPC (via OESC) signed to take 40% of East Seram, funding 80% of seismic up to US$8.5m and paying about US$0.94m of past costs. Lion expects about US$1.3m cash. Implies about US$8.4m for the remaining 60%. Needs a joint operating agreement and Indonesian approval.
13 Sept 2019half year report● Neutral
Half-year to June 2019: loss of US$363,630 (US$428,778 a year earlier); Seram net production 7,623 bbl, down 9.9%, with no liftings. Reports the GPI termination as a subsequent event. Lofin-2 well test and Oseil drilling expected Q1 2020.
12 Sept 2019material agreement termination▼ BadMajor
Lion and Gulf Petroleum mutually terminated the agreement to buy its 16.5% of Seram (Non Bula). Indonesia's government limits sales of over 50% of a stake in the new PSC's first five years. Lion stays at 2.5% but wants more.
15 Apr 2019other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, confirming the governance statement is on the website. Administrative; no new business information.
