Past year: ▲ 0%(1.00c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Apr 2019annual report● Neutral
2018 annual report: cash was US$1,054,515 at 31 December 2018 and market cap A$8.3m. The 16.5% Seram purchase was still subject to funding and Indonesian government and shareholder approvals. Mostly restates known events.
15 Apr 2019investor presentation● Neutral
April 2019 Seapex conference presentation promoting the 100%-owned East Seram block (6,510 km2, 500km 2D seismic commitment, no wells) and Lion's 2.5% of Seram (Non Bula). Restates known facts; no new results.
29 Mar 2019annual report● Neutral
2018 net loss was US$727,683, versus US$10.1m in 2017. Seram production was 701,107 bbl, a 32.7% decline. The 16.5% Seram purchase had not completed at the report date. Mostly restates known events.
4 Mar 2019resource reserve update▲ GoodMajor
East Seram best-estimate (P50) prospective resource rose 60% to 1,238 mmboe, from 770 mmboe in September, after new onshore and offshore leads were identified. A 500km seismic survey is planned for 2020, and Lion is seeking a well-resourced partner.
12 Dec 2018asset acquisition disposition▲ GoodMajor
Lion agreed to buy Gulf Petroleum's 16.5% of Seram (Non Bula), lifting its stake from 2.5% to 19%, for US$32m on completion plus US$7.2m and US$4.8m milestone payments. Needs shareholder approval, and funding is not yet secured.
12 Sept 2018half year report● Neutral
Half-year to June 2018: loss of US$428,778, revenue US$549,508 from one lifting, and Seram production down 40% on the prior period. The directors' declaration on paying debts is made 'subject to Note 2' (text truncated, so the detail isn't shown here). Repeats known events.
10 Sept 2018investor presentation● Neutral
September 2018 presentation pitching Lion as a Seram-focused company with Lofin, Oseil and East Seram. It restates known facts: 770 mmboe of leads, market cap about A$5m, and Risco at 43.5% after loan conversion (still needing shareholder approval). No new results.
10 Sept 2018remuneration report● Neutral
Lion signed a services contract with director Chris Newton (US$10,000 a month) with farm-out bonuses of up to US$150,000, payable in cash or shares. Soulsby's pay rises to US$16,875 a month and Servant's to US$11,875 a month.
10 Sept 2018resource reserve update▲ GoodMajor
Initial technical work on the 100%-owned East Seram block identifies 14 prospects and leads with combined P50 prospective resource of 770 mmboe (estimated 60% oil/condensate). These are undrilled estimates; the 500km seismic is the only firm commitment and no wells are required in the first 3 years.
7 Sept 2018resource reserve update▲ GoodMajor
Following the 20-year Seram extension, Lion lifted Seram 2P reserves 12% to 4.107 mmbbl (100%), 0.103 mmbbl net to Lion's 2.5%. 3C oil contingent resources fell from 17.6 to 10.2 mmbbl. Lofin gas resource is unchanged at 2.02 TCF.
24 July 2018asset acquisition disposition● NeutralMajor
Lion agreed to sell its 40.7% South Block A interest to Blue Sky Resources for a nominal A$10, keeping a 0.8% revenue royalty capped at US$4.5m. Completion needs Indonesian government approval. Lion says its non-core asset sales are largely complete.
18 July 2018asset acquisition disposition▲ GoodMajor
Lion signed the East Seram gross split PSC with 100% interest, completing the award announced in May. Terms include a US$500,000 signature bonus and low exploration commitments. Lion says Lofin extends into the block, with details to follow.
12 June 2018regulatory community update▲ Good
Lion says the East Seram PSC signing is scheduled for 17 July 2018 and the capital raising has closed. Lion would hold 100% and sees room to farm down later. No new figures beyond earlier announcements.
8 June 2018capital raising announcement● NeutralMajor
Lion raised A$3.09m at 3.5c per share. A placement of 24.2m shares (A$848,500) comes first. Convertible loans from Risco (A$1.32m) and KL Trio (A$921,000) follow, convertible at 3.5c subject to shareholder approval. Risco would hold about 43.5%.
8 June 2018listing compliance notice● Neutral
ASX lifted Lion's trading suspension following release of the capital raising announcement. Administrative notice with no new information.
7 June 2018listing compliance notice● Neutral
Lion's shares were suspended at its own request pending a capital raising announcement, following a trading halt requested on 5 June. The suspension was expected to end on 8 June when terms were released.
1 June 2018material agreement▲ GoodMajor
The Seram (Non Bula) PSC extension was signed for 20 years beyond October 2019, resolving the renewal thread. Terms include a US$1m bonus and a US$48.9m five-year work commitment, including two Oseil wells. Lion holds 2.5%; Lofin 2C resource is 2.02 TCF.
21 May 2018regulatory community update▲ GoodMajor
Citic, operator of Seram (Non Bula), reports Indonesia intends to offer a 20-year gross split renewal. Initial terms include a US$1m signature bonus and at least US$48.9m of work over five years. Terms are not final; Lion holds 2.5%.
21 May 2018investor presentation● Neutral
May 2018 presentation promoting East Seram, a 6,504km2 block with a minimum bid of US$500k signature bonus and 500km of seismic. It repeats the Lofin 2 TCF and award details already announced; no new results.
4 May 2018asset acquisition disposition▲ GoodMajor
Indonesia's energy minister announced Lion was awarded 100% of the roughly 6,500km2 East Seram Block under a gross split PSC. It follows Lion's 2017 joint study. Commercial terms are still to be finalised before the contract is signed.
19 Apr 2018annual report▼ Bad
The 2017 annual report has the new Executive Chairman describing a weakened balance sheet and capital constraints. Cash was US$823,113 at year-end, and market capitalisation was A$6.8m. The strategy shifts to acquiring production assets, as announced in March.
19 Apr 2018admin correction● Neutral
Corporate governance checklist (Appendix 4G) lodged with the 2017 annual report, dated 19 April 2018. It is an administrative filing with no operational or financial news.
29 Mar 2018annual report▼ Bad
Statutory accounts for 2017 show a loss of US$10,135,616 against US$1,069,747 in 2016. Seram produced 1.042 million bbl, down 25%, at an operating cost of US$16.56/bbl. The accounts do not state the cause of the larger loss in the visible text.
28 Mar 2018asset acquisition disposition● NeutralMajor
Following its strategic review, Lion will focus on buying producing or near-producing assets in South East Asia and keep Seram as its core asset. It plans to sell non-core assets, meaning other conventional exploration and the unconventional studies, and has received interest from several parties.
27 Mar 2018material agreement● Neutral
Service contracts for Executive Chairman Tom Soulsby (US$13,500 a month) and Executive Director Damien Servant (US$9,500 a month), effective 1 February 2018. They also get 2.5m and 1.5m performance rights respectively, subject to shareholder approval and vesting conditions.
14 Feb 2018director officer appointment● NeutralMajor
Board overhaul: CEO Kim Morrison and Stuart Smith resigned. Tom Soulsby, CEO of Risco Energy (Lion's largest holder per earlier records), becomes Executive Chairman, and Russell Brimage becomes non-executive. A strategic review of assets aims at a production focus, with results due early March.
16 Oct 2017drilling scheduled● NeutralMajor
The South Block A joint venture (Lion 40.7%) approved the Amanah Timur-2 appraisal well, and the operator signed a rig contract. Drilling now looks set for January-February 2018, later than the September 2017 plan. A dry hole costs about US$345,000 for Lion; a completed and tested well about US$490,000.
14 Sept 2017investor presentation● Neutral
Conference presentation restating reserves and resources at 31 December 2016, including net prospective resources of 180.1 bcf gas and 8.7 mmbbl best estimate. The visible text shows nothing new.
13 Sept 2017half year report● Neutral
Half-year loss to 30 June 2017 was US$404,808 (2016: US$662,003). Seram net production fell 7.2% to 14,969 bbl. After period end, 4.8 million shares were issued to Transform Exploration to settle the Eastern Indonesia acquisition, plus 250,000 to Stuart Smith and 202,000 to consultants.
30 May 2017investor presentation● Neutral
AGM presentation restating reserves and resources at 31 December 2016 and the company's projects. The extract shows net prospective resources of 180.1 bcf gas and 8.7 mmbbl best estimate. No new results are visible in the text provided.
