Past year: ▲ 0%(1.00c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 May 2017asset acquisition disposition▲ GoodMajor
Lion will go from 50% to 100% of the joint study rights over an Eastern Indonesia area of more than 6,500km2, paying at least 4.8 million shares to Transform Exploration, subject to AGM approval. It could rise to 8 million if Lion raises capital below 5c within twelve months (floor 3c).
18 Apr 2017admin correction● Neutral
Corporate governance checklist (Appendix 4G) lodged with the annual report, dated 18 April 2017. It is an administrative filing with no operational or financial news.
18 Apr 2017annual report● Neutral
The 2016 annual report repeats known results: Seram cash flow positive at about US$40,000 a month net, operating cost US$14.34/bbl, South Block A at 40.7% and extended four years. It also notes the Eastern Indonesia joint study and a focus on buying production assets.
30 Mar 2017annual report● Neutral
Full-year 2016 accounts show a loss of US$1,069,747 (18 months to Dec 2015: US$835,963). The A$650,000 placement was 13,000,000 shares at A$0.05, with 2,200,000 director shares pending approval. No dividend. Consolidated cash was US$1,246,866 at year-end per the annual report.
25 Jan 2017regulatory community update▲ GoodMajor
The regulator granted a 4-year extension of the South Block A exploration term to 19 January 2021, following the Amanah Timur-1 discovery that met the firm commitments. The permit shrinks to 421km2 but keeps all prospects; the optional program is up to 3 wells and 50km2 of 3D seismic.
20 Jan 2017drilling result● NeutralMajor
Amanah Timur-1 was plugged and abandoned at 347m after the stuck pipe could not be freed, so the two deeper targets were never tested. The company calls it a gas discovery in the "700" sand, with appraisal to follow. The block's drilling commitment is now met, avoiding a US$3m gross penalty.
17 Jan 2017drilling progress report▼ Bad
Amanah Timur-1 had a gas influx from the "700" sandstone. The well was stabilised with heavier mud, but the drill pipe became stuck at 347m. The operator is trying to free it, so the well's planned depth of 570m is now at risk.
17 Jan 2017security holder rights change● Neutral
406,250 unlisted options exercisable at 26c lapsed on 16 January 2017 unexercised. This was an expected expiry, so the options simply fall away.
13 Jan 2017drilling progress report● Neutral
At 347m, Amanah Timur-1 hit 11m of good sand in the "700" objective with very high gas (32%) and some oil fluorescence. Drilling stopped to raise mud weight; logs and 7-inch casing come next. The US$1.3m well budget is under review.
11 Jan 2017drilling progress report▲ Good
Amanah Timur-1 drilled to 323m, finding more gas zones (up to 3.2%) with formations still coming in high to prediction. Logging and possible testing are planned; no flow results have been reported yet.
10 Jan 2017drilling progress report▲ Good
Amanah Timur-1 shows elevated gas (up to 5.4%) and some oil fluorescence in the first target sandstone, which came in 29m high to prediction. Wireline logs and production testing are still needed to establish what fluid is present.
5 Jan 2017drilling spud▲ GoodMajor
Amanah Timur-1 spudded on 3 January 2017, after the December delays. It targets shallow sandstones that produced oil before the 1930s, with gross prospective resources of 2.0-10.7 mmboe. Lion holds 40.7%; the well costs US$1.3m gross (US$0.53m net).
29 Dec 2016production update▲ Good
A record 500,235 bbl Seram lifting at US$41.50/bbl should bring Lion about US$490,000, above the roughly US$450,000 forecast on 6 December. 2016 liftings total 1,404,582 bbl, up 20% on 2015; Lion's share is 29,847 bbl.
21 Dec 2016capital raising announcement● Neutral
Only A$50,000 of the extra funds was actually received, so the total placement is A$650,000, not the A$700,000 announced on 9 December. This corrects the earlier figure.
20 Dec 2016drilling scheduled▼ Bad
Amanah Timur-1 spud is now expected around 30 December, after piling work due to finish by 25 December. The company expects only a minor cost impact and results in early 2017. This is the third delay to the spud date.
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.
9 Dec 2016capital raising announcement▲ Good
Lion accepted a further A$100,000 of shares from sophisticated investors, lifting the placement announced 6 December from A$600,000 to A$700,000. No issue price is stated.
6 Dec 2016capital raising announcement▲ GoodMajor
Lion raised A$600,000 before costs from sophisticated investors and management; no issue price is stated. Amanah Timur-1 (Lion 40.7%) is now due to spud 12 December. A Seram lifting of at least 500,000 bbl is expected to bring about US$450,000 net to Lion.
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).
24 Nov 2016investor presentation● Neutral
November 2016 investor presentation restating reserves and resources, updated for the higher South Block A interest (best-estimate prospective 209.4 bcf gas, 10.1 mmbbl oil net). It repeats known facts and adds no new result.
24 Nov 2016other● Neutral
Notice that a company-commissioned Strachan Corporate research report, with a valuation and commentary on Amanah Timur-1, is on Lion's website. The announcement itself has no figures or new business information.
23 Nov 2016asset acquisition disposition▲ GoodMajor
Lion's South Block A interest rises from 35% to 40.7% after Lion and operator REE defaulted partner POGI, which held 14%. Lion's extra drilling cost is about US$74,000, adding 6.3 mmboe of best-estimate prospective resource. Resolves the partner-funding uncertainty.
9 Sept 2016half year report● Neutral
Half-year to 30 June 2016 shows a loss of US$662,003 (US$691,392 a year earlier), with revenue of US$242,719 from one lifting. A new conventional joint study in Eastern Indonesia was awarded; Amanah Timur drilling is expected in Q4 2016.
30 May 2016investor presentation● Neutral
AGM presentation reviewing operations and restating end-2015 reserves and resources, including prospective resources of 180.1 bcf gas and 8.7 mmbbl oil best estimate net to Lion. It repeats known facts and adds no new result.
26 Apr 2016annual report● Neutral
2015 annual report (18 months to 31 Dec 2015) repeats a US$835,963 loss and the Lofin 2C resource of 2.02 tcf gas (50 bcf net to Lion). It reports cash of US$2.0m and a strategy tilt toward acquiring producing or near-term gas assets.
11 Apr 2016investor presentation● Neutral
CEO presentation at Seapex on South Block A (35%, 1,579 km2): a commitment well would allow a four-year extension beyond December 2016; Jerneh and Amanah Timur are the high-graded prospects. States both joint studies are complete and two applications are pending.
30 Mar 2016annual report● Neutral
Statutory accounts for the 18 months to 31 December 2015 show a loss of US$835,963. Production averaged 3,230 bopd (81 net) over the period versus 2,589 bopd in the prior year. No dividend; the accounts resolve the pending year-end reporting.
30 Mar 2016annual report● Neutral
Appendix 4G and corporate governance statement for the period ended 31 December 2015, dated 30 March 2016, lodged with the annual report. Compliance paperwork with no new business information.
7 Mar 2016other● Neutral
Altura Mining announcement about settling a A$3m share placement with Lionergy Limited, a Chinese lithium company. It is not about Lion Energy and carries no substance for Lion shareholders.
