Past year: ▲ 0%(1.00c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Jan 2020quarterly activities report▲ Good
December quarter: JOA with CPC signed in November; government approval of the 40% transfer expected Q1 2020. Cash rose to US$1.62m. Lion is discussing a further 10% East Seram farm-out; seismic is now planned for H2 2020, later than earlier plans.
30 Oct 2019quarterly activities report▲ Good
September quarter: Seram produced 1,706 bopd gross (~40 net). Lion received US$1.09m from CPC after quarter end under the East Seram farm-out, which still needs government approval. A 476,384 bbl lifting completed 2 October; a medium-term offtake deal with Freepoint was secured.
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.
30 July 2019quarterly activities report● Neutral
June quarter: Seram produced 1,776 bopd gross (42 net); no lifting, next due October. The 16.5% purchase now stated as subject to Lion funding it and shareholder approval. East Seram farm-out expectation slips from mid-2019 to Q3 2019.
30 Apr 2019quarterly activities report● Neutral
March quarter: Seram produced 1,794 bopd gross (42 net), with no liftings since December. Lion still works on the 16.5% purchase and expects an East Seram farm-out in mid-2019. Next lifting likely July.
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.
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.
29 Jan 2019quarterly activities report● Neutral
December quarter: Seram averaged 1,855 bopd gross (44 net). A December lifting should bring Lion about US$435,365 in early February. Lion is hosting East Seram farm-in partners and expects to conclude a farm-out by mid-2019. The 16.5% purchase still needs funding.
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.
25 Oct 2018quarterly activities report● Neutral
September quarter: Seram averaged 1,868 bopd gross (44 net), with no liftings. Lion has government approval to open an East Seram farm-in dataroom in Q4 2018 and still seeks more Seram exposure. South Block A sale still needs government approval.
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.
27 July 2018quarterly activities report▲ Good
June quarter: Seram produced 1,933 bopd gross (46 net). A 359,929 bbl lifting at US$64.70 should bring Lion over US$580,000 in August. The quarter also saw the Seram extension, East Seram award, A$3.09m raise and South Block A sale.
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.
