Past year: ▲ 0%(1.00c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Mar 2016resource reserve update▲ GoodMajor
DeGolyer & MacNaughton put Seram proven (1P) oil reserves at 4.88 mmbbl at end 2015, against 4.75 mmbbl a year earlier. After 1.22 mmbbl of 2015 production this is a 28% increase. The joint venture is suspending further development drilling, including Oseil-23, to maximise cash flow.
24 Nov 2015drilling spud▲ Good
Oseil-22, the sixth Phase 3 development well, spudded 18 November 2015, projected to add about 500 bopd. Field output exceeds 4,000 bopd (~100 net). Lion received US$332,609 from the September lifting. Four more wells are planned for the first half of 2016.
2 Nov 2015admin correction● Neutral
Corrects a typo in the 30 October Appendix 5B: year-to-date exploration payments are US$1,376 thousand, not US$1,3776 thousand. Administrative only, no new information.
8 Oct 2015resource reserve update▲ GoodMajor
Lion reports Lofin 2C contingent resources of 2,020 bcf gas and 18.25 mmbbl condensate (100% basis), after the Lofin-2 appraisal well; Lion's 2.5% share is 50 bcf and 0.46 mmbbl. PSC extension beyond October 2019 is needed to convert this to reserves.
14 Sept 2015production update▲ Good
Oseil-28 completed as a producer at about 640 bopd, lifting Seram field output about 18% to roughly 4,000 bopd (Lion about 100 bopd). Drilled about US$2.25m under its US$9.955m budget; Oseil-22 is next.
9 Sept 2015half year report● Neutral
Interim report for six months to 30 June 2015 shows a loss of US$691,392 (prior-year period loss US$932,537). Confirms Lofin-2 gas discovery and South Block A extension to 4 December 2016, and the 3.67m options expiry.
2 Sept 2015investor presentation● Neutral
Technical presentation at the Good Oil Conference on conventional versus unconventional plays in Indonesia. States the two joint studies (~7,200 km2) are over 50% complete and two further applications are progressing. No new results.
2 Sept 2015investor presentation● Neutral
Good Oil Conference presentation by the CEO restating the 1 January 2015 reserves table and strategy. Notes the Seram contingent resources are not yet updated for Lofin-2. Shows no new results.
21 July 2015drilling progress report▲ Good
Lofin-2 is suspended as a potential gas producer and the rig released 19 July; the gas column is put at 1106m, possibly 1300m. Oseil-28 spudded 18 July; field output is about 3,430 bopd (86 net), helped by Oseil-27 at 740 bopd.
13 July 2015security holder rights change● Neutral
3,666,667 unlisted options exercisable at 26c expired unexercised on 10 July 2015. Administrative; no cash was raised from them.
2 July 2015director officer appointment● Neutral
Arron Canicais of SmallCap Corporate is appointed Joint Company Secretary from 1 July 2015, alongside Zane Lewis. He has worked with Lion in a finance role since early 2014.
15 June 2015investor presentation● Neutral
Directors visited Shenzhen and Shanghai in the week of 1-5 June 2015 to meet potential investors; the 2 June presentation is re-released with a Chinese translation. No new results or deals stated.
12 June 2015admin correction● Neutral
Share registry Computershare notifies that its Perth office moves to Level 11, 172 St Georges Terrace from 15 June 2015. Administrative only, no substance for the company.
4 June 2015other● Neutral
Lion changes its financial year end to 31 December to match majority shareholder Risco, as required by the Singapore Companies Act. The current year becomes 18 months (to 31 Dec 2015); a half-year report is due by 11 September 2015.
2 June 2015investor presentation● Neutral
June 2015 investor presentation repeating the 1 January 2015 reserves and resources table and known strategy. Visible text shows no new results.
28 May 2015flow test result▲ GoodMajor
Lofin-2 (Lion 2.5%) flowed gas at up to 17.8 mmcfpd from the Manusela limestone, with some water. Results support a gas column of at least 1106m, possibly 1300m. Resolves the open flow-test thread; forward plan is under joint venture discussion.
18 May 2015production update▲ GoodMajor
Oseil-27 development well in Seram (Lion 2.5%) is flowing about 600 bopd, lifting field output to about 3,100 bopd (78 net). The regulator approved Phase 3, allowing up to six more wells at 0.4-0.6 million bbl each. Resolves the open Oseil-27 and Phase 3 approval threads.
15 May 2015regulatory community update● Neutral
Lion forwards an announcement by partner Peak Oil & Gas about extending the South Block A PSC exploration period (Lion 35%). The Peak text is not visible here, so the terms are not known; it follows the pending extension noted in the quarterly report.
15 May 2015drilling progress report● NeutralMajor
Lofin-2 reached 5861m with continuing gas and oil shows; pressure data suggest a hydrocarbon column of at least 761m, or 1106m including Lofin-1. Stuck drill string problems mean only a 437m open-hole section will be tested, and deeper testing may not be possible.
29 Apr 2015drilling progress report▲ Good
Lion relays operator CITIC Resources' Hong Kong announcement: Lofin-2 is at 5,602m and under test, with promising results so far. CITIC proposes deepening the well, but cautions that limestone reservoir performance is uncertain and an independent reserves report is needed.
22 Apr 2015other● Neutral
Chairman's letter to shareholders reviewing progress since January 2014 and restating strategy, Seram outperformance and the two joint study awards. Says three further award applications are in process. Adds no new results; Lofin-2 results are expected in coming weeks.
15 Apr 2015drilling progress report▲ Good
Lofin-2 reached 5471m, slightly beyond the planned 5425m, as hydrocarbon shows continued. Logging is underway, then open-hole flow testing; if still in hydrocarbons the well will likely be deepened. CEO cautions limestone reservoir performance is uncertain.
25 Mar 2015drilling progress report▲ Good
Lofin-2 at 4867m has penetrated 255m of Manusela with gas readings up to 229 units; preliminary data suggest a potential hydrocarbon column of at least 600m. A first coring attempt recovered only 1.7m. CEO cautions it is too early to call the outcome.
17 Mar 2015investor presentation● Neutral
March 2015 company update presentation for a conference, restating the 1 January 2015 reserves and resources table and known strategy. Visible text shows no new results.
17 Mar 2015drilling progress report● Neutral
Lofin-2 (Lion 2.5%) hit the Manusela limestone target at 4615m, 125m lower than predicted, with weak gas and fluorescence shows. The company cautions that fluid content is unknown until logging and testing; drilling continues toward 5425m.
16 Mar 2015half year report● Neutral
Half-year to 31 December 2014 shows a US$546,918 profit (prior-year loss US$1.37m), helped by an US$784,980 tax benefit; a pre-tax loss of US$238,062. Sales were US$1.13m. Auditor is now shown as Ernst & Young. Risco holds 55.28%.
2 Mar 2015regulatory community update▲ GoodMajor
Indonesia's regulator awards Lion two unconventional joint studies: 4,684 km2 in North Sumatra (Lion 55%) and 2,478 km2 in Central Sumatra (Lion 75%), both operated by Lion, about six months each. Resolves the open thread on joint study awards; priority rights to any resulting PSC.
25 Feb 2015security holder rights change● Neutral
Lion issues 795,769 shares at a deemed 20c to advisers, staff and director Stuart Smith (250,000), including 500,000 to adviser Sammy Hamzah, in lieu of cash. Shareholders approved this at the November 2014 AGM; the company says it conserves cash.
19 Feb 2015drilling progress report▲ Good
Lofin-2 has 9-5/8 inch casing cemented at 3661m and is drilling at 3972m; the Manusela objective is expected around 4509m. Oseil-27 Phase 3 development well is due to spud in late February, projected to add 500 bopd, with operator forecasting about 4,500 bopd.
24 Dec 2014drilling progress report▲ Good
Lofin-2 reached 2295m with 13-3/8 inch casing cemented, said to be on schedule; Manusela objective expected early February 2015. Oseil produces over 3000 bopd, 2014 average to November 2.838k bopd versus 2,500 forecast. About 300,000 bbl lifting due 26-27 December.
