Past year: ▲ 0%(1.00c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
27 Apr 2018quarterly activities report● Neutral
March quarter: Seram produced 2,030 bopd gross (48 net). Lion confirms its new strategy of buying producing assets and keeping Seram. The Amanah Timur-2 rig slips again to late July, and Lion is considering farming out or selling South Block A.
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.
31 Jan 2018quarterly activities report▼ Bad
December quarter: Seram produced 2,285 bopd gross (54 net). Cash was about US$795,000, with US$300,584 of lifting proceeds due in February. The Amanah Timur-2 well slips again, from Q1 to Q2 2018, because the rig is expected to be available only in early April.
30 Oct 2017quarterly activities report● Neutral
September quarter: Seram produced 2,533 bopd gross (about 60 net), down from 3,138 bopd. A 350,186 bbl lifting was completed on 9 September. Cash was US$0.864m, plus US$362,952 received in October. Amanah Timur-2 is planned for Q1 2018.
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.
31 July 2017quarterly activities report● Neutral
June quarter: Seram produced 3,138 bopd gross (74 net), down 8.8% on natural decline and water-cut management. Cash was US$1.2m. Amanah Timur-2 appraisal spud is planned for September 2017, and 100% of the Eastern Indonesia rights were secured.
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.
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).
28 Apr 2017quarterly activities report● Neutral
March quarter: Seram produced 3,480 bopd gross (about 87 net). US$519,345 from the December lifting arrived. Cash was US$1.083m. Planning is advanced for the Amanah Timur-2 appraisal well, and the Eastern Indonesia joint study is complete.
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.
30 Jan 2017quarterly activities report● Neutral
December quarter: Seram produced 3,512 bopd gross (83 net), and 2016 output was 1.39 million bbl, up 14%. Cash was US$990k plus about US$290k in joint venture accounts. The A$650,000 placement was at A$0.05 a share, with directors' A$110,000 subject to shareholder approval.
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.
