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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
28 Oct 2016quarterly activities report● Neutral
September quarter: Seram output fell to 3,497 bopd (83 net) from 4,008. Amanah Timur-1 in South Block A is due to spud mid-November at an estimated US$1.2m (US$0.4m net). Cash was US$1.3m; a new Eastern Indonesia joint study was awarded.
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.
25 July 2016quarterly activities report● Neutral
June quarter: Seram output averaged 4,008 bopd (95 net), down from 4,211, yet the field yields about US$40,000 a month to Lion. The Amanah Timur oil prospect in South Block A is planned for Q4 2016. Cash was US$1.391m.
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.
29 Apr 2016quarterly activities report● Neutral
March quarter Seram output averaged 4,211 bopd (99 net), up 4% from 4,042 bopd, and the field turned cash-flow positive after development drilling was suspended. Both unconventional joint studies were formally completed, and cash at quarter end was US$1.75m.
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.
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.
28 Jan 2016quarterly activities report▲ Good
December quarter: Seram output averaged 4,042 bopd (95 net), up 16% on the prior quarter; 2015 averaged 3,346 bopd, up 18%. Oseil-22 drilling progressed; South Block A well remains on track for May 2016 and the unconventional joint studies are nearing completion.
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.
30 Oct 2015quarterly activities report▲ Good
September quarter: Seram output averaged 3,488 bopd (87 net), up 17% on the prior quarter, helped by Oseil-28. Lofin 2C resource restated; PSC renewal is the focus. South Block A drilling is scheduled for May 2016. Cash fell to US$2.68m.
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.