Past year: ▲ 0%(1.00c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 July 2015quarterly activities report▲ Good
June quarter: Seram averaged 2,984 bopd (75 net), exiting at about 3,440 bopd after Oseil-27. Lofin-2 gas discovery confirmed; South Block A extension to end 2016 formally approved. 2015 production forecast raised to 2,900 bopd average.
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.
30 Apr 2015quarterly activities report● Neutral
Cash flow report for the March quarter: cash fell from US$4.53m to US$4.08m, with operating outflow of US$440k against receipts of US$566k. Next-quarter outflows are estimated at US$1.26m. No borrowings.
30 Apr 2015quarterly activities report● Neutral
March quarter: Seram averaged 2,856 bopd (71 net) and Lofin-2 reached 5471m, with a decision to drill deeper before flow testing. Oseil-27 was spudded. South Block A term extension (drilling commitment to end 2016) is awaiting government approval.
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.
30 Jan 2015quarterly activities report● Neutral
December quarter: Seram averaged 2,939 bopd (73 net); Phase 3 Oseil development awaiting approval. Lofin-2 at 3612m, with the objective now late February/early March 2015, later than the early-February forecast. Paya Bili (Amanah Timur-1) well now planned April 2015; Bohorok deal clears path for joint study.
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.
23 Dec 2014other● Neutral
Administrative notice that 5,812,523 restricted shares and 208,333 restricted 26c options expiring 10 July 2015 will be released from escrow on 10 January 2015. No other substance.
19 Dec 2014farm in farm out agreement▲ GoodMajor
Lion joins Bukit Energy and New Zealand Oil & Gas in North Sumatra: Lion gets an option on 15% of the conventional Bohorok PSC, while the partners can take 45% of Lion's overlapping unconventional joint study application. Bohorok well planned 4Q 2015.
19 Dec 2014farm in farm out agreement● Neutral
Partner New Zealand Oil & Gas confirms the Bohorok deal: Lion's option on 15% of the conventional PSC for the partners getting 45% of the unconventional study, leaving Lion 55%. If exercised, Lion reimburses 15% of back costs. Repeats Lion's announcement.
27 Nov 2014investor presentation● Neutral
November 2014 investor presentation repeating the 1 January 2014 reserves and resources table and known strategy. It notes Seram prospective resources were updated on 6 November 2014. No new results visible.
