Past year: ▲ 0%(1.00c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 June 2026farm in farm out completion▲ GoodMajor
Indonesia's energy ministry approved the transfer of a 15% East Seram interest to OPIC, completing the January 2026 farm-out. Lion's subsidiary now holds 45% and OPIC 55%; OPIC funds 88% of Bula Karang-1 up to US$5.6m. Resolves the pending approval; spud targeted August 2026.
3 June 2026drilling scheduled● Neutral
Bula Karang-1 spud has slipped from early July to August 2026, with rig mobilisation mid-July and initial testing in September. All major service contracts are awarded, the environmental plan is approved and site clearing has started. First production is planned 1H2027 if successful.
25 Feb 2026drilling progress report● Neutral
Bula Karang-1 preparations: most approvals secured, rig tender under way with award expected March, and spud now targeted for early July 2026. Lion calls securing the rig at the right price a key schedule risk. Chance of success is put at 38%.
6 Jan 2026farm in farm out agreement▲ GoodMajor
Lion signed a farm-out with partner OPIC (CPC Corporation subsidiary): OPIC funds 88% of the Bula Karang well, capped at US$5.6m, and earns 15% more of East Seram. Lion's share is about US$0.7m, and it keeps 45%. Needs Indonesian government approval; resolves the funding thread.
5 Dec 2023farm in farm out agreement▲ GoodMajor
Lion appoints Moyes & Co, who advised on the earlier OPIC deal, to find a partner to take part of its 60% East Seram interest in exchange for a funded exploration well. The process is expected to conclude mid-2024. No partner is yet secured.
11 Oct 2023resource reserve update▲ GoodMajor
East Seram's three targeted prospects (Kobi, Waru, Tanah Baru) rise 20% to a combined unrisked P50 of 828 mmboe from 675 mmboe. Kobi is the standout (up to 110 km², P50 range 98-1047 mmboe). Lion is advancing a farm-out for a free-carried well.
6 July 2023resource reserve update▲ GoodMajor
Interpretation of the new ~200km East Seram seismic confirms all targeted prospects, with closures up to 90 km² and hydrocarbon columns up to 1200m. Pre-survey prospective resource was 675 mmboe unrisked. Lion (60%) has a 20% OPIC carry to a US$10m well cost cap; the resource figure is not yet updated.
30 Jan 2023drilling progress report▲ GoodMajor
Recording of the East Seram onshore seismic survey finished, with 194km recorded and no lost-time incidents, within 10% of the US$7.2m budget. One line in Tanah Baru was skipped over land access. Processing is due Q2 2023, then possible drillable targets.
21 Dec 2022drilling progress report● Neutral
Re-entry of the Lofin-2 gas well began 19 December, with testing in January and completion expected early February 2023. The test aims to reaffirm the 1.45 TCF contingent resource (Lion 2.5% interest). Sale of 10% of the PSC would cut Lion's interest to 2.25%.
25 Oct 2022drilling progress report● Neutral
East Seram onshore seismic is over 95% surveyed and about 50% shot-hole drilled; recording starts late October, later than the earlier early-August plan. Cost is expected within 5% of about US$7.2m. Processing is due around March 2023.
24 June 2022drilling scheduled▲ Good
The Seram (Non-Bula) operator confirmed the Lofin-2 re-entry and extended test for September 2022, on the 1,450 Bcf (2C) discovery (Lion share 36.3 Bcf). The East Seram seismic recording is due to start in early August, finishing Q4 2022.
21 Dec 2021drilling scheduled▲ GoodMajor
Seram (Non-Bula) partners approved re-entering Lofin-2 for an extended gas test in Q2 2022, at gross cost US$12.3m (Lion ~US$0.3m). It targets the 1,450 Bcf (2C) discovery; this firms up the test earlier flagged as deferred to mid-2022.
16 June 2021resource reserve update▲ GoodMajor
Interpretation of the 664km East Seram seismic lifts Plio-Pleistocene prospective resource (P50) from ~95 to 209 mmboe, up 120%, with 13 offshore prospects and leads (previously 6). PP6 has P50 54 mmboe. Resources are unrisked; PSC area shrinks to 4,557 km2 after 17 July.
13 Apr 2021resource reserve update▲ GoodMajor
New Miller and Lents report lifts Oseil field 2P reserves 203% to 4.37 MMbbl gross (Lion 2.5% share 0.109 MMbbl). Lofin gas 2C contingent resource is cut to 1,450 Bcf (Lion 36.3 Bcf) from 2,020 Bcf, on a lower recovery factor.
17 Mar 2021drilling result▲ Good
Processing of the 664km East Seram marine seismic is complete, so Lion has met its firm PSC commitment ahead of schedule. Interpretation has begun and is expected to finish in May 2021; onshore survey timing depends on Covid-19.
11 Jan 2021drilling progress report● Neutral
Processing of the 664km East Seram marine seismic is on track, with final data expected in March 2021 and interpretation in Q2 2021. A ~200km onshore survey is still being planned. No new results.
11 Nov 2020drilling result▲ GoodMajor
Offshore East Seram seismic survey finished 9 November: 664km acquired, 22% more than the 545km planned, within the ~US$800,000 budget. Data quality looks good; interpretation is due early 2021. Firm PSC commitment is met once data is processed.
2 Nov 2020drilling scheduled▲ Good
The Barakuda vessel is heading to start the ~545km East Seram offshore 2D seismic survey, expected within two weeks at a cost of about US$800,000, largely covered by CPC's farm-in. It targets 7 prospects and leads with ~100 mmboe P50 unrisked prospective resource.
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.
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.
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.
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.
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.
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).
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.
