Australia's Lion Energy Limited (Lion) announced Tuesday that it has successfully completed a concurrent series of transactions to reposition the company as an early mover in the Indonesian unconventional oil and gas industry, augmented by two Indonesian conventional production sharing agreements (PSCs).
Lion also welcomes two new Indonesian strategic investors and a new leadership team with extensive experience in the Indonesian oil and gas industry. Shareholders at a meeting in Perth Dec. 12, 2013 overwhelmingly approved the transactions. The Australian Securities Exchange (ASX) has formally approved the relisting of Lion shares, with trading to recommence Jan. 22. Lion has raised $8.36 million or AUD 9.5 million (before costs) and has also converted a $1.32 million (AUD $1.5 million) convertible note into ordinary equity.
Lion’s Portfolio Now Comprises:
Under the new portfolio Lion emerges strongly as a pioneer in Indonesia’s emerging unconventional (shale gas/oil, tight gas/oil) business while simultaneously developing exciting, complementary conventional oil and gas production and exploration assets.
“The strong investor support that we have received will underpin the new recapitalized, reskilled and repositioned Lion Energy well into the future,” said Lion’s Executive Chairman, Russell Brimage. “We have a combination of deep experience, highly prospective assets and the requisite exploration and technical development capabilities.”
Lion, via its wholly owned subsidiary, Lion International Investment Limited, holds a 2.5 percent participating interest in the conventional Seram PSC. The joint venture parties are CITIC Seram Energy Ltd (51 percent interest) and operator, KUFPEC (Indonesia) Ltd (30 percent interest) and Gulf Petroleum Investment Company (16.5 percent interest).
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