Lion Energy Provides Update on Operations at Seram PSC in Eastern Indonesia

Lion Energy reported Tuesday that the company's CEO Kim Morrison noted “Oseil-21 continues the positive news from the Seram Production Sharing Contract (PSC) on the island of Seram in eastern Indonesia. Combined with the Oseil-26 well it has significantly increased production from the Oseil field complex. We now look forward to the appraisal of the exciting Lofin gas/oil discovery.”

The Oseil-21 development well is a follow-up to the successful Oseil-26 well that continues to produce strongly, at a rate of approximately 600 barrels of oil per day (bopd) on a 23/64 inch choke, with less than 1 percent water cut.

Lion, via its wholly owned subsidiary, Lion International Investment Ltd, holds a 2.5 percent participating interest in the Seram (Non-Bula) PSC, located onshore Seram Island in eastern Indonesia. The major equity holder and operator of the joint venture is CITIC Seram Energy Ltd (51 percent). Other partners are KUFPEC (Indonesia) Ltd (30 percent) and Gulf Petroleum Investment (16.5 percent).

The block contains the Oseil oilfield and surrounding structures that have produced cumulative crude oil production of 12,394,564 barrels since the initial field start-up in January 2003 through to May 11.

Oseil-21

The Oseil-21 development well was spud Feb. 24. Seven inch casing was set at 7,190 feet (2,191 meters) measured depth (MD) and 6.125 inch open hole was drilled to a total depth of 7,793 feet (2,375 meters) MD (6,391 feet or 1,948 meters total vertical depth, or TVD).

The well was drilled within schedule and on budget.

As of May 11, the well is producing above expectations at 526 bopd on a 24/64 inch choke with less than 2 percent water.


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