Seram PSC Plans to Drill Lofin-2 Appraisal Well in Indonesia's Seram Island

Lion Energy announced Tuesday that the operator of the Seram (Non-­Bula) PSC in Seram Island in eastern Indonesia, in which Lion has a 2.5 percent interest, has completed a crude oil lifting of 357,786 barrels (8,944 barrels net working interest to Lion). Based on the sales price of $94.09/barrel, this will generate revenue to Lion of  approximately $841,540 (AUD 850,000) net of all Indonesian Government taxes and entitlements. With three liftings expected for the year, this places the company in a good position to exceed its revenue forecast of $2.17 million (AUD 2.2 million).

“We continue to be pleased by the solid production performance from the Seram Project which is exceeding our production forecasts. We now look forward to the drilling of the Lofin-­2 appraisal well which has material upside potential for Lion” said Lion’s CEO, Kim Morrison.

The Oseil fields are currently producing over 3,100 barrels of oil per day (bopd) or 78 bopd net working interest to Lion, versus a full year estimate of 2,500 bopd. This is supported by the recently  completed OS-­26 and OS-­21 development wells, which are producing 600 bopd and 560 bopd, respectively.

The block contains the Oseil oilfield and surrounding structures that have produced cumulative crude oil production of 12,439,718 barrels since the initial field start-up in January 2003 through to May 26.

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).

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