Australia's Lion Energy Limited issued Tuesday statutory accounts for the 2014 financial year which cover the period in which a series of transactions introduced: new management with proven Indonesian track records; new assets including rights to unconventional applications; new funding of $8.23 million (AUD 9.5 million) and new supportive shareholders. Largely as a result of these transactions, the market capitalization of Lion increased from $2.69 million (AUD 3.1 million) as at July 1, 2013 to $14.83 million (AUD 17.1 million) as at June 30.
Key points include:
The Lion board was strengthened with the addition, in executive roles, of Kim Morrison (CEO) and Stuart Smith (Finance Director). Tom Soulsby and Chris Newton from Risco, both with proven records of creating substantial value in Indonesian energy space, were appointed as non-executive directors. The new directors joined Russell Brimage who continues as Chairman providing important continuity within the board. In addition, a highly skilled advisory panel has been established which includes North American based unconventional exploration and operation experts.
Lion’s CEO Kim Morrison noted “Lion Energy has entered the 2015 financial year well positioned with a motivated management and advisory team, supportive shareholders, a focussed strategy and a strong cash position. We now look forward to a number of high impact wells and progressing some attractive acreage acquisition opportunities. I would like to take the opportunity to thank all our shareholders for their continued support.”
South Block A PSC (Lion 35 percent)
In South Block A PSC a 113.7 mile (183 kilometer) seismic survey over key prospects and leads was completed safely, on budget. The data has been processed and interpretation that is currently underway is confirming the highly attractive prospect portfolio. Planning has commenced for a well scheduled for 1Q 2015 to test a low risk, shallow oil and gas prospect.
Seram (Non-Bula) PSC (Lion 2.5 percent)
A successful development drilling program was completed during the year ended June 30. With the impact of new wells, production from the Oseil oilfield and surrounding structures was ahead of budget at 944,968 barrels of crude oil (23,624 barrels net to Lion) at an average daily rate of 2,589 barrels of oil per day (bopd) (64.7 bopd net to Lion). Net revenue to Lion from three lifting during the year was $2,209,747. Current daily production, as at Sept. 29, is 2,994 bopd (74.9 bopd net to Lion).
The joint venture now looks forward to spudding of the Lofin-2 appraisal well in October to appraise the exciting 2012 Lofin discovery.
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