Citic Continues Drilling at Lofin-2 Appraisal Well in Indonesia's Seram PSC

Lion Energy Ltd. reported Wednesday that the Lofin-2 appraisal well in Seram (Non-Bula) Production Sharing Contract in eastern Indonesia has reached a depth of 17,949 feet (5,471 meters) measured depth (MD)/16,824 feet (5,128 meters) true vertical depth subsea (TVDSS), slightly below its initial planned total depth of 17,798 feet (5,425 meters) MD, as the well continues to encounter hydrocarbon shows. Wireline logging is currently underway to evaluate the 2,825 feet (861 meters) open-hole section of the Manusela primary objective.

Since Lion’s last update on the well March 25, further coring was undertaken prior to a resumption of drilling 6 inch hole in the Manusela limestone objective from 15,978 feet (4,870 meters) to the current total depth of 19,262 feet (5,871 meters) MD.

On completion of wireline logging, the well will be flow tested and, subject to a successful flow period and shut-in pressure build up, production logging tools will be run to determine potential productive zones within the extensive Manusela Formation limestone section.

Should the evaluation confirm that the well is still in hydrocarbons at the current depth, it is likely the well would be deepened beyond the initial planned total depth to fully appraise the extent of the potential hydrocarbon column.

Lion’s CEO Kim Morrison noted “We continue to be encouraged by results from Lofin-2 with positive geological indications with respect to hydrocarbon shows and reservoir within the Manusela limestone objective, although we caution that performance of limestone reservoirs can be uncertain. We compliment the Operator, CITIC, on the successful engineering outcome thus far on the well and now look forward to results of the wireline logging and testing program.”

Lofin-2, which was spud Oct. 31, 2014, is located in the Seram (Non Bula) PSC in eastern Indonesia and is being drilled to appraise the Lofin-1 discovery made in 2012. Lofin-1 flowed 15.7 million standard cubic feet per day (MMscf/d) of gas and 171 bpd oil/condensate from the fractured Manusela Formation encountered from 13,999 feet (4,267 meters) MD/13,661 feet (4,164 meters) SSTVD through to total depth 14,524 feet (4,427 meters) MD/14,186 feet (4,324 meters) SSTVD. The objective of the well is to investigate the extent of the hydrocarbon column below the 525 feet (160 meters) delineated in Lofin-1 which could not be drilled deeper due to engineering issues.

Lion has a 2.5 percent interest in the Seram (Non Bula) PSC which is operated by CITIC Seram Energy Ltd. (51 percent) with other co-venturers being KUFPEC (Indonesia) Ltd. (30 percent) and Gulf Petroleum Investment Company (16.5 percent).

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