Citic Finds Promising Results at Lofin-2 Well in Indonesia's Seram PSC

Indonesia-focused oil and gas exploration and production company Lion Energy Limited reported Wednesday that CITIC Resources Holdings Limited (CITIC), the Operator of the Seram (Non-Bula) Production Sharing Contract (PSC) in eastern Indonesia, of which Lion has a 2.5 percent interest, has made an announcement on the Hong Kong Stock Exchange regarding the Lofin-2 appraisal well. The announcement by CITIC, which includes a commentary on the progress of the well, follows.

Drilling of Lofin-2 Appraisal Well

This announcement is made pursuant to rule 13.09 of the Rules Governning the Listing of Securities on the Stock Exchange of Hong Kong Limited (the Listing Rules) and the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

The board of directors (the Board) of CITIC Resources Holdings Limited (the Company) wishes to advise shareholders of the Company (Shareholders) on developments resulting from the drilling of the Lofin-2 appraisal well (Lofin-2) in the Seram Island Non-Bula Block in Indonesia (the Seram Non-Bula Block).


In 2012, CITIC Seram Energy Limited (CITIC Seram) drilled the Lofin-2 exploration well (Lofin-1) to test oil and gas potential of the predominantly limestone Manusela Formation within the Seram Non-Bula Block. Lofin-1 was drilled to a total depth of 14,524 feet (4,427 meters) and results of the drilling showed the presence of oil/condensate and gas.

Lofin-2 Appraisal Well

In October 2014, CITIC Seram commenced drilling Lofin-2 to appraise the Lofin-1 discovery and evaluate the potential oil/gas condensate and gas deposits within the Manusela Formation. Lofin-2 had a planned depth of 17,798 feet (5,425 meters).


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