Resource Estimates Point to Significant Find at Lofin Field in Indonesia

Lion Energy Limited (Lion or Company) reported Thursday contingent resources for the Lofin Field. The estimates confirm a significant gas/ condensate discovery in the Seram Non-Bula Block PSC, located in eastern Indonesia, in which Lion has a 2.5 percent interest.

The contingent resource estimates compiled by Lion are based on analyses of available data including 2D seismic coverage and data acquired from the Lofin-1 ST and Lofin-2 wells (both wells tested gas and condensate in the fractured limestone of the Manusela Formation).

Contingent Resource Estimate – Lofin Field

Gross (100 percent) PSC

  • Gas (billion cubic feet or Bcf): 1C (P90) - 879.5; 2C (P50) - 2,020.1
  • Condensate (million barrels): 1C (P90) - 8.0; 2C (P50) - 18.3
  • Total (million barrels of oil equivalent or MMboe): 1C (P90) - 145.5; 2C (P50) - 345.9

Net to Lion Working Interest (2.5 percent)

  • Gas (Bcf): 1C (P90) - 21.99; 2C (P50) - 50.50
  • Condensate (million barrels): 1C (P90) - 0.20; 2C (P50) - 0.46
  • Total (million barrels of oil equivalent or MMboe): 1C (P90) - 3.64; 2C (P50) - 8.65

CITIC Resources Holdings Limited (CITIC), the operator of the Seram Non-Bula Block PSC, is currently in discussions with Indonesian regulatory authorities to extend the PSC which is due to expire Oct. 31, 2019.

This release, which conforms to SPE-PRMS classification guidelines, follows an announcement to the Hong Kong Stock Exchange Oct. 6, 2015 by CITIC regarding an independent report evaluating the gas and condensate resources of the Lofin Field.


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