Contract Signed for Seismic Survey Targeting 675 mmboe Prospective Resources

Source: 4/13/2022, Location: Asia

Key highlights:
- Lion executes a contract for a 200km onshore seismic survey with BGP, a highly experienced seismic contracting company
- Survey will target 5 world-class fold-belt structures with combined P50 (Best estimate) Prospective Resource1 potential of 675 mmboe (unrisked)
- Necessary approvals are in place for May 2022 mobilisation with survey anticipated to be completed by Q1 2023

Lion Energy Limited (“Lion”) is pleased to report its wholly owned subsidiary Balam Energy, as Operator of the East Seram PSC, has signed a contract with seismic contractor BGP to conduct the planned 200km onshore seismic survey.

BGP is one of the world largest seismic contracting companies and has considerable experience conducting surveys in locations similar to Seram Island.

Balam Energy has a 60% interest in the East Seram PSC with a 40% participating interest held by OPIC East Seram Corporation (“OESC”), a subsidiary of Taiwan’s CPC Corporation. Under the previously reported farm-in agreement (refer Lion ASX release 26 September 2019), OESC will pay approximately 80% of the total estimated survey cost of US$7.25million.

The survey will investigate the 5 high ranked onshore fold-belt structures in the East Seram PSC (MA-7, Tanah Baru North & South, MA10 & MA-11) with the same Manusela carbonate reservoir objective as proven in the Oseil and Lofin fields. These leads have combined P50 prospective resource1 of 675 mmboe. The largest lead, MA7, has an oil prospective resource1 of Low (P90) 39 mmbbl, Best (P50) 190 mmbbl, and High (P10) 881 mmbbl.

Lion’s Chairman, Tom Soulsby noted “The signing of the contract with BGP represents a major milestone for Lion. The onshore survey will be investigating some of the largest undrilled structures in Indonesia at a highly attractive point in the oil and gas commodity cycle. The Lion team looks forward to working with BGP to enable a safe and successful survey.”

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