Production for the year is expected to exceed 1.39 million barrels (3,800bopd)
Lion Energy Limited ("Lion" or "Company", ASX: LIO), advises a total lifting of 500,235 barrels of crude oil was completed on 25 December 2016. This is a record lifting volume from the Seram production facility since the commencement of oil production from the Oseil oilfield.
The realised oil price for the lifting was US$41.50/bbl. Lion's share of revenue is expected to be approx. US$490,000 after deduction of government entitlement.
This lifting brings total liftings for the year to 1,404,582bbl, representing a 20% increase from 2015. Lion's share of liftings for the year, after Government entitlement, is 29,847bbl.
Production from the Oseil and surrounding oilfields is expected to exceed 1.39mmbbl for the year (3,800bopd). This would represent an increase of approximately 14% from 2015 production of 1.22mmbbl (3,346bopd).
Lion's CEO, Kim Morrison, noted "The funds received from this end of year lifting, coupled with the recently announced capital raise of A$650,000, is an excellent outcome for the company as it awaits the spud of the exciting Amanah Timur-1 well on or about 1 January 2017."
Seram (Non Bula) Block PSC Production and Export Facility
Lion at a glance
ASX listed oil and gas E&P company focused
on Indonesia, with two conventional PSC's.
Net production of around 100bopd from the Seram PSC which also contains the Lofin gas/condensate field.
An early mover in Indonesia's fledgling
unconventional oil & gas industry.
Leveraging synergies in conventional assets and access to both infrastructure and markets.
Executive team and strategic investors with impressive track records for value creation in Indonesia.
Contact
Lion Energy Limited ABN 51 000 753 640 ASX Code: LIO
7/295 Rokeby Road Subiaco
WA 6008, Australia
Post Box 512
West Perth Business Centre WA 6872, Australia
Tel +61 8 9211 1500 | Fax +61 8 9211 1501
[email protected]
www.lionenergy.com.au
Directors & Officers
Russell Brimage Executive Chairman Kim Morrison Chief Executive Officer Stuart B. Smith Executive Director Tom Soulsby Non-Executive Director Chris Newton Non-Executive Director Zane Lewis Company Secretary
For more information contact
Kim Morrison
+61 404 490 964
[email protected]
Stuart Smith
+65 9820 3889
[email protected]
Zane Lewis
+61 400 007 900
[email protected]
Lion at a glance