Lion Energy Limited suggested that the Indonesian Minister for Energy and Mineral Resources, Mr Ignasius Jonan, introduced that Lion Energy Ltd has been awarded the East Seram Block. He introduced this within the opening session of the Indonesian Petroleum Association’s Annual Convention. Mr Jonan suggested that the East Seram Block was awarded to the Company beneath a Gross Split Production Sharing Contract (GS PSC), the industrial phrases of that are to be finalized previous to execution of the contract between the Company and the Indonesian authorities. Lion has been awarded a 100% taking part curiosity within the block.
Lion’s CEO Tom Soulsby famous “This working space gives synergy with Lion’s curiosity within the income producing Seram (Non Bula) Block PSC (SNBB), with the world having delivered important discoveries and present manufacturing. The important infrastructure established within the SNBB to serve the present manufacturing can probably be harnessed to quick observe new discoveries within the East Seram Block to manufacturing. This is a significant growth for the Company in its future planning and progress.”
The East Seram GS PSC (East Seram) is positioned within the northern a part of Seram space, each offshore and onshore of Seram Island, in Eastern Indonesia. The block has an space of roughly 6,500 sq. kilometers. The space is predominately onshore as the next location map illustrates.
East Seram lies throughout the North Seram Basin which has a complete space of roughly 50,000 sq. kilometers of which roughly 12,000 sq. kilometers is onshore. The basin stays underexplored regardless of exercise within the Bula, Oseil and Lofin areas. Approximately 43 exploration wells primarily drilled onshore, have resulted in 10 discoveries, together with the Bula oilfield, Oseil and Nief Utara oil fields, and the lately found Lofin gasoline discipline. Lion has an extended historical past of involvement within the space by earlier operatorship of the Bula oilfield (1999-2005) and the Company’s persevering with involvement as a three way partnership participant (curiosity 2.5%) within the Seram (Non-Bula) Block PSC. The East Seram Block is adjoining to the Oseil oilfield at present producing roughly 2,000 BOPD from the Manusela limestone reservoir. The Lofin discipline was found with the drilling of the Lofin-1 exploration properly (drilled in 2012) and confirmed with the appraisal properly Lofin-2 (drilled in 2015). The East Seram Block surrounds the hydrocarbon productive Seram (Non Bula) Block PSC. (Source: Lion Energy)
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