Lion Energy advances Bula Karang-1 well toward targeted July 2026 spud

Lion Energy Limited ( (AU:LIO) ) has shared an update.

Lion Energy is advancing preparations for its Bula Karang-1 exploration well on the East Seram PSC in Indonesia, where it targets a shallow offshore reefal carbonate oil prospect from an onshore drilling location. The prospect carries an estimated mid-case unrisked resource of 12 million barrels of oil with a 38% chance of success and potential follow-up across nearby carbonate structures totaling more than 30 million barrels.

Most key regulatory approvals for Bula Karang-1 have been secured, with final local clearances expected shortly, supported by the Indonesian regulator SKK Migas in arranging facilities-sharing to optimise logistics. Lion has launched competitive tenders for the main drilling rig and critical services, signed survey and soil contracts, and is working to a targeted early July 2026 spud date, underscoring its effort to maintain schedule and cost discipline while pursuing rapid commercialisation through existing Seram infrastructure if successful.

The most recent analyst rating on (AU:LIO) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on Lion Energy Limited stock, see the AU:LIO Stock Forecast page.

More about Lion Energy Limited

Lion Energy Limited is an ASX-listed oil and gas exploration and production company focused on Indonesia’s Seram Island through a conventional production sharing contract. The company is also developing Southeast Queensland’s first commercial-scale green hydrogen production and distribution hub, positioning it across both traditional hydrocarbons and emerging clean energy markets.

YTD Price Performance: 63.64%

Average Trading Volume: 1,183,893

Technical Sentiment Signal: Buy

Current Market Cap: A$8.14M

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