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Lion Energy Limited ( (AU:LIO) ) just unveiled an announcement.
Lion Energy has advanced preparations for drilling the Bula Karang-1 exploration well in Indonesia’s East Seram PSC, securing a modern Schramm TDX-200 hydraulic rig from Silver City Drilling within budget and obtaining key land use and regulatory approvals. The company holds a 45% interest in the well while being carried for about 88% of estimated drilling costs, giving it meaningful exposure to potential upside while constraining capital commitments.
Bula Karang-1 targets a shallow carbonate reef prospect with a best estimate prospective resource of 12 million barrels and an estimated 38% geological chance of success, and success could unlock broader carbonate and clastic plays in the Bula Bay area. To prioritise this high-impact, near-term oil exploration programme ahead of a planned July 2026 spud, Lion has curtailed its hydrogen activities, sharpening its operational focus on executing drilling, logistics and remaining approvals in the East Seram block.
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, where it operates the East Seram Production Sharing Contract. The company’s portfolio includes conventional oil and gas prospects, notably shallow oil and fold-belt structures, alongside a nascent but currently curtailed green hydrogen business.
YTD Price Performance: 72.73%
Average Trading Volume: 283,674
Technical Sentiment Signal: Buy
Current Market Cap: A$8.14M
Find detailed analytics on LIO stock on TipRanks’ Stock Analysis page.