Lion Energy Secures Rig for Bula Karang-1 Exploration Well in Indonesia

An announcement from Lion Energy Limited ( (AU:LIO) ) is now available.

Lion Energy has signed a drilling contract with Silver City Drilling to secure the SCD-20 Schramm Rotadrill TXD200 hydraulic rig for its Bula Karang-1 exploration well in the East Seram PSC, Indonesia. The modern, fuel-efficient rig, currently operating in East Java, is well suited to the planned deviated well design and is secured within budget, helping Lion retain cost discipline while being carried for 88% of the estimated well cost.

Bula Karang-1 targets a 12 million barrel (P50) prospective resource with an estimated 38% probability of success and will be drilled from an onshore site deviating about 1,000 metres offshore to test a seismically defined carbonate reef at roughly 550 metres below sea level. With land use permits and land sharing agreements in place and tenders progressing for key services such as directional drilling, cementing and wireline, Lion is advancing detailed operational planning toward a targeted spud date of July 2026, a milestone that could materially influence its Indonesian portfolio and growth prospects 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 with a conventional production sharing contract on Seram Island in Indonesia. The company is also developing Southeast Queensland’s first commercial-scale green hydrogen production and distribution hub, reflecting a dual focus on traditional hydrocarbons and emerging clean energy markets.

YTD Price Performance: 54.55%

Average Trading Volume: 1,106,843

Technical Sentiment Signal: Buy

Current Market Cap: A$7.69M

Find detailed analytics on LIO stock on TipRanks’ Stock Analysis page.