Seram Project

Overview

The Company, through its wholly owned subsidiary Lion International Investment Limited (LII), holds a 2.5% shareholding in the Seram (Non Bula) PSC joint venture (Seram Project). The PSC is located onshore on the island of Seram, in Eastern Indonesia covering an area of 1,524 km2.

The Seram Project contains the Oseil oilfield which is currently producing approximately 3,503 bopd (88 bopd net to Lion) as at 31 December 2016.

In 2012 the Lofin-1 exploration well was drilled in the west of the PSC on a prominent structural feature. The well was a discovery flowing gas and condensate/oil on test with data indicating potential for a significant hydrocarbon column extending below the Lofin-1 total depth. This was tested with the drilling of the Lofin-2 well which was completed in July 2015. The well proved as gas column of up to 1300m for the large Lofin feature with an area at the interpreted gas water contact of over 40 sq km. 
The PSC expires end October 2019 and the joint venture is working at all levels in an endeavour to secure an extension or renewal of the PSC over the area.
 

Oseil Field Background

Lofin Discovery

PSC Details