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Lion Energy Limited (ASX:LIO)

ALERT: Price-sensitive ASX Announcement for LIO
Current share price for LIO : $0.011 0 (0%)+
Announcement
Release
27 Jul 2026 12:25PM
Price at Release
$0.011
Full Release
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Summary
Lion Energy Limited's quarterly activities report for 1 April to 30 June 2026 highlighted significant advancements in their oil and gas exploration, particularly the Bula Karang-1 well in the East Seram PSC, Indonesia. The company secured drilling contracts, obtained final government approval for a farm-out agreement, and expects to spud the well in September 2026. Lion exited its green hydrogen business, having sold its equipment and ceased operations at the Port of Brisbane. The report underscores Lion's strategic shift towards upstream oil and gas exploration, with OPIC funding a majority of the Bula Karang-1 well costs, thereby reducing Lion's financial risks.
Key Points
  • Lion Energy Limited (Lion) has secured drilling contracts and funding for the Bula Karang-1 exploration well, targeting a spud date in September 2026.
  • The Bula Karang-1 well is a part of the East Seram PSC in Indonesia, with a 38% geological chance of success and a prospective resource of 12 million barrels of oil.
  • Lion has exited its green hydrogen business, ceasing operations at the Port of Brisbane and selling related equipment for A$400,000.
  • The company completed a farm-out agreement with OPIC East Seram Corporation, transferring a 15% interest while retaining a 45% stake in East Seram PSC.
  • OPIC will fund 88% of the drilling costs up to US$5.6 million, significantly reducing Lion's financial obligation.
  • Lion made related party payments totaling A$190,000 during the quarter.
  • Lion's strategic focus has shifted fully to upstream oil and gas projects, particularly the imminent Bula Karang-1 well.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.