SYDNEY (Yosefardi) – The operator of the Seram (Non-Bula) PSC, located onshore Seram Island in eastern Indonesia, in which Lion Energy has a 2.5% interest, has completed a crude oil lifting of 357,786 bbl (8944 bbl net working interest to Lion).
Based on the sales price of US$94.09/bbl, this will generate revenue to Lion of approximately A$850,000 net of all Indonesian government taxes and entitlements.
With three liftings expected for the year, this places the company in a good position to exceed its revenue forecast of A$2.2 million.
For Seram PSC the major equity holder and operator of the joint venture is CITIC Seram Energy Ltd (51%). Other partners are KUFPEC (Indonesia) Ltd (30%) and Gulf Petroleum Investment (16.5%).