SYDNEY (Yosefardi) – Rizal Risjad, son of the late tycoon Ibrahim Risjad, through Risco Energy Unconventional Pte Ltd, now controls 56.9% stake or voting power in Lion Energy Limited. Rizal Risjad’s voting power in Lion Energy declined from previous 58.79% though the votes increases to 54.06 million shares from earlier 49.98 million.
Lion plans to transform from a small Indonesian conventional oil producer to a first mover unconventional oil and gas pioneer share area. It will leverage synergies in conventional exploration, infrastructure and market access into the emerging Sumatran share area.
Lion Energy also plans to evaluate the conventional and unconventional resource potential of the South Block A PSC and drill a conventional South Block A well. The company will continue develop and optimize production of the Seram Oseil Field, to maximize cash flow and earn the right for a post 2019 PSC extension.
Lion also plans to drill one Lofin appraisal well in the Seram Project designed to confirm upside potential, narrow volumetric uncertainties and maximize options for early commercialization.