Lion bolsters advisory panel with drilling and operations expert
Tuesday, August 19 2014 - 02:54 PM WIB
ASX-listed Lion Energy Ltd (LIO) has strengthened its advisory panel by appointing a highly experienced drilling engineer to provide advice to the board on drilling and operation issues and help oversee upcoming Lion drilling projects.
Michael Ellis has wide-ranging Indonesian experience and has proven his flexibility in managing deep, complex high pressure wells and also relatively shallow, onshore oil development programs in a cost effective and safe manner. He has experience working unconventional plays in the US, which will be vital in assisting Lion with our shale gas and oil exploration programs. Ellis has strong business acumen, with an MBA from Monash University (Melbourne).
He has over 30 years experience in oil and gas business with ARCO, Hess, BP, Samson, Maxu-YPF Repsol, including around 20 years in Indonesia and US unconventional experience
Ellis joins Sammy Hamzah, Roger Whyte, Dr Andrew Cullen and Dr Harold Williams on Lion's advisory panel. As with other panel experts, Ellis receives a modest monthly retainer that includes part compensation in Lion shares. Lion has issued 214,096 ordinary shares to members of the advisory panel per the terms of their engagement, and also to some key consultants under separate agreements. Apart from conserving cash, Lion believes that including a share component builds a greater level of alignment with shareholders than usually seen with advisors/consultants.
Lion's CEO Kim Morrison commenting on the appointment noted: "Lion is delighted to have Mike join the Lion advisory panel. Project execution is key to success of small companies and Mike brings a wealth of Indonesian experience to help us successfully tackle our projects. He has already undertaken an important review of Lofin-2 drilling plans, providing key recommendations to the operator, and will also be closely involved with planned drilling in our North Sumatran South Block A PSC.
Mike's appointment rounds off Lion's impressive advisory panel which is already working well, providing sound, insightful and unbiased advice and assistance to the company."
Lion Energy Ltd is an oil & gas exploration & production company focused on Indonesia, where it has been operating for over fifteen years. It has two existing conventional Production Sharing Contracts (PSC?s) ? Seram and South Block A - and an early mover position in the fledgling Indonesian unconventional industry via four Joint Study Applications.
Editing by Johannes Simbolon