Lion Energy appoints new directors, completes offers
Thursday, January 16 2014 - 02:07 PM WIB
ASX-listed oil company Lion Energy Limited announce on Thursday the appointment of new directors to lead the company as it builds on its strategy to be a first mover in the Indonesian unconventional oil and gas industry.
The new Directors (effective Jan. 10, 2014) are Kim Morrison, who has also been appointed Chief Executive Officer, as well as Chris Newton and Tom Soulsby, who will both be Non-executive Directors. They will join existing Chairman, Russell Brimage. The new Board has an impressive mix of commercial, technical and operational expertise and all the members have long and successful track records in creating value in Indonesia.
Lion also said that Weidong Zhang and Simon Reeve will be stepping down as Non-executive Directors effective Jan. 16, 2014.
?Lion would like to thank Weidong and Simon for their contributions to the Company and in helping the Company embark on an exciting new course,? the firm said.
Lion also announced it has completed all the offers pursuant to the prospectus lodged on Nov. 6, 2013. On Jan. 16, 2014, Lion has issued 10,000,000 fully paid ordinary shares at $0.20 each, representing the public offer component, and 406,250 options exercisable at $0.26 each and expiring on Jan. 16, 2017 (Class B Options). The 406,250 options are restricted for 24 months from the date of Lion?s reinstatement to official quotation on the ASX.
The company is finalising the steps required by ASX for the reinstatement of its securities in accordance with Chapters 1 and 2 of the ASX listing rules.
On Sept. 25, 2013, the firm announced the acquisition of all the remaining shares of KRX Energy it does not own and rights to four unconventional joint study agreements, a move that will transform itself from small Indonesian oil producer into emerging player in Indonesian unconventional oil and gas sector.
Under the deal, Lion will raise A$9.5 million through placement of shares to Risco Energy Investment and Tower Energy Indonesia Limited with total sum of $7.5 million and another $2million from public offering.
After transaction close, Risco and Tower will control 40 percent of Lion?s shares.
Currently Lion has a 2.5 percent interest in Seram (Non-BUla) PSC, an oil producing block in Maluku with Lion?s share of production at 63 BOPD, and a 30 percent stake at KRX Energy.
KRX has a 35 percent non-operating interest in South Block A PSC exploration block in North Sumatra and shale oil and gas joint study application, two of which are located in North Sumatra basin and another two located in Central Sumatra basin.
Editing by Johannes Simbolon