Lion Energy completes share placement to pay Oseil cash call

Australian junior oil producer Lion Energy Limited announced Tuesday that it had placed 170,000,000 ordinary shares at a price of A$0.005 cents per share to raise A$850,000.

?The proceeds of the placement are to provide funds to meet the cash call commitments of the company in relation to the Oseil Joint Venture,? Lion said in a statement to the Australian Stock Exchange.

Oseil field is located in Seram PSC in Maluku Province. The block is operated and 97.5 percent owned by Kuwait Foreign Petroleum Exploration Company (Kufpec), while Lion holds the remaining 2.5 percent. (robert)