Lion Energy sells Indonesian assets

Australian junior oil firm Lion Energy Limited announced on Wednesday that it would sell its 100 percent interest in Bula oil field in Bula PSC onshore Seram, along with drilling equipment that has been in operation in Indonesia to Southern petroleum Pte.Ltd, a company incorporated in Singapore for US$4.850 million.

Bula field is a small oil field with production less than 1,000 BPD.

Lion said it would retain its 2.5 percent interest in nearby Seram (non-Bula) PSC, where much larger Oseil oil field is located. (alex)