Lion Energy updates production from Bula, Oseil oil fields

Australian oil company Lion Energy Ltd reported Friday that its Bula oil field on Seram Island, Maluku Province, produced around 26,976 barrels of 23 API crude oil at an average of 391 barrels of oil per day in the January-March quarter 2005.

Lion said crude oil lifted and sold in March 2005 from the oilfield amounted to 57,040 barrels at US$43.02 per barrel.

Lion also reported that oil production from Kufpec-operated Oseil oil field continued through the quarter with crude oil production of 160,353 barrels.

Lion said a lifting of 325,303 barrels of HSFO was completed January 26, 2005. To March 31, 2005, the Oseil field has produced 2,434,906 barrels of crude since initial field startup in January 2003.

Oseil development drilling continued during the quarter in order to reach production target of 17,000 barrels of crude oil per day by mid 2005, Lion added.

Lion operates Bula oil field with 100 percent of working interest. Meanwhile, in the Oseil oil field the company holds a 2.5 percent interest. (Robert)