Lion reports higher oil production at Seram PSC
Friday, October 30 2015 - 02:09 AM WIB
ASX-listed Lion Energy said that average daily oil production at the Seram PSC increased by 17 percent to 3,488 bopd (87bopd net to Lion) in the third quarter of this year from 2,984 bopd in the previous quarter, driven by successful drilling and completion of Oseil-28 well with production at 766 bopd on September 30, 2015.
Lion said in a statement Friday that gross crude oil production was 320,899 barrels (7,571 bbl net to Lion). A crude oil lifting of 400,119 bbl was completed on September 8, 2015 (Lion share 10,003 bbl). Lion?s share of gross lifting revenue, estimated at approximately US$0.33 million, is expected to be received 35 days following the lifting.
The daily production rate at the close of the quarter of 4,053 bopd bodes well for further increment in the current quarter, Lion said. This compares to 3,440 bopd at the end of the previous quarter.
Lion, via its wholly owned subsidiary Lion International Investment Ltd, holds a 2.5 percent participating interest in the Seram (Non-Bula) Block PSC, located onshore Seram Island in eastern Indonesia. The major equity holder and operator of the joint venture is CITIC Seram Energy Ltd (51%). Other partners are KUFPEC (Indonesia) Ltd (30%) and Gulf Petroleum Investment (16.5%).
Editing by Reiner Simanjuntak