Lion reports higher production in Seram in Q2
Wednesday, July 31 2013 - 06:10 AM WIB
ASX-listed firm Lion Energy Limited reported on Wednesday that crude oil production from the Seram (Non Bula) PSC was 229,206 barrels in the second quarter, as against 208,836 in the previous quarter at a daily average of 2,519 BOPD, up from 2,320 BOPD.
Lion Energy, through its wholly owned subsidiary Lion International Investment Limited, holds a 2.5% contractor equity in the Seram (Non Bula) Block Renewal PSC onshore Seram Island.
The operator is CITIC Seram Energy Limited (51%). Other partners include KUFPEC ( Indonesia ) Limited (30%) and Gulf Petroleum Investment (16.5%).
Lion said that further development drilling during the remainder of 2013 is projected by the operator to result in production rates above 3,000 BOPD by year end.
On May 30, 2013, a crude oil lifting of 300,744 barrels was completed of which the company?s share after the Indonesian government entitlement was 7,096 barrels, netting Lion proceeds of US$683,961.
Production in barrels of crude oil per month (BOPM) and barrels of crude oil per day (BOPD) for the current financial year to June 30, 2013. The inventory of crude oil as at June 30th 2013 was 79,894 barrels.
Editing by Dadan Wijaksana