Lion reports lower production
Wednesday, January 30 2013 - 07:59 AM WIB
ASX-listed Lion Energy Limited reported crude oil production from its Seram (Non Bula) PSC was 209,809 barrels in the fourth quarter of 2012, compared to 219,798 for the previous quarter, at a daily average of 2,280 bopd, down from 2,389 bopd the previous quarter.
A crude oil lifting of 248,419 barrels was completed on December 28. Proceeds net to Lion of US$561,630 are expected to be received on or about January 31, 2013, the company said in a filing.
Lion, through its wholly owned subsidiary Lion International Investment Limited, holds a 2.5 percent contractor equity in the Seram block renewal PSC, The operator of the Joint Venture is CITIC Seram Energy Limited (51 percent).
In another development, the filing also said that a seismic survey is scheduled in the first quarter of 2013 within the South Block A PSC in North Sumatra to delineate high ranked prospects with exploration drilling programmed for later in the year.
Lion?s subsidiary KRX Energy Pte Ltd controls 35 percent equity in the PSC. Lion is currently a 30.77 percent shareholder of KRX.
Editing by Dadan Wijaksana