Lion sells Indonesian oil assets

Australian junior oil firm Lion Energy Limited announced Friday it had signed deal to sell its stake in Indonesian small oilfield and oilfield service company with BVI firm Global Select Limited, a subsidiary of HK Stock Exchange-listed South Sea Petroleum Holdings Limited for US$4.85 million.

Under the deal Lion would sell its entire 100 percent interest in Bula PSC in Seram island, Maluku and majority share in service company PT.Prima Jasa Energy.

Bula PSC is a small oil field with production rate below 1,000 BPD.(alex)