Lion updates oil lifting at Seram block
Wednesday, June 12 2013 - 01:20 PM WIB
ASX-listed Lion Energy Limited announced on Wednesday that a crude oil lifting of 300,744 barrels was completed on May 30, 2013, from the Seram (Non Bula) block renewal PSC onshore Seram Island where it has a minority participating interest.
Lion?s share of the lifting is expected to be approximately US$650.000, with funds receipt expected by the company in the first week in July 2013, it said in its latest operation update report.
Lion, through its wholly owned subsidiary Lion International Investment Limited, holds a 2.5 percent contractor equity in the Seram (Non Bula) block.
The operator of the Joint Venture is CITIC Seram Energy Limited (51 percent). Other partners include KUFPEC (Indonesia) Limited (30 percent) and Gulf Petroleum Investment (16.5 percent).
The block contains the Oseil oilfield and surrounding structures which have since initial field start-up in January 2003, produced cumulative crude oil production of 11,525,058 barrels as at 31 May 2013 accompanied by 6.278 BCF of natural gas, most of which is utilized to generate electricity on site for the operations.
Further development drilling during the remainder of 2013 is projected by the Operator to result in production rates above 3,000 BOPD by calendar year end.
Production in barrels of crude oil per month (BOPM) and barrels ?of crude oil per day (BOPD) for the current financial year to May 31st 2013 is presented in below table.
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CRUDE OIL
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| MONTH | (BOPM) | (BOPD) |
| Jul-12 | 73,780 | 2,380 |
| Aug-12 | 74,220 | 2,394 |
| Sep-12 | 71,798 | 2,393 |
| Oct-12 | 72,179 | 2,328 |
| Nov-12 | 66,268 | 2,209 |
| Dec-12 | 71,362 | 2,302 |
| Jan-13 | 71,613 | 2,310 |
| Feb-13 | 65,365 | 2,333 |
| Mar-13 | 71,891 | 2,319 |
| Apr-13 | 74,761 | 2,492 |
| May-13 | 79,670 | 2,570 |
Editing by Dadan Wijaksana