Seram Energy Pte Ltd entered into a conditional sale and purchase agreement to acquire 16.5% stake in Seram (Non-Bula) Block PSC from Gulf Petroleum Investment Company - K.S.C.P (KWSE:GPI) for $44 million on December 12, 2018. As part of the consideration, $32 million will be paid on completion, $7.2 million within 4 months from approval by the Indonesian Government of the plan of development for the Lofin Gas Field and $4.8 million within 4 months from the date of the first commercial gas production from the approved plan of development. The upfront consideration of $32 million is subject to standard adjustments based on working capital as of effective date and cash calls/distributions made up to completion. Deal is subject to approval by shareholders of Lion Energy, approval by Indonesian regulator, approval from joint venture partners and other regulatory conditions imposed by the Corporations Act or ASX Listing Rules. Conditions must be met by December 11, 2019. Seram Energy Pte Ltd. cancelled the acquisition of 16.5% stake in Seram (Non-Bula) Block PSC from Gulf Petroleum Investment Company - K.S.C.P (KWSE:GPI) on September 12, 2019.