Lion Energy Limited is pleased to advise that field operations on the exciting onshore seismic survey, in the East Seram PSC, have been successfully completed. Lion, via a wholly owned subsidiary, is operator of the survey with a total of 194km of data recorded with no lost time incidents. The program covered prospects and leads with combined (unrisked) Best Estimate Prospective Resource1 of 675 mmboe.

Lion has a 60% interest in the East Seram PSC, with joint venture partner OPIC having a 40% interest. The survey was approximately 80% funded by OPIC under previously announced farm-in arrangements. The completion of the survey is a major milestone for Lion's exploration efforts in the East Seram PSC.

The new data is designed to mature some of the large leads and prospects to drillable status. As previously advised, recording of the seismic data commenced in the northwest onshore Kobi area in late October and was completed in this area in early December. When operations moved to the more operationally challenging Tanah Baru and MA-7 Prospect areas in the southeast of the East Seram block, a second helicopter was mobilised in late November.

Operations proceeded well with the seismic recording in the southeast area and the recording activities for the entire survey completed post quarter-end on 8 January 2023. The complementary Gravity Data survey acquisition (1000 stations) was completed on 7 December. Processing of the data by BGP in their Jakarta processing centre commenced in late November 2022 and is due for completion by Second Quarter 2023.

In total, approximately 194 km of line data was recorded during the survey which includes 14 km of recorded line tails without shot holes. Initial field processed results are positive with overall good data quality, representing a significant improvement on previous seismic surveys in the area. Due to an issue with land access approval in an isolated area in the Tanah Baru prospect, a decision was made by Lion management in late December not to record one of the seismic lines (line 115).

This decision was supported by the Indonesian regulator SKK Migas. Lion is, however, confident that there remains sufficient data to mature the Tanah Baru prospect. In addition to the two new lines (lines 116 and 117) and the new Gravity Data acquired, there is existing 2008 vintage seismic to aid the interpretation.