Lion Energy Limited provides an update on exciting ~200km onshore seismic survey in the East Seram PSC. Lion, via a 100% owned subsidiary, is operator of the survey which is being conducted by seismic contractor BGP. The program is covering prospects and leads with combined (unrisked) Best Estimate (P50) Prospective Resource1 of 675 mmboe (Lion ASX announcement 13/4/22).

Lion has a 60% interest in the East Seram PSC with joint venture partner OPIC having a 40% interest. The survey is being approximately 80% funded by OPIC under previously announced farm-in arrangements. Mobilisation for the survey commenced in May 2022 with the initial focus on community relations, setting up operations bases and communications infrastructure and employing and training local staff.

Surveying and line clearing commenced in early June, helicopter support was mobilised to the island on late July with shot hole drilling also commencing in late July. Lion and BGP continue to successfully manage issues including the difficult drilling conditions and challenging terrain in the southeast area of the survey and the logistics associated with operating in a remote location. have now completed over 95% of the required surveying and line clearing and approximately 50% of the shot hole drilling.

Layout of the recording cable has commenced with recording due to commence in Late October. Good progress has also been made with the concurrent gravity data acquisition which is approximately 80% complete. Lion is close to appointing the seismic data processing company after running a competitive tender process and will update the market in due course.

Lion aims to have the survey drilled and recorded by year end and to complete processing around March 2023.