Australia's Lion Energy to farm down part of East Seram PSC in Indonesia
Australia-listed Lion Energy is seeking to farm down part of its interest in the East Seram production sharing contract (PSC) in Indonesia in exchange for a high-impact exploration well, it said on December 5. Lion has 60% of the East Seram PSC.
The company said it has conducted 2D seismic surveys in the East Seram PSC, which have identified a "portfolio of opportunities across a range of geological plays."
The most compelling exploration targets are the Kobi, Waru, and Tanah Baru fold-belt structures, which are analogous to the producing Oseil oil field and the 1.5 trillion ft3 Lofin gas field in the neighboring Seram (non-Bula) PSC (Lion 2.5% interest), the company said.
These three high-ranked prospects have a combined P50 prospective resource of 828mn boe with upside (P10) potential for the Kobi prospect alone of over 1bn boe. The East Seram PSC portfolio also hosts interpreted extensions to the 1.5 trillion ft3 Lofin gas field and the 20mn boe Bula oil field.
Moyes & Co has been appointed to conduct a process to identify potential farm-in partners. Lion previously worked with Moyes & Co to successfully farm out 40% of the East Seram PSC to OPIC of Taiwan.