Lion Energy pens seismic contract with BGP
Australia’s Lion Energy on April 13 said its subsidiary Balam Energy, as operator of the East Seram production sharing contract (PSC) in Indonesia, has signed a contract with seismic contractor BGP to conduct a 200 km onshore seismic survey.
Balam has a 60% interest in the East Seram PSC with a 40% participating interest held by OPIC East Seram Corp, a subsidiary of Taiwan’s CPC Corporation. Under a farm-in agreement, OESC will pay approximately 80% of the total estimated survey cost of $7.25mn.
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The survey will investigate the five onshore fold-belt structures in the East Seram PSC. These leads have a combined P50 prospective resource of 675mn barrels of oil equivalent, Lion said.
“The onshore survey will be investigating some of the largest undrilled structures in Indonesia at a highly attractive point in the oil and gas commodity cycle. The Lion team looks forward to working with BGP to enable a safe and successful survey,” Lion’s chairman, Tom Soulsby said.