Oz Lion Energy Ups Indonesia PSC Estimates
Australia-listed Lion Energy has announced an increase in the estimated reserves at the East Seram production sharing contract (PSC) in Indonesia, it said March 4.
The company said, “that ongoing technical work using newly acquired data on the East Seram PSC has resulted in a significant increase to the prospective resource estimate with combined P50 (best estimate) recoverable prospective resources of over 1.24 billion boe.”
In September 2018 Lion reported P50 prospective resources of 0.77bn boe. Two new onshore Manusela carbonate leads, Wahai Deep and MA-11, add to the portfolio of 100mn boe plus leads which also include MA-7, Tanah Baru South and Lofin NW, Lion said. In addition, two offshore leads (PP-4, PP-5) have been identified with shallow targets and closures up to 30 km2.
The 6,510 km2 East Seram PSC covers much of the eastern part of Seram Island in Eastern Indonesia. Lion has a 100% interest in the PSC which was signed in July 2018. The PSC contains the extension of the 2 trillion ft3 Lofin field and the offshore extension of the 20mn barrel Bula field, Lion said. The company has scheduled a 500 km 2D seismic survey for 2020 which will cover these field extensions and high graded prospects and leads.
“Planning for the survey is well underway and Lion is confident this will result in a suite of drill ready targets and position the East Seram PSC as one of the most exciting blocks in the SE Asian region,” it said.