News & Reports
Lion to focus on production and development
Lion Energy Limited (“Lion” or “Company”; ASX: LIO) advises that following an internal strategic review of its oil and gas portfolio, the Company has decided to direct its resources to acquiring oil and gas producing, or near term producing assets in SE Asia, whilst looking to dispose those current assets considered non-core.
In line with this revised strategy, the Company will retain the Seram PSC core production and cash flow asset, which it acquired in May 1999, and intends to further build its portfolio via acquisition of, or farm-in to, additional interests in producing assets and will review other opportunities considered complimentary to such assets. The Company also intends to pursue operatorship in any new ventures where the position is available.
Non-core assets are those that the Company consider higher risk conventional exploration and unconventional assets, specifically all other conventional assets and the unconventional inventory of completed joint studies and joint studies in process, other than any joint study in process considered complimentary to core assets either held of being considered.