Reserves and Prospective Resources

Lion Energy has an exciting portfolio of opportunities with an attractive mix of producing, appraisal and exploration projects.

• The Seram (Non Bula) PSC provides existing production with the highly material upside of the Lofin gas condensate discovery;
• Lion’s East Seram PSC signed on 17 July 2018 contains an extension of the Lofin Field and world-class, highly material leads and prospects.

Lion also continues to pursue production opportunities in the SE Asian region

A summary of Reserves and Prospective Resources (as at 31st December 2021) for Lion Energy are presented in the following table:

Notes:

1. Reserve and contingent resource estimates for Seram Non-Bula PSC as at 31 December 2021 primarily based on Miller and Lents (M&L) Report. Refer to Lion 2021 Annual Report for full details.
2. Reserve estimates have been calculated using the deterministic method. 
3. Contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingent Resources have an associated chance of development (economic, regulatory, market and facility, corporate commitment or political risks). These estimates have not been risked for the chance of development. There is no certainty that any portion of the contingent resources will be developed and, if developed, there is no certainty as to either the timing of such development or whether it will be commercially viable to produce any portion of the resources.
4. Prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery (geological chance of success or GCOS) and a chance of development (economic, regulatory, market and facility, corporate commitment or political risks).   The chance of commerciality is the product of these two risk components.    There is no certainty that any portion of the prospective resources will be discovered and, if discovered, there is no certainty that it will be developed or, if it is developed, there is no certainty as to either the timing of such development or whether it will be commercially viable to produce any portion of the resources.
5. Prospective Resources in this Table have been estimated probabilistically at prospect and lead level but combined arithmetically to provide the portfolio number. The aggregate P90 may be a very conservative estimate and the aggregate P10 may be a very optimistic estimate due to the portfolio effects of arithmetic summation.