Lion Energy Limited (“Lion” or “Company”; ASX: LIO) is pleased to advise that the official signing of the extension of the Seram (Non-Bula) PSC for a further 20 year term has been executed between the joint venture partners and the Ministry of Minerals Resources of the Republic of Indonesia (‘GOI’). Lion has a 2.5% participating interest in Seram (Non Bula) PSC (‘SNBB PSC’).
Lion Raises $3.09M in oversubscribed capital raise
20 Year Extension of Seram (Non Bula) PSC
Intention to Extend Seram (Non Bula) PSC Announced
Lion Energy Limited (“Lion” or “Company”; ASX: LIO) advises that Hong Kong listed company, Citic Resources Holdings Limited (“Citic”), the owner of the operator of the Seram (Non-Bula) PSC (Seram Non Bula), Citic Seram Energy Limited, has recently made an announcement relating to the status of the Seram Non Bula extension. Their announcement is attached to this ASX announcement. Lion has a 2.5% interest in Seram Non Bula.
Lion awarded East Seram Block
Lion Energy Limited (“Lion” or “Company”; ASX: LIO) is pleased to advise that the Indonesian Minister for Energy and Mineral Resources, Mr Ignasius Jonan, announced that Lion Energy Ltd has been awarded the East Seram Block. He announced this in the opening session of the Indonesian Petroleum Association’s Annual Convention.
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.
Service Agreement with Exec.Chairman and Exec Director
Lion Energy Limited (“Lion” or “Company”; ASX: LIO) advises that it has entered into service agreements with Mr Tom Soulsby to fill the role of Executive Chairman and Mr Damien Servant (Executive Director). Key terms of the agreements are as follows
Strategic Review of Assets and Board Changes
Lion Energy Limited (“Lion” or “Company”; ASX: LIO) advises it is undertaking a Strategic Review of its oil and gas assets, and the following changes to the board of directors, effective immediately.
Strategic Review of Assets
The board of directors is undertaking a strategic review of the Company’s assets, with a view to rationalising any non-core assets and focussing on a production orientated portfolio of projects. The results of this work are expected in early March, 2018. In addition, the Company continues to review production opportunities in the region with a view to bolstering the company’s oil production in the mediumterm.
Resignation of Mr Kim Morrison:
Mr Morrison has resigned as CEO and Executive Director of the Company. The board would like to thank Mr Morrison for his leadership and significant contribution to the development of the Company’s portfolio of exploration assets over the past four and half years.
Resignation of Mr Stuart Smith:
Mr Smith has resigned as Executive Director & CFO of the Company. The board would like to thank Mr Smith for his contributions to the board since his appointment in 2014.
Change in Executive Chairman:
Mr Russell Brimage has taken up a new role as a Non-Executive Director. The Board would like to thank Mr Brimage for his stewardship of the Company for the four years in his role as Chairman.
Mr Tom Soulsby has been appointed as Executive Chairman. Mr Soulsby has been the Chief Executive Officer of Risco Energy and has over 25 years of experience in the oil and gas and resources sector spanning investment banking, corporate business development and management/leadership roles. Mr Soulsby has been instrumental in securing backing for Risco prior to its incorporation in 2010, as well as growing the company and its capabilities in his role of Chief Executive Officer. Under Mr Soulsby’s leadership, Risco has participated in and funded over US$500m of transactions since 2010. He led the significant valuation creation, and subsequent monetisation, of Risco’s first South East Asian oil and gas conventional and unconventional portfolio in 2013. Mr Soulsby brings savvy capital raising skills as well as some 15 of years of deal making and value creation in Lion’s core market, Indonesia.
Appointment of Directors
Mr Zane Lewis and Mr Damien Servant have been appointed as Non-Executive and Executive Director, respectively.
Mr Lewis is the Company Secretary of Lion Energy and has over 20 of years corporate advisory experience with various ASX and AIM listed companies. Mr Lewis is a fellow of Chartered Secretaries Australia and is a Non-Executive Director and Company Secretary for a number of ASX Listed companies.
Mr Servant was the Chief Financial Officer of Risco Energy and has more than 15 years of experience in M&A and capital markets with various financial institutions in the region. The appointments of Mr Lewis and Mr Servant as Directors are effective from 13 February 2018.
