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Additional High Impact Leads Identified on Lion Energy’s East Seram PSC

Source: www.gulfoilandgas.com 3/3/2019, Location: Asia

Lion Energy reports 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 0.77 billion boe. Two new onshore Manusela carbonate leads, Wahai Deep and MA-11, add to the portfolio of 100 mmboe plus leads which also include MA-7, Tanah Baru South and Lofin NW. In addition, two significant offshore leads (PP-4, PP-5) have been identified with shallow targets (<1000m) and closures up to 30 km2.

The 6510 km2 East Seram PSC covers much of theeastern part of Seram Island in Eastern Indonesia. Lion has a 100% interest in the PSC which was signed on July 17, 2018. Importantly it contains the SEextension of the 2 TCF Lofin field and the offshore extension of the 20 mmbbl Bula Field.

A500 km 2D seismic survey is scheduled 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.

Tom Soulsby Lion’s Executive Chairman noted: 'Lion continues to be encouraged by our East Seram PSC and the newly identified leads as part of our ongoing technical effort. This work has highlighted the similarities of the proven, yet underexplored, Seram fold belt play to some of the great petroleum provinces of the world.

We are also making good progress on planning for a seismic survey and on efforts to find a well-resourced partner to join us in our exploration and development efforts.'

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Related Categories: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 

Related Articles: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 


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