Lion Energy targets October Indonesia oil well as strategy shifts back to upstream

Lion Energy (ASX: LIO) is heading towards a potentially company-making exploration well in Indonesia, with chairman Tom Soulsby outlining the company’s refocused oil and gas strategy at the RIU Good Oil & Gas Energy Conference today.

In an interview with HotCopper, Soulsby explains that the company is preparing to drill the Bula Karang-1 well on the East Seram PSC in Indonesia, targeting a 12.4-million barrel prospective resource.

The well is expected to spud in October, with Lion holding a 45% working interest and partner OPIC funding the bulk of the drilling costs. Lion has confirmed it is fully funded for its share.

The upcoming well is now the key near-term catalyst for Lion as the company focuses its capital on its upstream oil and gas portfolio.

To learn more about the upcoming milestones for Lion, watch the full interview above.

Join the discussion: See what HotCopper users are saying right now and be part of the conversations that move the markets.

The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.