Lion Energy reports that the seismic vessel SS Barakuda, belonging to survey company PT Taka Hydrocore Indonesia, is on route from Ambon to location to undertake a 545km high resolution 2D marine seismic program offshore of Seram Island. The vessel is due to arrive on site in first week of November with the survey expected to be completed within two weeks, weather permitting.

Approximately 125 km of 2D seismic data is programmed in an area offshore Bula Bay and will investigate potential offshore extensions of the 20 mmbbl Bula oil field as well as other identified prospects and leads. A further ~420 km is scheduled in the offshore Kobi area of the PSC and will investigate a number of large leads, some with potential areal extent in-excess of 30 km2.

Lion’s Chairman Tom Soulsby noted “Lion is pleased to be able to execute an exciting offshore program in challenging times. The survey, which has been expanded to 545km, will cost ~US$800,000 and is planned to delineate 7 prospects and leads with significant combined 100 mmboe’s of prospective resources (P50, unrisked) and mature them to drillable status.”

The estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

Mr Soulsby added that “Completion of the survey will also result in Lion meeting its commitment obligations for the East Seram PSC ahead of schedule and allow for optimised planning of the 200km onshore 2D survey scheduled for mid-2021. Covid-19 protocols are in place”

Lion has a 60% interest and operatorship of the East Seram PSC through its subsidiary Balam Energy Pte Ltd. Lion’s cost of the survey is largely covered under the farmin arrangement with OPIC East Seram Corporation who hold a 40% interest.