New Risk • Apr 02
New major risk - Revenue and earnings growth Earnings have declined by 4.7% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.3m free cash flow). Share price has been highly volatile over the past 3 months (24% average weekly change). Earnings have declined by 4.7% per year over the past 5 years. Revenue is less than US$1m (AU$141k revenue, or US$97k). Market cap is less than US$10m (AU$7.69m market cap, or US$5.32m). New Risk • Mar 31
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (24% average weekly change). Revenue is less than US$1m (AU$829k revenue, or US$568k). Market cap is less than US$10m (AU$7.69m market cap, or US$5.27m). Minor Risk Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Announcement • Mar 19
Lion Energy Limited, Annual General Meeting, May 26, 2026 Lion Energy Limited, Annual General Meeting, May 26, 2026. New Risk • Dec 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$3.3m free cash flow). Revenue is less than US$1m (AU$829k revenue, or US$555k). Market cap is less than US$10m (AU$5.88m market cap, or US$3.93m). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). Reported Earnings • Sep 13
First half 2025 earnings released: AU$0.003 loss per share (vs AU$0.002 loss in 1H 2024) First half 2025 results: AU$0.003 loss per share (further deteriorated from AU$0.002 loss in 1H 2024). Net loss: AU$1.24m (loss widened 23% from 1H 2024). Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. New Risk • Jul 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$3.0m free cash flow). Earnings have declined by 5.8% per year over the past 5 years. Revenue is less than US$1m (US$582k revenue). Market cap is less than US$10m (AU$4.07m market cap, or US$2.68m). Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). Reported Earnings • Apr 02
Full year 2024 earnings released: US$0.002 loss per share (vs US$0.003 loss in FY 2023) Full year 2024 results: US$0.002 loss per share (improved from US$0.003 loss in FY 2023). Net loss: US$868.0k (loss narrowed 38% from FY 2023). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 40% per year, which means it is significantly lagging earnings. New Risk • Mar 31
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 16% per year over the past 5 years. Revenue is less than US$1m (US$639k revenue). Market cap is less than US$10m (AU$5.88m market cap, or US$3.69m). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (15% average weekly change). Announcement • Mar 17
Lion Energy Limited, Annual General Meeting, May 27, 2025 Lion Energy Limited, Annual General Meeting, May 27, 2025. New Risk • Mar 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$3.5m free cash flow). Earnings have declined by 16% per year over the past 5 years. Revenue is less than US$1m (US$639k revenue). Market cap is less than US$10m (AU$6.33m market cap, or US$3.99m). Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). Reported Earnings • Sep 18
First half 2024 earnings released: US$0.002 loss per share (vs US$0.002 loss in 1H 2023) First half 2024 results: US$0.002 loss per share (in line with 1H 2023). Revenue: US$273.1k (down 10% from 1H 2023). Net loss: US$661.5k (loss narrowed 37% from 1H 2023). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Announcement • Apr 26
Lion Energy Limited, Annual General Meeting, May 27, 2024 Lion Energy Limited, Annual General Meeting, May 27, 2024, at 10:00 W. Australia Standard Time. Location: Suite 1, 295 Rokeby Road Subiaco Subiaco Western Australia Australia Agenda: To consider the Annual Report of the Company and its controlled entities for the financial year ended 31 December 2023; to consider Remuneration Report; to consider Re-election of Directors; to consider and Approve of 10% Placement Facility; to consider Ratification of issue of Consultant Shares; and to consider other business matters. Reported Earnings • Mar 30
Full year 2023 earnings released: US$0.003 loss per share (vs US$0.006 loss in FY 2022) Full year 2023 results: US$0.003 loss per share (improved from US$0.006 loss in FY 2022). Revenue: US$670.2k (down 38% from FY 2022). Net loss: US$1.41m (loss narrowed 48% from FY 2022). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. New Risk • Nov 22
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.6% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Revenue is less than US$1m (US$689k revenue). Market cap is less than US$10m (AU$7.87m market cap, or US$5.16m). Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$3.9m). Share price has been volatile over the past 3 months (16% average weekly change). Shareholders have been diluted in the past year (2.6% increase in shares outstanding). Reported Earnings • Sep 16
First half 2023 earnings released: US$0.002 loss per share (vs US$0.004 loss in 1H 2022) First half 2023 results: US$0.002 loss per share (improved from US$0.004 loss in 1H 2022). Revenue: US$304.1k (down 56% from 1H 2022). Net loss: US$1.04m (loss narrowed 42% from 1H 2022). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. New Risk • Sep 13
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -US$3.9m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Revenue is less than US$1m (US$689k revenue). Market cap is less than US$10m (AU$9.44m market cap, or US$6.06m). Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$3.9m). Share price has been volatile over the past 3 months (12% average weekly change). Announcement • Aug 01
Lion Energy Limited Announces Change of Company Secretary Lion Energy Limited advises the appointment of Mr. Rowan Harland as Company Secretary, replacing Mr. Arron Canicais following his resignation as Company Secretary. The Company would like to thank Mr. Canicais for his contribution to the Company over the past 7 years and wishes him the very best for the next stage of his career. Mr. Harland is a corporate advisor at SmallCap Corporate, a boutique corporate advisory firm specialising in providing company secretarial, CFO and transaction management services involving both listed and unlisted companies. Mr. Harland is also the Company Secretary of MGC Pharmaceuticals Limited. Mr. Harland will be responsible for communication with the ASX in relation to listing rule matters, pursuantto Listing Rule 12.6. Reported Earnings • Mar 31
Full year 2022 earnings released: US$0.006 loss per share (vs US$0.007 loss in FY 2021) Full year 2022 results: US$0.006 loss per share. Revenue: US$1.07m (up 13% from FY 2021). Net loss: US$2.72m (loss widened 49% from FY 2021). Announcement • Feb 17
Lion Energy Limited Provides an Update on the Testing of the Lofin-2 Gas Well as Part of the Ongoing Evaluation of the 1.5 Tcf (2C) Lofin Gas Discovery in the Seram (Non-Bula) Production Sharing Contract Lion Energy Limited provided an update on the testing of the Lofin-2 gas well as part of the ongoing evaluation of the 1.5 TCF (2C) Lofin gas discovery in the Seram (Non-Bula) Production Sharing Contract ("PSC"). Lion has a 2.5% participating interest in the PSC. Following the initial 2-3 day shut-in period, which commenced on 13 February 2023, to monitor pressure build-up, the well will be re-opened for the multi rate flow test period. This will be followed by a more extended shut-in period to monitor pressure build up and help confirm reservoir volumes. Lion will continue to keep the market informed on the ongoing test results. The objective of the Lofin-2 testing operations is to isolate the deep-water leg in the well and determine the reservoir hydrocarbon fluid characteristics and the deliverability of the target Manusela limestone. The test string was run in the Lofin-2 wellbore on 4 February and the testing tool opened for an initial clean up period on 8th February. Gas to surface was achieved following controlled flow back of the water cushion/completion fluid. Rates of up to 14.8 mmscfgd were recorded on the 80/64" choke with 800 psi well head pressure (WHP). The final test before first shut-in period was at a 16/64" choke with a rate recorded of 11.53 mmscfgd/58.6 bcpd (API:37), less than 1 bwpd (representing completion fluid) with 4150 psi WHP. Only 3% CO2 was recorded in the gas. Tested interval was at 15155' measured depth (MD) - 16656'MD/4619-5077m MD. The discovery well, Lofin-1, was drilled in 2012 and provided encouragement for further appraisal drilling following flow rates reaching 15.7 MMscfD. The well measured depth of 4,427m (4,410m TVD) was however constrained by mechanical issues and therefore an appraisal well was planned. The appraisal well Lofin-2 was drilled in 2015 to a measured depth of 5,861m (5,791m TVD) and confirmed a significant gas discovery, with a reservoir section of up to 1,300m. The Lofin Field is a thrust faulted four-way dip anticline located 50-km west of the producing Oseil oil field. The field is mapped on 1990 and 2008 vintage 2D seismic lines and is approximately 4km wide and 10km in length. While Lion has a 2.5% interest in the Seram (Non-Bula) PSC portion of the Lofin discovery, part of the field is mapped to extend into the East Seram PSC in which Lion has a 60% interest. The reservoir is the fractured carbonate of the Jurassic/Triassic age Manusela formation which is the reservoir in the nearby producing Oseil oilfield. Announcement • Jan 31
Lion Energy Limited Advise That Field Operations on the Exciting Onshore Seismic Survey, in the East Seram PSC, Have Been Successfully Completed Lion Energy Limited is pleased to advise that field operations on the exciting onshore seismic survey, in the East Seram PSC, have been successfully completed. Lion, via a wholly owned subsidiary, is operator of the survey with a total of 194km of data recorded with no lost time incidents. The program covered prospects and leads with combined (unrisked) Best Estimate Prospective Resource1 of 675 mmboe. Lion has a 60% interest in the East Seram PSC, with joint venture partner OPIC having a 40% interest. The survey was approximately 80% funded by OPIC under previously announced farm-in arrangements. The completion of the survey is a major milestone for Lion's exploration efforts in the East Seram PSC. The new data is designed to mature some of the large leads and prospects to drillable status. As previously advised, recording of the seismic data commenced in the northwest onshore Kobi area in late October and was completed in this area in early December. When operations moved to the more operationally challenging Tanah Baru and MA-7 Prospect areas in the southeast of the East Seram block, a second helicopter was mobilised in late November. Operations proceeded well with the seismic recording in the southeast area and the recording activities for the entire survey completed post quarter-end on 8 January 2023. The complementary Gravity Data survey acquisition (1000 stations) was completed on 7 December. Processing of the data by BGP in their Jakarta processing centre commenced in late November 2022 and is due for completion by Second Quarter 2023. In total, approximately 194 km of line data was recorded during the survey which includes 14 km of recorded line tails without shot holes. Initial field processed results are positive with overall good data quality, representing a significant improvement on previous seismic surveys in the area. Due to an issue with land access approval in an isolated area in the Tanah Baru prospect, a decision was made by Lion management in late December not to record one of the seismic lines (line 115). This decision was supported by the Indonesian regulator SKK Migas. Lion is, however, confident that there remains sufficient data to mature the Tanah Baru prospect. In addition to the two new lines (lines 116 and 117) and the new Gravity Data acquired, there is existing 2008 vintage seismic to aid the interpretation. Announcement • Dec 22
Lion Energy Limited Provides an Update on the Testing of the Lofin-2 Gas Well as Part of the Ongoing Evaluation of the Lofin Gas Discovery Lion Energy Limited provided an update on the testing of the Lofin-2 gas well as part of the ongoing evaluation of the Lofin gas discovery. The test program is designed to enable the Seram (Non-Bula) Production Sharing Contract ("PSC") to move forward with numerous commercialization options currently under review. Lion has a 2.5% participating interest in the PSC. Rig up of the drilling rig is completed and well re-entry began on 19th December 2022, testing to be undertaken in January 2023, with completion expected early February. The discovery well, Lofin-1, was drilled in 2012 and provided encouragement for further appraisal drilling following gas flow rates reaching 15.7 MMscfD. The well measured depth of 4,427m (4,410m TVD) was however constrained by mechanical issues and therefore an appraisal well was planned. The appraisal well Lofin-2 was drilled in 2015 to a measured depth of 5,861m (5,791m TVD) and confirmed a significant gas discovery, with a reservoir section of up to 1,300m. On pulling out of the hole, drill pipe became stuck and despite a number of attempts to free the pipe, the lower section of the pipe string was left in the hole. Subsequent testing of the well was thus compromised, with a gas rate of up to 17.8 MMscfD limited by water influx of 2,634 barrels per day. The Lofin Field is a thrust faulted four-way dip anticline located 50-km west of the producing Oseil oil field. The field is mapped on 1990 and 2008 vintage 2D seismic lines and is approximately 4km wide and 10km in length. While Lion has a 2.5% interest in the Seram (Non-Bula) PSC portion of the Lofin discovery, part of the field is mapped to extend into the East Seram PSC in which Lion has a 60% interest (Figure 1). The reservoir is the fractured carbonate of the Jurassic/Triassic age Manusela formation which is the reservoir in the nearby producing Oseil oilfield. The overlying Jurassic marine Kola shale provides the regional seal with the main source rock interpreted to be the underlying mature Late Triassic Saman-SamanFormation. Lion notes that the process for the sale of 10% of the participating interest in the Seram (Non-Bula PSC) continues and is now expected to complete in early 2023. At completion, Lion's participating interest in Seram (Non-Bula) PSC will reduce to 2.25% from 2.5% currently. Announcement • Dec 16
Lion Energy's New Lion Trek™ Provides More Options for Portable Energy Storage in the Palm of A Hand Lion Energy announced the launch of the Lion Trek™, the company's smallest solar generator with multiple outputs including an AC outlet. Weighing approximately 2 pounds, the Lion Trek provides 150W of energy and can power everything from phones, laptops, lamps, televisions and even a mini refrigerator. With two USB ports in addition to the AC outlet, the Lion Trek can charge multiple items at a time. The Lion Trek, measuring 13.8" x 7.25" x 8.5", has a charge time of two to three-and-a-half hours, holds a charge for one year and has 2,000+ lifecycles. It is designed to recharge through traditional AC power or an optional 50W portable solar. Just like other Lion Energy products, the Lion Trek produces no emissions, causes no damage to the environment and is completely safe to use indoors. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Member of Lion H2 Advisory Board Ken Farrell was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 27
Lion Energy Limited Announces Onshore Seismic Progressing over Hydrocarbon Structures Lion Energy Limited provides an update on exciting ~200km onshore seismic survey in the East Seram PSC. Lion, via a 100% owned subsidiary, is operator of the survey which is being conducted by seismic contractor BGP. The program is covering prospects and leads with combined (unrisked) Best Estimate (P50) Prospective Resource1 of 675 mmboe (Lion ASX announcement 13/4/22). Lion has a 60% interest in the East Seram PSC with joint venture partner OPIC having a 40% interest. The survey is being approximately 80% funded by OPIC under previously announced farm-in arrangements. Mobilisation for the survey commenced in May 2022 with the initial focus on community relations, setting up operations bases and communications infrastructure and employing and training local staff. Surveying and line clearing commenced in early June, helicopter support was mobilised to the island on late July with shot hole drilling also commencing in late July. Lion and BGP continue to successfully manage issues including the difficult drilling conditions and challenging terrain in the southeast area of the survey and the logistics associated with operating in a remote location. have now completed over 95% of the required surveying and line clearing and approximately 50% of the shot hole drilling. Layout of the recording cable has commenced with recording due to commence in Late October. Good progress has also been made with the concurrent gravity data acquisition which is approximately 80% complete. Lion is close to appointing the seismic data processing company after running a competitive tender process and will update the market in due course. Lion aims to have the survey drilled and recorded by year end and to complete processing around March 2023. Announcement • Sep 20
Lion Energy Limited Completes Initial Front-End Engineering and Design for First Commercial-Scale Hydrogen Production and Refuelling Station in Australia Lion Energy Limited announced that it has completed the initial front-end engineering and design for its first commercial-scale hydrogen production and refuelling station in Australia aimed at the heavy mobility market. To achieve the required outcome, the FEED level design and estimate was based on recently completed projects, along with actual pricing quote from equipment vendors and sub-contractor pricing. Lion is now in advanced discussions with key vendors and expected to finalize procurement within the next few months. In parallel, Lion is actively negotiating with a shortlist of landowners to select and secure the location for this initial facility. Lion is confident hydrogen will play a major role in the decarbonisation of the Australian heavy transportation industry, including the bus sector. It envisions to build and operate a network of hydrogen generation and refuelling stations across the eastern states of Australia, which will complement the Hydrogen highway project announced by the New South Wales, Victorian and Queensland governments on 25 March 2022. With governments' mandates to transition new buses to zero-emission from 2025 onwards, and assuming a 20% market share for hydrogen, about 300 hydrogen buses would be deployed each year under a natural replacement profile. Using an average consumption of 12.5kg/day/bus1, an 8,600 strong hydrogen bus fleet would require about 40 million kg hydrogen per annum. This volume could be delivered through 270 hydrogen refuelling points of 400kg/day capacity each. For reference, the 20 largest fleet operators in Australia operate about 300 bus depots in total, with an average of 61 buses per depot2. The eastern states represent more than 70% of the addressable market2. Funding considerations As of 30 June 2022, Lion had a cash balance of USD 7.9 million. To ensure adequate liquidity for its initial hydrogen project and to plan for future growth, Lion is exploring various funding avenues. In particular, Lion is entertaining a number of parties that have expressed interest to joint venture Lion's first mover hydrogen initiative in Australia. These parties have large existing businesses in the energy sector and would provide significant business complementarity in the future. A joint-venture arrangement would significantly reduce the cash outlay required from Lion or would allow Lion to fund multiple facilities in parallel. Lion is also exploring other funding options, including debt financing from financial institutions and other parties. There is no certainty at this stage if any of these initiatives will bear fruit. In any case, Lion does not anticipate any external funding requirement in 2022. Highlights include: FEED scope includes hydrogen hub transport and refuelling station. Facility designed to produce and dispense 430kg hydrogen per day, with allowance for capacity growth in the future up to 1.7t per day. Lion expects the facility to start hydrogen production by fourth quarter of 2023, with full handover by first quarter of 2024. The facility is expected to supply hydrogen fuel onsite to bus operators transitioning their fleet from diesel to zero-emission vehicles. Lion envisions the facility to be the first of a green hydrogen refuelling network on the Eastern Seaboard of Australia, servicing initially the bus market and later the larger heavy mobility industry Project capex estimate of AUD 12.0 m, Procurement process underway, with vendor quotes and delivery timing within expectations. Reported Earnings • Sep 13
First half 2022 earnings released: US$0.004 loss per share (vs US$0.006 loss in 1H 2021) First half 2022 results: US$0.004 loss per share. Revenue: US$688.3k (up US$658.3k from 1H 2021). Net loss: US$1.78m (loss widened 35% from 1H 2021). Announcement • Jul 30
Lion Energy Launches Lioness Energy Storage Systems Lion Energy announced the launch of LionESS™ (ESS stands for Energy Storage Systems). LionESS sits at the heart of the company's vision to make 100% renewable energy a reality and provides the technology necessary for all to become energy independent. LionESS technology enables customers to store virtually any type of renewable power generated (solar, wind, hydro and thermal), as well non-renewable sources (utility grid and generators). The result is an inventory of stored energy from a variety of power sources that can be managed and maximized for the most economical, eco-friendly usage possible. LionESS technology elements are integral to the design, creation, deployment and support of Lion Energy products, all of which are designed and engineered in the United States, ranging from small handheld power devices and portable solar generators to home, business and industrial custom solutions. These technologies include the Energy Management System (EMS) software, firmware and infrastructure to oversee the entire process of energy storage and use as well as the Battery Management System (BMS) software and infrastructure to efficiently use and protect the high-grade lithium iron phosphate batteries — the safest, longest-lasting, most reliable and eco-friendly batteries available — that serve as the core energy storage. The Lion App will communicate with LionESS, providing data and control at the user's fingertips, making it easy for anyone to control, efficiently store and use energy without having to be technologically savvy. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Member of Lion H2 Advisory Board Ken Farrell was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 01
Full year 2021 earnings released: US$0.007 loss per share (vs US$0.004 loss in FY 2020) Full year 2021 results: US$0.007 loss per share (down from US$0.004 loss in FY 2020). Revenue: US$945.9k (up 1.2% from FY 2020). Net loss: US$1.83m (loss widened 145% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Announcement • Dec 23
Lion Energy Limited Reports Seram (Non- Bula) PSC Joint Venturers Approves the Re-Entry and Testing Plan for the Lofin-2 Well in the Lofin Gas Field Lion Energy Limited reported that the Seram (Non- Bula) PSC joint venturers have approved the re-entry and testing plan for the Lofin-2 well in the Lofin gas field. The Joint Venture is planning to conduct the test in mid 2022 following receipt of the required long lead items. The test will enable critical fluid and reservoir information to be obtained and will be key to planning commercialisation of the impressive Lofin gas field. A staged development plan for the Lofin gas field is anticipated with potential for initial gas sales to local industry in the Seram area during extended well testing with results guiding eventual full development plan for the Lofin field. The objectives of the well test are: Improving the understanding of the reservoir characteristics. Re-affirming the contingent resource estimate of 1.45TCF for the discovery. Assessing the gas deliverability of the well for early commercialization. Enabling the preparation of a Put-On-Production ("POP") application with the Indonesian regulatory body SKK Migas. under which the joint venture would produce gas from the existing well The well test is scheduled for second quarter of 2022 at a gross cost of USD 12.3 million (net to Lion USD 0.3 million) of which approx. USD 1.054 million has already been paid by the joint venture. As previously announced, the Lofin-2 appraisal well drilled in 2015 confirmed a material gas discovery at Lofin on Seram Island, East Indonesia. The Lofin structure is a thrust-faulted four-way dip anticline located 60km west of the Oseil oil field. Lofin-2 delineated a continuous gas column of up to approximately 1,300m, making it one of the largest onshore gas discoveries in Indonesia over the last 20 years. The Lofin Gas Field was discovered in 2012 with the drilling of Lofin-1 which tested 15.7 mmcfgd and 171 bpd of 36.1° API condensate. The discovery was successfully appraised in 2015 with Lofin-2 well with results indicating a 1300m gas column. The Lofin-2 well flowed gas at up to 17.8 mmcfpd through a 52/64" choke at 2250psi wellhead flowing pressure. The well also flowed over 2000 bwpd interpreted to be from the lower part of well. The gas is good quality with less than 5% carbon dioxide. The planned new test procedures involve isolating the lower water zone by setting a cement plug above the interpreted water zone. The test procedure is designed to provide essential data on field reservoir and well deliverability. Reported Earnings • Sep 15
First half 2021 earnings released: US$0.006 loss per share (vs US$0.003 loss in 1H 2020) The company reported a poor first half result with increased losses, weaker revenues and weaker control over costs. First half 2021 results: Revenue: US$30.0k (down 90% from 1H 2020). Net loss: US$1.33m (loss widened 112% from 1H 2020). Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Jun 16
Lion Energy Limited to Report Balam Energy First Phase of Interpretation of the 664 Km High Resolution 2D Seismic Data Is Now Complete Lion Energy Limited to report on behalf of its 100% owned subsidiary, Balam Energy (Operator of the East Seram PSC), that the first phase of interpretation of the 664 km high resolution 2D seismic data is now complete. The data which was shot in November 2020 with processing completed in March 2021, was designed to investigate the offshore shallow (<1,200m) Plio- Pleistocene play which includes the potential extension of the 20mmbbl Bula Field. Two areas were targeted with 507 km recorded in the offshore Kobi area to the northwest and 157 km in the Bula Bay area. The data has significantly enhanced the understanding of the plays in the offshore portion of the East Seram PSC and a number of new prospects and leads have emerged from the data. The acquisition and processing of the seismic data has met the firm commitment obligations of the PSC. The data has also enabled selection of less prospective areas for a required 30% relinquishment of the East Seram PSC at the end of Permit Year 3. The new area of the PSC post relinquishment will be 4,557 km2 after July 17, 2021. Concurrently, Lion continues to plan for an approximate 200 km onshore seismic survey targeting world class onshore gas and oil leads, with timing dependent on the Covid-19 situation in the region. 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 was largely covered under the farm-in arrangement with OPIC East Seram Corporation who hold a 40% interest. Announcement • Apr 25
Lion Energy Limited announced that it expects to receive AUD 2.8 million in funding Lion Energy Limited (ASX:LIO) announced a private placement of 31,100,000 common shares at a price of AUD 0.003 per share for gross proceeds of AUD 933,000, convertible notes from certain existing shareholders amounting to AUD 270,000 and by new investors amounting to AUD 1,247,000, and AUD 350,000; aggregate proceeds of AUD 2,800,000 on April 23, 2021. The company will also issue 1:1 options with respect to the shares in the transaction. The maturity date of the notes is December 31, 2021. The notes are unsecured, convertible at AUD 0.003 per share and bear a fixed rate of interest of 12% per annum. Each share issued from the convertible notes will include a 1:1 option. The options and the conversion of the notes is subject to the shareholder approval at a general meeting to be held in or before July 2021. The company will receive the funding in tranches. The first tranche will include the issuance of commons shares, the second tranche will include the issuance of convertible notes, and the third tranche for AUD 350,000 from directors, or their nominees including Thomas Soulsby or his nominee for AUD 100,000, Damien Servant or his nominee for AUD 50,000, Chris Newton or his nominee for AUD 50,000, Zane Lewis or his nominee for AUD 100,000, and Russell Brimage or his nominee for 50,000. Announcement • Mar 17
Lion Energy Limited Completes Processing of Seram Seismic Survey Lion Energy Limited reported on behalf of its 100% owned subsidiary, Balam Energy, that processing of the 664 km high resolution 2D data is now complete and interpretation of the data has commenced. The data, recorded in Lion's East Seram PSC in November 2020, will be provided to the Indonesian Government fulfilling the firm commitment obligations in the PSC. The data was processed in Jakarta while being overseen by experts engaged by Lion. The survey is designed to investigate some large leads on the offshore Kobi area, the potential extension of the 20 mmbbl Bula oil field and other leads in the Bula Bay area. Interpretation of the data is expected to be completed in May 2021. Concurrently, Lion continues to plan for an approximate 200km onshore survey targeting world class onshore gas and oil leads with survey timing dependent on the Covid-19 situation in the region. Announcement • Jan 12
Lion Energy Limited Reports Processing of Marine Seismic on Track Lion Energy Limited ("Lion") reported on behalf of its 100% owned subsidiary, Balam Energy, that processing is on track of the 664 kms of high resolution 2D data recorded in November 2020 offshore Seram Island in the East Seram
Production Sharing Contract (PSC). Once processing is complete, which is expected in March 2021, Lion will have met its firm commitment obligations in the East Seram (PSC). The data is being processed in Jakarta and overseen by experts engaged by Lion. The survey is designed to investigate some large leads on the offshore Kobi area with areal closure up to 30 sq km and also the potential extension of the 20 mmbbl Bula oil field and other leads in Bula Bay area. Processing is expected to be completed in First Quarter 2021, with interpretation of the data expected to be finalised in second quarter of, 2021. Concurrently Lion continues to plan for an approximate 200km onshore survey targeting large onshore gas and oil leads. 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 are largely covered under the farm-in arrangement with OPIC East Seram Corporation who hold a 40% interest. 