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Lion Energy Limited reports that the Indonesian Amanah Timur discovery well (AMT-1) has been plugged and abandoned following unsuccessful attempts to free a stuck drill pipe.
Lion requested the halt pending an update on the Amanah Timur-1 well, which is located in Indonesia.
The company has lifted a total of 500,235 barrels of crude oil as on 25 December 2016, since the commencement of oil production from the Oseil oilfield.
The halt will remain in place until the opening of trade on Tuesday 6th December 2016, or earlier if an announcement is made to the market.
Lion Energy Ltd (ASX Code: LIO) is pleased to announce it has increased its interest in the South Block A PSC. Lion, in conjunction with Operator REE, have exercised their rights to default PT Prosys Oil & Gas International (POGI). POGI's 14% interest will be taken up pro-rata by Lion and REE, as per the Joint Operating Agreement (JOA) covering the South Block A PSC. As a result of the default, Lion will hold 40.
Lion Energy upgrades proven oil reserves in Seram (Non-Bula) Production Sharing Contract in eastern Indonesia by 28 percent.