Lion Energy secures funding for exploration well in Indonesia

Lion Energy executed a farm-out agreement under which its partner OPIC East Seram will fund the majority of the drilling costs for the planned Bula Karang exploration well in the East Seram Production Sharing Contract offshore Indonesia.

Under the agreement, OPIC will fund approximately 88% of the drilling cost for the Bula Karang well, which is scheduled to be drilled in Q2 2026.

The Bula Karang prospect is located close to the producing Bula Oil Field and hosts a P50 prospective resource of around 12 million barrels of oil. The exploration well is being designed for an onshore drill targeting an offshore objective to reduce costs and allow for early production in the event of success, leveraging existing oil infrastructure on Seram Island.