Lion spuds Bula Karang-1 exploration well onshore Seram Island

Lion Energy spudded the Bula Karang-1 exploration well in the East Seram PSC in Indonesia on 9 November. Lion operates the block with a 45% working interest, and OPIC holds the remaining 55%. Silver City Drilling Rig 20 is drilling the well from an onshore location on Seram Island, deviating it to reach an offshore carbonate target about 550 m subsea.

The well targets a gross unrisked P50 prospective resource of 12 million barrels of oil in its primary carbonate objective, with a 38% geological chance of success. Planned total depth is about 5,400 ft measured depth (2,200 ft true vertical depth), and the well may be shortened if no oil or gas shows are encountered. Drilling and initial evaluation are expected to finish in early December.

After drilling, the rig will be demobilized. A smaller service rig and production testing equipment are planned for mobilization in Q1 2027 for further testing, subject to the drilling results.