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MENAFN - ProactiveInvestors - Australia - 14/11/2012

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(MENAFN - ProactiveInvestors - Australia) Lion Energy (ASX: LIO) has recorded a success with the Lofin-1 sidetrack exploration well on Seram Island, Indonesia, that flowed 15.7 million cubic of gas per day with associated condensate during testing.

Flowing pressures and rates were still increasing during the four rate test, indicating the well was still cleaning up and had not reached its maximum potential.

Operator CITIC Seram Energy has carried out a small acid squeeze to clean the formation.

Lofin is located 56 kilometres west of the Oseil oilfield that has produced more than 10 million barrels of crude oil since production start-up in late 2002.

It was previously estimated to hold 82 million barrels of recoverable oil though work is now underway on a gas and associated liquids estimate in light of the gas flow from the well.

Lion has a 2.5% interest in the Seram (Non Bula) Block Renewal Production Sharing Contract.

 






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