Lion Energy to Host Investor Webinar on Bula Karang-1 Drilling Update, 16 November 2026

Sonal Goyal

12 November 2026 10:15 AM AEDT

Lion Energy to Host Investor Webinar on Bula Karang-1 Drilling Update, 16 November 2026

Image Source: Krish Capital Pty Ltd

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Lion Energy Limited (ASX:LIO) has announced it will host a live investor briefing webinar on Monday, 16 November 2026, to provide an update on the drilling of the Bula Karang-1 oil exploration well in the East Seram Production Sharing Contract (PSC) in Indonesia, with the well having spudded on 10 November 2026 and expected to reach target depth in the coming weeks.

Key Points

Investor briefing webinar scheduled for 16 November 2026 at 9:00 am AWST / 12:00 pm AEDT, with a duration of approximately 30 minutes
Bula Karang-1 well targets a gross 12 million barrel (P50) unrisked prospective oil resource in the primary carbonate objective, with an estimated 38% chance of success
The well spudded on 10 November 2026 and is expected to reach target depth in the coming weeks
Lion Energy retains a 45% interest in the East Seram PSC while funding 12% of the Bula Karang-1 well costs

Webinar Details and Presenters

The webinar will be conducted by Executive Chairman Tom Soulsby and Exploration Manager Kim Morrison, who will deliver an investor update on the Bula Karang-1 drilling programme. The session is scheduled to run for approximately 30 minutes and will be followed by an interactive question-and-answer session. Participants are encouraged to submit questions in advance via the registration link. The company stated that a replay of the webinar will be posted on Lion Energy's social media channels as soon as it is available for those unable to attend the live event.

Bula Karang-1 Well Resource Target and Interest Structure

The Bula Karang-1 exploration well targets a gross 12 million barrel (P50) unrisked prospective oil resource in the primary carbonate objective within the East Seram PSC. The well carries an estimated 38% geological chance of success. Lion Energy holds a 45% interest in the East Seram PSC and is funding 12% of the Bula Karang-1 well costs. The company noted there is no certainty that any portion of the prospective resources will be discovered and, if discovered, no certainty that it will be developed or commercially viable to produce.

Qualified Petroleum Resources Evaluator Confirmation

In accordance with ASX Listing Rule 5.43, Lion Energy confirmed that references to prospective resources in the filing are based on information previously announced on 7 September 2018, 10 September 2018, 4 March 2019, 13 April 2021, and 16 June 2021. The company stated it is not aware of any new information or data that materially affects the information included in the filing, and that all material assumptions and technical parameters underpinning the resource estimates continue to apply and have not materially changed. The filing was authorised for release by the Executive Chairman of Lion Energy Limited.

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