Lion Energy Limited · ASX:LIO
Lion Energy — Investor Presentation (January 2026)
23 slides from Lion Energy's investor presentation, Jan 16, 2026
Slide 1: Seram Island Investor Update
For personal use only Seram Island Investor Update A potential new Bula Bay oil play, Seram Island, East Indonesia
Slide 2: Important notice and disclaimer
Important notice and disclaimer Forward-looking statements Certain statements contained in this presentation, including information as to the future financial or operating performance of Lion and its projects are forward-looking statements. Such forward-looking statements: •should or can generally b
Slide 3: Corporate Structure
Corporate Structure 17% CAPITAL STRUCTURE Areen For personal use only 452M $8.1M $2.4M 12% Risco Energy SHARES ON ISSUE MARKET CAP CASH 65% 6% (at 2c/share) (as at 30/09/25 plus cash Board & received from JV) Other Management Executive Directors Tom Soulsby 30 years Damien Servant 20 years Non-Execu
Slide 4: Investment highlights
Investment highlights East Seram PSC For personal use only Lion is now fully funded for the 12 mmbbl1 (P50) oil Bula Karang prospect Largely funded by partner in the highly prospective Bula Bay, Seram Basin, East Indonesia and will Lion's partner, Overseas Petroleum and Investment Corp (Opic), will
Slide 5: Bula Karang Funding deal
Bula Karang 1 Funding deal OPIC funding For personal use only OPIC to fund 88% of the Bula Karang well subject to a cap of US$5.6 million (100% basis). Cost beyond US$5.6 million to be funded 45%-55% by Lion-OPIC Transfer Lion to transfer 15% of its interest in the East Seram PSC to OPIC Condition A
Slide 6: Technical Expertise
Technical Expertise Chris Newton Russell Brimage Non-Executive Director, Technical Consultant Non-Executive Director • Geologist by background with 40 years of E&P • 40 years’ operating experience in the E&P and For personal use only industry experience in technical, commercial, & service sector lea
Slide 7: East Seram PSC
East Seram PSC Location Seram Island, Indonesia For personal use only Contract The PSC has a fixed 30-year term from 2018 , divided into: • Exploration Period: 6 years initially, now extended to 10 years • Exploitation Period: 20 years begins once the first Plan of Development is approved by the Min
Slide 8: The Seram Basin is underexplored adjacent to major hydrocarbon provinces
The Seram Basin is underexplored adjacent to major hydrocarbon provinces For personal use only 8
Slide 9: World class fiscal terms
World class fiscal terms For personal use only 9
Slide 10: Rare co-ordinates of robust contractor take and high prospectivity
Rare co-ordinates of robust contractor take and high prospectivity For personal use only 10
Slide 11: Strategic Sale of 2.5% interest in Seram (Non-Bula) PSC funds Bula Karang-1
Strategic Sale of 2.5% interest in Seram (Non –Bula) PSC funds Bula Karang-1 Location Seram Island, Indonesia Contract issues For personal use only The PSC has a fixed 20-year term from 2019 • Firm commitment still not met with major expenditure required • Concern over future negative cashflow with
Slide 12: East Seram PSC area and high graded prospects
East Seram PSC area and high graded prospects Progress Since PSC signing (July 17, 2018) focused exploration effort has resulted in a world-class portfolio identified by 2020 offshore and 2022 For personal use only onshore seismic campaigns. High Graded Prospects East Seram PSC High P50 Prospective
Slide 13: Area C, Bula Karang prospect and potential follow up
Area C, Bula Karang prospect and potential follow up Reef Potential The prospect is a seismically defined carbonate For personal use only reef buildup, a proven play in Indonesia Optimized Drilling Well planning confirms drilling a deviated well from shore, reduces costs by around USD 5 million. Pot
Slide 14: Bula Karang prospect – infrastructure advantage
Bula Karang prospect – infrastructure advantage Capital savings By drilling a deviated well from onshore, the For personal use only prospect can be accessed at an estimated cost of only ~US$6 million Infrastructure advantage The prospect is near operating production facilities including processing f
Slide 15: Bula Karang success leads to a material Bula Bay development pathway
Bula Karang success leads to a material Bula Bay development pathway Transformational Upside A successful outcome could unlock ~50 mmbbl potential in Bula Bay establishing a new offshore oil Reef target play leveraging existing infrastructure for rapid, low- For personal use only cost commercializat
Slide 16: Bula Karang Prospect – expected stratigraphy and drilling plan
Bula Karang Prospect – expected stratigraphy and drilling plan For personal use only Exploration Targets Drilling will progress through shallow marine sandstone reservoirs, continue into the Fufa Formation, test deeper turbidite sandstone targets, and ultimately evaluate potential oil-bearing reefal
Slide 17: Project Schedule – Current Status
Project Schedule – Current Status Drilling Timeline Oct ‘25 Nov ‘25 Dec ‘25 Jan ‘26 Feb ‘26 Mar ‘26 Apr ‘26 May ‘26 Jun ‘26 Jul ‘26 For personal use only Procurement Procurement Long Lead Items Long Lead Items Drilling Services Drilling Services HSE HSE Engineering Engineering Operations Operations
Slide 18: Key execution risks and mitigation strategy
Key execution risks and mitigation strategy Risks Mitigants Uncertain limestone reservoir quality may Deviated well design maximises reservoir Reservoir Quality For personal use only limit recoverable volumes. exposure and flow potential. Oil flow rates may underperform, reducing Well test and produ
Slide 19: Investment, funding and upside
Investment, funding and upside For personal use only Investment Funding Upside Estimated well cost is ~US$ 6 With Opic funding 88% of well Lion’s 45% working interest million in the success case, costs, Lion is fully funded for its provides meaningful equity benefiting from onshore deviated remainin
Slide 20: Near-term share price catalysts
Near-term share price catalysts For personal use only Commercialisation Proximity to facilities enables accelerated 2027+ development and early production. Cashflow 2027 H1 Rapid time to market converts basin Drilling and appraisal success into sustainable cashflow and investor returns. Success woul
Slide 21: Why invest in Lion Energy now?
Why invest in Lion Energy now? Retained exposure Lion’s 45% retained interest gives For personal use only investors significant exposure to potential material gains and world- class follow up potential Value Catalyst Resilient Returns A key near-term catalyst is the planned The investment provides a
Slide 22: Thank you
For personal use only Thank you Lion Energy is entering its most exciting phase in years. With low-risk exposure to a high-impact well, backed by partner funding, and the potential to unlock a multi-hundred-million-barrel province, the 2026 drilling program offers investors a unique opportunity for
Slide 23: Appendix - East Seram PSC Prospective Resources
Appendix 1 - East Seram PSC Prospective Resources East Seram PSC Prospective 100% (Gross) Resources 1 Play Gas/Associated Gas Oil/Condensate Combined (Mmboe) Probability (as at 1 Oct 2025) Recoverable (Bcf) Recoverable (MMbbl) of Success Low Best High Low Best High Low Best High Prospective Resource