Lion Energy Limited · ASX:LIO
Lion Energy — Perth Seapex Meeting 2021
29 slides from Lion Energy's conference presentation, Mar 16, 2021
Slide 1: Eastern Indonesian Seram Basin
Eastern Indonesian Seram Basin For personal use only High impact fold-thrust belt and new potential in the shallow Plio-Pleistocene play Kim Morrison Lion Energy Ltd Perth Seapex Meeting 16 March 2021 A New Approach to Asian Energy A New Approach to Asian Energy www.lionenergy.com.au March 2021
Slide 2: Important notice and disclaimer
Important notice and disclaimer Forward-looking statements For personal use only 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: • sh
Slide 3: Presentation Outline
Presentation Outline For personal use only Lion Energy overview Seram regional setting Stratigraphy Structural model Fold-thrust belt play Exploration results Prospects and leads Global analogues Plio-Pleistocene play Exploration results Key plays Oil stain Prospects and leads Manusela limestone- Ne
Slide 4: Overview of Lion Energy
Overview of Lion Energy ASX listed, majority Indonesian owners, Seram focused E&P company For personal use only • 60% & Operator East Seram PSC • OPIC (Taiwanese NOC) 40% • 6510 km2, signed July 17 2018 • Extension of Lofin, Bula oil field • Fold-thrust belt play, large leads • Plio-Pleistocene fore
Slide 5: New offshore seismic being interpreted
664 km new offshore seismic being interpreted Two area targeted – offshore Kobi and Bula Bay area For personal use only 8 km PT Taka Geodrill conducted survey using Indonesian registered SS Barakuda and seismic acquisition & recording equipment from UK company TTS, processing by PT Pentacru Bula Bay
Slide 6: Region contains prolific hydrocarbon provinces
Region contains prolific hydrocarbon provinces Proven, under-explored Seram Basin fold belt play (partly) analogous to Papuan fold belt Seram Basin creaming curve by wells Salawati Basin Bintuni Basin For personal use only 500 450 Oil Oil+Condensate 500 mmbbl oil 50 mmbbl oil 400 BOE 0.8 TCF gas 20
Slide 7: Seram geology: collision of Australian plate & Indonesian microcontinents
Seram geology: collision of Australian plate & Indonesian microcontinents Collision along Banda Arc from Late Miocene-Pliocene has produced the Seram fold- thrust belt consisting of imbricated/folded Australian continental plate section For personal use only Allocthon front Plio-Pleistocene play Fol
Slide 8: Seram Island stratigraphy
Seram Island stratigraphy - Massive Jurassic carbonate reservoir, world-class source & seal, attractive shallow Plio-Pleistocene play For personal use only Stratigraphic Table - Seram Region Thrust foreland Middle Jurassic sedimentary model Source: Zhugang et al, 2016 basin Fufa Fm- Primary reservoi
Slide 9: Seram Island oil and gas occurrences
Seram Island oil and gas occurrences Numerous oil and gas seeps support present day generation Bula Field originally discovered due to drilling near seep documented in 1865 For personal use only Gas seeps 1985 Wahai Gas and some flu Oil seep 1985 Wahai Basin geological map shows in Ceram B1X Basin g
Slide 10: Oseil Area inversion structure
Oseil Area – inversion structure with faulted culminations 1993 Oseil 1, first production 2003, 18 mmbbl produced, OOIP ~280 mmbbl For personal use only • Up to 300m HC column, ~225m oil, gas caps to 75m • 15-22 API oil • Fractured, shallow water Manusela carbonate • Primary porosity av 6.4% (up to
Slide 11: Lofin gas discovery: inversion structure with 1300m gas column
Lofin gas discovery: inversion structure with 1300m gas column One of largest onshore discoveries in Indonesia in decades For personal use only • 2012 Lofin 1 flowed 15 MMscfd gas. • 2015 Lofin-2 confirmed 1300m gas column in fracture carbonate, flowed 17.8 MMscfd • Numerous fractures from cores, im
Slide 12: Plio-Pleistocene play: Offshore Bula Field extension
Plio-Pleistocene play: Offshore 20 mmbbl Bula Field extension Offshore extension potential recognised in 1990’s, area not under licence until now For personal use only • Bula North flank wells show Estimated max low tide mark Potential for Kampung good production (122,000- Offshore Bula (PSC boundar
Slide 13: East Seram structural model - key play elements
East Seram structural model - key play elements 1.Triassic- Jurassic Manusela carbonate, rich co-eval Saman-Saman source, Kola Fm seal 2.Plio- Pleistocene sands (shelf and turbidites), reefal buildups, intraformational seals, Saman-Saman source For personal use only Topographic map helps guide struc
Slide 14: Maturation modelling: SE area more oil prone, NW more gas prone
Maturation modelling: SE area more oil prone, NW more gas prone Oil window from ~4000-5600m, gas window from 5600m due to low heat flow in area (~40mw) For personal use only Lofin 2 Burial History Present day Oil and gas windows for inferred Saman-Saman source Transformation ratio Top Saman- Saman F
Slide 15: Manusela fractured carbonate: key objective
Manusela fractured carbonate: key objective Over 2TCF gas & 60 mmbbl oil/condensate discovered to date from 6 discoveries For personal use only • Triassic/Jurassic Manusela reservoirs oil in Oseil area (with gas cap) & gas/cond. in Lofin Field • 9 wells have tested fold belt play, 6 discoveries • Ea
Slide 16: Manusela Fm reservoir
Manusela Fm reservoir Late Triassic to Middle Jurassic carbonate, up to 2000m thick For personal use only • Oolitic grainstone, grainstone, packstone and wackestones • High energy oolitic sand shoals or barrier bars to lower energy tidal Kola Shale flat or offshore environments • Abundant cross bedd
Slide 17: Mapping of top Manusela event shows highly attractive targets
Mapping of top Manusela event shows highly attractive targets Potential structures up to 90 km2, Manusela limestone targets from 1500m to 5000m For personal use only Nr Top Manusela TWT A B Bula Deep Wahai Deep 20 km2 MA-11 85 km2 42 km2 Lofin NW MA-4 40 km2 10 km2 Lofin field C Tanah Baru N MA-7. 1
Slide 18: Composite line showing inboard & outboard fold-thrust belt
Composite line showing inboard & outboard fold-thrust belt Imaging of Manusela event challenging, especially in low angle thrust fault setting TWT Inboard fold Outboard fold For personal use only (Sec) S Lofin-2 thrust belt N SSW thrust belt NNE 0 GR 0.5 Overriding thrust stacks 1.0 Triassic Kanikeh
Slide 19: Seram fold-thrust belt play: impressive undrilled structures
Seram fold-thrust belt play: impressive undrilled structures Late 2021/2022 seismic program to cover key leads For personal use only B C MA-11 Lead – up to 42 km2 (+) MA-7 lead – up to 55 km2 (+) Prospective resource1 143 - 520 mmboe2 Prospective resource1 45 – 1006 mmboe2 Gravity high, seeps in are
Slide 20: Fold belt emerging prospect and lead portfolio
Fold belt emerging prospect and lead portfolio Underexplored play world-class potential requiring more seismic For personal use only • 12 leads (to date) in East Seram PSC, combined P50 Prospective Resource1 1.15 bboe2 • Av. POS 23%, ~50% gas estimated • Structures observed on gravity, field mapping
Slide 21: Global statistics for fold-thrust belts (FTB)
Global statistics for fold-thrust belts (FTB) Globally host around 25% of total discovered reserves Worldwide orogenic belts For personal use only • >700 bboe discovered • ~520 bboe in Zagros FTB Seram FTB shares similarities • ~180 bboe in ~30 other FTB’s (av with PNG, Sulaiman & Zagros FTB Sulaima
Slide 22: Seram has similar Early-Mid Jurassic paleo-geography to Arabian plate
Seram has similar Early-Mid Jurassic paleo-geography to Arabian plate which hosts major accumulations Widespread Jurassic carbonate deposition outboard of fluvio-deltaic clastics Early Jurassic For personal use only Paleogeography (Source SEPM Strata) Arabian Plate Chronostratigraphic Chart (Stewart
Slide 23: Zagros – Seram fold-thrust belt similarities
Zagros – Seram fold-thrust belt similarities E-M Jurassic transition from fluvio-deltaics (Saudi Arabia) to shelf carbonates (UAE/Iran) For personal use only • Jurassic carbonates (i.e. Marratt Fm in Kuwait), similar Jurassic section thickness facies/ deposition environment as Manusela • Jurassic re
Slide 24: Plio-Pleistocene discoveries
Plio-Pleistocene discoveries Over 19 mmbbl oil produced to date For personal use only • Low relief anticlines, faulted traps, stratigraphic pinchout & reefal plays • ~30 exploration wells have been drilled. Key discoveries/ wells: • Bula 2 (1897) Oil discovery 200bopd. Original resource 25mmbbl1, 19
Slide 25: SE area composite line: Fufa Fm progradation, delta front, turbidite sands
SE area composite line: clear Fufa Fm progradation, delta front, bathyal turbidite sands and actual/speculative carbonate build ups Matofoten-1 For personal use only Belien-B (offset to N) Fufa Formations Carbonate build up with live oil Bathyal/turbidite encountered in fan sands Belien B (Matofoten
Slide 26: Plio-Pleistocene section in NW area of East Seram PSC
Plio-Pleistocene section in NW area of East Seram PSC Oil seeps recorded in area with showing interesting structure, potential (?) carbonate build-up and favourable dip for offshore prospect PP4 For personal use only KS90-34 Fufa Formation Favourable dip towards PP4 Imbricate zone Wahai Beds prospec
Slide 27: Plio-Pleistocene prospect and lead inventory
Plio-Pleistocene prospect and lead inventory Will be updated following interpretation of new seismic For personal use only • 7 leads (to date) in East Seram PSC, combined P50 Prospective Resource1 95 mmboe2 • Av. POS 24%, 95% Oil • New seismic will significantly impact portfolio and new prospects ex
Slide 28: Seram Basin - proven yet underexplored province
Seram Basin - proven yet underexplored province East Seram PSC covers some of the most prospective areas For personal use only • Fold thrust belt play • Significant oil (Oseil area) and gas (Lofin) discoveries • Similarities to world-class FTB provinces (fractured carbonate, anoxic source) • Onshore
Slide 29: Thank you
For personal use only Thank you For more information please contact: Tom Soulsby Executive Chairman Email: tsoulsby@lionenergy.com.au Phone: +62 812 1065956 A New Approach to Asian Energy www.lionenergy.com.au March 2021 29