Lion Energy Limited · ASX:LIO
Lion Energy — RIU Good Oil Conference 2026
19 slides from Lion Energy's conference presentation, Sep 16, 2026
Slide 1: High-impact oil exploration in Seram Island, Indonesia
rsonal use only High-impact oil exploration in Seram Island Indonesia Bula Karang-1, 12.4 mmbbl P501 Lion interest 45% RIU Good Oil Conference 16 September 2026
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: Investment highlights
Investment highlights East Seram PSC rsonal use only Lion is now fully funded for the 12 mmbbl1 (P50 1) 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 fund
Slide 4: Indonesian energy demand outpaces domestic energy supply
Indonesian energy demand outpaces domestic energy supply, energy security now prevails rsonal use only Demand growth Supply growth Oil is critical Final energy consumption grew at Primary energy supply grew at Oil still supplied 31% of primary 5.0% p.a. over the decade to 2023, 4.0% p.a. one percent
Slide 5: Indonesia's oil deficit is structural, not cyclical
Indonesia's oil deficit is structural, not cyclical Demand and domestic supply rsonal use only 1.6m 0.6m -1.0m Imports fill the current oil demand, 2025 oil production, Indicative daily supply supply gap barrels/day barrels/day gap in barrels/day Why the gap persists 1996 2003 Mature fields New disc
Slide 6: Development drilling can slow decline, but cannot replace exploration
Development drilling can slow decline, but cannot replace exploration. Faster approvals driving activity. rsonal use only Mature fields Exploration gap Lion's opportunity Oil output peaked in 1996. Exploration is recovering, yet As majors rationalise portfolios Intensive development drilling investm
Slide 7: The Seram Basin is underexplored adjacent to major hydrocarbon provinces
The Seram Basin is underexplored adjacent to major hydrocarbon provinces rsonal use only 7
Slide 8: East Seram PSC
East Seram PSC Location Seram Island, Indonesia rsonal 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 Minister
Slide 9: 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 rsonal use only onshore seismic campaigns. High Graded Prospects East Seram PSC High P50 Prospective Est.
Slide 10: Lion acreage has world-class fold belt structures and Plio-Pleistocene play
Lion acreage has world-class fold belt structures, exciting Plio-Pleistocene play, abundant evidence of HC charge on & offshore TWT Inboard fold belt (Sec) S Lofin-2 Kobi N SSW Outboard fold belt NNE GR 0 Plio-Pleistocene Play Fufa Fm shallow marine sandstone, rsonal use only 0.5 reefal build ups (B
Slide 11: Bula Karang Prospect Summary
Bula Karang Prospect Summary – Late Tertiary reefal buildups major play in SE Asia Prospect summary Resource Volumes • Plio-Pleistocene reefal build up • Water depth at crest: ~50m Prospective resource1 unrisked (100%) Carbonate: • Closure 0.8-2.7 km2 , 30-80 m relief, 23-29% porosity. • Data qualit
Slide 12: Bula Karang Prospect emerged from Lion's 2020 seismic
Bula Karang Prospect emerged from Lion’s 2020 seismic Example of CP97 data vs BLM20 data in Bula Bay area Lines overlap – significantly more stratigraphic information on BLM20 line 1997 vintage line 2020 BLM20 line rsonal use only Significantly better imaging of prograding foreset sections Some of p
Slide 13: Bula Karang Prospect – expected stratigraphy and drilling plan
Bula Karang Prospect – expected stratigraphy and drilling plan rsonal 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 limes
Slide 14: 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- rsonal use only cost commercialization. S
Slide 15: Bula Karang prospect – infrastructure advantage
Bula Karang prospect – infrastructure advantage Capital savings By drilling a deviated well from onshore, the prospect can be accessed at an estimated cost of only ~US$6.7 million. Well planning confirms rsonal use only drilling a deviated well from shore, reduces costs by around USD 5 million. Pote
Slide 16: Project Schedule – Current Status
Project Schedule – Current Status Drilling Timeline rsonal use only Apr ‘26 May ‘26 Jun ‘26 Jul ‘26 Aug ‘26 Sep ‘26 Oct ‘26 Nov ‘26 Dec ‘26 Jan ‘27 Feb ‘27 Mar ‘27 Road & Site Preparation Road & Site Preparation Jetty Permit Jetty Permit Drilling Rig Mobilization Drilling Rig Mobilization Materials
Slide 17: 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 rsonal use only industry experience in technical, commercial, & service sector leadershi
Slide 18: Why Lion — why now
Why Lion — why now Retained exposure Lion’s 45% retained interest gives rsonal use only investors significant exposure to potential material gains and world- class follow up potential Value Catalyst Resilient Returns Bula Karang-1 is a near-term Existing infrastructure supports a exploration catalys
Slide 19: East Seram PSC Prospective Resources
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 Resources 1 P90 P50 P