Lion Energy Secures Rig for Indonesian Exploration Well

Lion Energy has contracted the SCD-20 rig from Silver City Drilling to drill the Bula Karang-1 exploration well. This operation will take place within the East Seram production sharing contract offshore Indonesia and represents a key step toward commencing drilling.

Well Details and Timeline

The well is scheduled to spud in mid-2026. It is designed as a deviated well, which will allow it to test offshore geological structures from an onshore drilling location. This approach is intended to reduce development costs while still accessing the prospective reservoirs.

Resource Target and Strategic Importance

The Bula Karang-1 prospect is estimated to contain approximately 12 million barrels of oil on a P50 (best estimate) basis. Drilling the well is expected to provide greater clarity on the resource potential of the East Seram block. This rig contract marks a significant milestone for Lion Energy as it advances its exploration activities in Indonesia, a region where operators are focusing on underexplored basins with conventional oil potential.