Lion Energy gains approval for farmout deal
Lion Energy has received formal approval for the transfer of a 15% interest in the East Seram production sharing contract.
The approval marks the last regulatory step required for the completion of the farmout agreement.
Under the terms of the agreement, OPIC will fund 88% of the costs for the upcoming Bula Karang-1 exploration well, up to a maximum of $5.6m.
The East Seram PSC holds the Bula Karang prospect, which is due to be drilled in August 2026 and is estimated to contain 12 million barrels of oil equivalent.