announcement

ASX Announcement 20th April 2004 Oil Liftings In April 2004, the company participated in two crude oil liftings.


1. OSEIL OILFIELD Lion Energy Limited is a 2.5% shareholder in the Seram (Non Bula) Block Production Sharing Contract. The major shareholder, and Operator of the Joint Venture, is KUFPEC (Indonesia) Limited with 97.5%. The block contains the Oseil Oilfield. On April 9th 2004, a lifting of 296,204 barrels of Oseil HSFO (High Sulphur Fuel Oil) was completed, with the departure of the tanker to a Singapore refinery. This follows from the previous lifting of approximately 298,000 barrels in December 2003. A further lifting of a similar size cargo of approx. 300,000 barrels is forecast for the end of the second quarter or early into the third quarter 2004.



2. BULA OILFIELD Lion Energy Limited a the 100% contractor shareholder and Operator of the Bula Block. The block contains the Bula oilfield. On April 15th 2004, a loading of 51,910 barrels was completed with the departure of the tanker to Plaju refinery in Sumatra. This is the second lifting for the current year, the first being 56,696 barrels in January 2004. The Bula oilfield continues to produce at a rate of approximately 515 barrels of crude oil per day. The next lifting is forecast to be end July 2004 of approximately 50,000 barrels. Revenues from these two liftings will not be finalized until end April 2004, as the crude oil prices for the respective interests are based on calculations averaged over the month in which the lifting takes place. Yours faithfully Lion Energy Limited G A Mercorella Executive Chairman
Lion Energy Limited (ACN 000 753 640)
Suite 33, 168 Melbourne Street, North Adelaide SA 5006
Tel: (08) 8239 2666 Fax: (08) 8239 1744 Email: [email protected]