** 2 cents here we come **

2 cents here we come.....

Did you know LIO owns 11% of ETE.....good choice.

During the year Lion spun-off its Cooper Basin assets into a wholly owned subsidiary, Entek Energy Limited, which was successfully listed on the Australian Stock Exchange. Lion retains an 11% share in the listed entity.

Phase II of the drilling is expected to commence later this month. Phase II will include the drilling of
horizontal development wells that are forecast to increase production to approximately 17,000 barrels per day in 2005, These production levels are projected to remain at this rate until 2009.

SERAM (NON BULA) BLOCK JOINT VENTURE LION ENERGY LIMITED, through its wholly owned subsidiary Kalrez Energy Limited holds a 2.5% shareholding 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, which has produced 1,997,459 barrels of crude oil to 31st August 2004, after initial field startup in January 2003, from the three existing wells, Oseil #'s 1, 2 & 4. The Seram Joint Venture parties have agreed an aggressive Work Programme and Budget (WP&B) for 2005 with the objectives of:


Good thing to come