will the lion roar, page-3

joint operating agreement executed It looks like GOM South Marsh drilling is "good to go"? LIO,GLX,ETE

6 October 2006
Company Announcements
Australian Stock Exchange Ltd
JOINT OPERATING AGREEMENT
On 8 September 2006, Lion Energy Limited issued a prospectus for a pro-rata nonrenounceable
rights issue of 3,046,124,356 fully paid ordinary shares (each a "Share",
together the "New Shares") on the basis of one (1) New Share for every one (1) Share
held on the Record Date of 19 September 2006 at an issue price of $0.0035 per New
Share, to raise approximately $10,661,435.
The issue and allotment of the New Shares pursuant to the prospectus and the
underwriting are conditional on the execution by the parties of the Participation
Agreement and the Joint Operating Agreement by the closing date of the prospectus,
which is 10 October 2006. The Participation Agreement was executed on 18 September
2006 and the Joint Operating Agreement was executed on 6 October 2006.
Jack Toby
Company Secretary
45 VENTNOR AVE
WEST PERTH
WESTERN AUSTRALIA 6005
TELEPHONE: +618 9429 8874
FACSIMILE: +618 9389 4462
ABN 51 000 753 640