【SMM Flash News】Lion Energy Secures Funding for Bula Karang Drilling in Indonesia

Published: Feb 26, 2026 00:24

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Lion Energy has finalized a farm-out agreement with OPIC East Seram Corporation, a subsidiary of Taiwan’s CPC Corporation, to fund the Bula Karang exploration well in the East Seram PSC. Under the deal signed in January 2026, OPIC will cover 88% of the estimated $5.6 million drilling cost in exchange for an additional 15% interest, bringing its total stake to 55% while Lion retains 45% and operatorship. The well, targeting a 12-million-barrel resource, is scheduled to spud in Q2 2026 (targeted for July) from an onshore location to an offshore target to reduce costs and leverage existing infrastructure on Seram Island for rapid commercialization.

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