The field delivered 246,535 barrels of oil through June at an average price of $106 per barrel. 

 

Lion has a 2.5% share of the PSC and has said the cash will go towards progressing work at its Loftin gas field, also in Indonesia. The next lifting will be late December. 

 

"Lion continues to provide shareholders exposure to robust hydrocarbon pricing, and that we look forward to the results of the Lofin-2 well test scheduled for commencement September 2022," executive chairman Tom Soulsby said. 

 

On the back of this and Lion's 2021 move into hydrogen development via a series of non-binding memoranda of understanding with varied parties to explore potential green hydrogen opportunities Soulsby is set for a pay rise and a one-off bonus of $50,000. 

 

The board has agreed to pay Soulsby US$240,000 per annum and executive director Damien Servant $206,000 per annum. Servant also takes the same bonus for what the company calls "exceptional services for the financial year of 2021". 

 

"The adjustment to the remuneration packages for Mr Soulsby and Mr Servant takes into account the executives moving to a full time commitment to Lion as a consequence of the increased workload associated with the planning and implementation of the Company's exciting hydrogen strategy," it said yesterday. 

 

Soulsby is also CEO Risco Energy in Indonesia. 

 

Shares are worth 3.2c each. A year ago they were worth 4.7c but spiked to 10c in early November, prior to a $9.6 million capital raise announced November 17.

 

In May 2021 shares also rose to close to 10c each after it debuted its plans to look at green hydrogen development.