Lion’s near-term focus is the East Seram PSC in Indonesia, including the planned Bula Karang-1 exploration well in 2026. The project is structured to limit capital exposure while preserving meaningful upside, and benefits from proximity to established production and infrastructure. Lion sees East Seram as its principal near-term value driver.

Lion previously pursued a green hydrogen project at the Port of Brisbane. Following a review of market conditions, funding requirements and capital allocation priorities, the Company elected to discontinue the project and exit its hydrogen business.

Lion is now focused on its Indonesian upstream oil and gas portfolio, prioritising the Bula Karang exploration well and opportunities to create value from its existing assets and regional expertise.