What Lion Energy does

Lion Energy Limited (ASX: LIO) is an Australian-headquartered, ASX-listed upstream oil and gas company whose operations are concentrated on the island of Seram in Indonesia. The company holds interests in two Indonesian Production Sharing Contracts: the Seram (Non-Bula) PSC, where it carries a small 2.5% non-operated working interest in an asset producing approximately 1,400 barrels of oil per day, and the East Seram PSC, where it retains a 45% interest following a 2026 farmout to OPIC and is preparing to drill the Bula Karang-1 exploration well (P50 12 MMboe, 38% GCOS, July 2026 spud) that is largely funded by partner carry of up to A$5.6M. The company also holds the existing 1.5-2 TCF Lofin gas discovery within its Seram acreage, representing a longer-dated resource option.

The company's revenue mechanics are those of a junior non-operator: cash flow is generated through its proportional share of oil sales from the Seram (Non-Bula) PSC, with upside contingent on the success and commercialization of Bula Karang-1 and any subsequent Lofin development. Outside of core upstream, Lion has historically pursued non-core energy transition and storage exposures — a now-terminated Port of Brisbane green hydrogen joint development with DGA Energy Solutions (Mitsubishi group) and Samsung C&T, and a minority equity position in American Battery Factory (ABF) established in 2022 — though its May 2026 decision to terminate the hydrogen project signals a strategic refocus on Indonesian upstream. Governance and operating risk is dominated by Indonesian regulatory dependence (the East Seram farmout required explicit MEMR approval) and partner concentration, with OPIC as the critical counterparty for near-term value creation.

Name

Lion Energy

Legal name

Lion Energy Limited

Website

https://lionenergy.com.au

Company type

Public

Founded year

1970

Operating status

Operating

Headcount range

51–100 employees

Short description

Lion Energy (ASX: LIO) is a Subiaco-headquartered junior oil and gas explorer and producer focused on Indonesian Production Sharing Contracts on Seram Island, with a 45% interest in East Seram (now partner-funded) and a 2.5% interest in the producing Seram Non-Bula PSC.

Ownership category

akta.pro rank

Headquarters

HQ city

Subiaco

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Oil and Gas Production: Lion Energy generates revenue from conventional oil and gas production and exploration in Indonesia, through its working interests in the Seram (Non Bula) PSC (2.5% WI, producing at ~1,400 bopd) and the East Seram PSC (60% WI, in exploration phase). Revenue is derived from the sale of produced crude oil and potentially gas condensate, with cash flows reinvested into exploration drilling such as the Bula Karang-1 well.
2. Green Hydrogen Production (Paused): Lion Energy was developing a green hydrogen production and refuelling hub at the Port of Brisbane in partnership with DGA Energy Solutions and Samsung C&T. The project was terminated in May 2026 due to challenging market conditions (elevated capital costs, unsupportive regulatory frameworks, limited near-term demand visibility). The project is maintained in a holding pattern and may be revisited. Lion retains the site position and early-stage permitting as a long-term option.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Lion Energy is an upstream oil and gas exploration, development and production company that holds working interests in the Seram (Non Bula) PSC and East Seram PSC on Seram Island, East Indonesia, generating revenue from the sale of produced crude oil (approximately 1,400 bopd) and developing the 1.5–2 TCF Lofin gas discovery and the Bula Karang-1 exploration well. The company also developed a green hydrogen production and refuelling hub at the Port of Brisbane through its subsidiary Lion H2 Energy in partnership with DGA Energy Solutions and Samsung C&T, though this project was terminated in May 2026.

Product overview

Lion Energy operates a dual-focus energy business comprising conventional oil and gas exploration, development and production in Indonesia (East Seram PSC and Seram Non Bula PSC with the Lofin gas discovery), and green hydrogen production and distribution operations in Australia through the Port of Brisbane project. The company also has a partnership with American Battery Factory for LFP battery energy storage systems. The portfolio includes existing oil production, gas development assets, and early-stage hydrogen initiatives targeting the heavy mobility market.

Differentiator

Problem solved

Functional benefit

Products and services

• Oil and Gas Exploration and Production Conventional oil and gas exploration, development and production operations on Seram Island, East Indonesia, encompassing the East Seram PSC and Seram (Non Bula) PSC, including existing crude oil production and development of the 1.5–2 TCF Lofin gas discovery. Customers are enterprise-level offtake buyers and joint venture partners in the upstream energy sector.
• Green Hydrogen Production and Distribution Green hydrogen production and distribution hub at the Port of Brisbane using renewable-powered electrolysis, targeting heavy mobility fleet operators, logistics companies, and industrial users as offtake customers. The joint development agreement was terminated in May 2026 and the project is maintained in a holding pattern as a long-term option.
• LFP Battery Energy Storage Systems Lithium Iron Phosphate (LFP) battery energy storage equipment developed through the partnership with American Battery Factory (ABF), supporting US-made BESS equipment for energy storage solution companies. Lion holds an equity position in ABF and the partnership covers the full ESS lifecycle from cell manufacturing to recycling.

Quantifiable outcome

• P50 prospective resource of 12 million barrels of oil equivalent at Bula Karang-1 well, 38% geological chance of success
• +2 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Five partnerships are on record, tiered core.

• OPIC East SeramcoreStrategic or Co-development Partner · 29 June 2026OPIC East Seram received formal approval from Indonesia's Ministry of Energy and Mineral Resources to acquire a 15% participating interest in the East Seram PSC from Lion's subsidiary Balam Energy. Upon completion, Balam Energy retains 45% while OPIC takes 55%, with OPIC funding 88% of the Bula Karang-1 exploration well costs up to $5.6 million. This farmout reduces Lion's capital exposure while preserving meaningful upside.
• Balam Energy (Lion subsidiary)coreStrategic or Co-development Partner · 29 June 2026Balam Energy is Lion Energy's subsidiary holding the participating interest in the East Seram PSC. Following the farmout to OPIC East Seram, Balam Energy retains 45% of the East Seram PSC while OPIC takes 55%, with Balam Energy remaining as operator of the block.
• American Battery FactorycoreStrategic or Co-development Partner · 10 April 2026Lion Energy entered a strategic partnership with American Battery Factory (ABF), a gigafactory startup, to support ABF's 4.5 GWh offtake agreements with energy storage solution companies. Lion Energy holds an equity position in ABF, which was originally incubated within Lion Energy and launched in 2022. The partnership aims to accelerate development of a vertically integrated, US-based battery ecosystem covering the full ESS lifecycle from cell manufacturing to recycling.
• DGA Energy Solutions (Mitsubishi Corporation)coreStrategic or Co-development Partner · 1 August 2024DGA Energy Solutions Australia, a subsidiary of Mitsubishi Corporation, partnered with Lion Energy and Samsung C&T through a joint development agreement signed in August 2024 to advance the Port of Brisbane green hydrogen project. Each partner contributed A$3.7 million (~US$2.6 million) toward pre-construction costs, with each holding a 25% stake and Lion retaining 50% of the project company. DGA would provide AU$6.3 million in additional debt financing for construction if parties agreed to commence.
• Samsung C&T CorporationcoreStrategic or Co-development Partner · 1 August 2024Samsung C&T partnered with Lion Energy and DGA Energy Solutions through a joint development agreement signed in August 2024 to develop a green hydrogen production and refuelling facility at the Port of Brisbane. Samsung C&T holds a 25% stake in the project company, contributing to pre-construction costs alongside DGA and Lion Energy. The project was terminated in May 2026.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Bass Oil: ASX-listed micro-cap oil and gas producer focused on Australian and Southeast Asian assets. Comparable to Lion in scale, ASX-listing, and lean operational structure with producing and exploration assets.
• Pancontinental Oil & Gas: ASX-listed small-cap oil and gas explorer with a portfolio of exploration assets. Direct peer to Lion Energy in size, listing venue, and exploration-led strategy on frontier/emerging plays.
• Carnarvon Petroleum: ASX-listed oil and gas exploration company with historical Indonesian and Southeast Asian exposure including the Buffalo field redevelopment. Comparable scale and ASX small-cap E&P profile to Lion Energy.
• Strike Energy: ASX-listed oil and gas exploration and development company. Comparable to Lion Energy as an ASX-listed small-cap E&P pursuing high-impact exploration and development opportunities with similar funding-stage economics.
• Empire Energy Group: ASX-listed small-cap upstream oil and gas E&P company with conventional and unconventional asset exposure and similar market cap and operating profile to Lion Energy. Both share the small-cap, single-basin focused exploration-led business model.

Broad incumbents

• Woodside Energy: Australia's largest ASX-listed oil and gas producer with global LNG and upstream operations. Broad incumbent comparator for Lion given both companies operate in Australian and Southeast Asian upstream markets.
• Origin Energy: Large ASX-listed integrated energy company spanning upstream oil and gas, power generation, and clean energy. Compares on the diversified-energy dimension of Lion's strategy (oil & gas plus hydrogen optionality) but at vastly larger scale.
• Santos: Major ASX-listed oil and gas producer with operations spanning Australia, Southeast Asia (including Indonesia), and PNG. Comparable given shared geographic exposure to Indonesian conventional gas/oil resources.

Emerging players

• CWP Global: Developer of large-scale green hydrogen and ammonia projects globally. Comparable to Lion's Brisbane hydrogen initiative given shared focus on renewable-powered hydrogen production for industrial and mobility markets.

Regional players

• Star Energy Group (UK): Listed upstream oil and gas exploration and production company with a small-cap, exploration-led profile comparable to Lion. Relevant comparator for the small-cap conventional E&P business model though geographically focused on UK assets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/lionenergyasx
• LinkedInlinkedin.com/company/lion-energy-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lion Energy