Lion Energy has contracted the SCD-20 rig from Silver City Drilling to drill the Bula Karang-1 exploration well in Indonesia’s East Seram production sharing contract, marking a key step toward spudding the prospect.
The company said in an ASX filing that the well is expected to spud in mid-2026 and will target oil resources in the East Seram block.
Bula Karang-1 is designed as a deviated well to test offshore structures from an onshore drilling location, reducing development costs while accessing prospective reservoirs.
The prospect is estimated to contain around 12 million barrels of oil (P50), with drilling expected to provide further clarity on the block’s resource potential.
The rig award represents a key milestone as Lion Energy advances exploration activity in Indonesia, where operators continue to target underexplored basins with conventional oil potential.
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