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Lion expands onshore Indonesia footprint in $44MM deal

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Australia-based Lion Energy struck a $44 million deal to acquire additional interests in assets located onshore Indonesia in the Citic Resources-operated Seram PSC from Gulf Petroleum Investment, increasing Lion’s stake in the asset from 2.5% to 19%. The total price tag is comprised of a $32 million initial consideration, with $7.2 million contingent upon approval of the development plan and $4.8 million payable upon first gas production. Hong Kong-listed Citic will retain operatorship of the PSC on 41% WI,......
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