Australia's Lion Energy climbs to 3-1/2-month high on Indonesian project funding

Lion Energy

06/01/2026 24:24

** Shares of Australia's Lion Energy LIO.AX rise as much as 136.3% to A$0.017, their biggest intraday pct gain in four years

** Stock touches its highest level since September 16

** The oil and gas explorer says it has secured farm-out agreement with partner OPIC East Seram Corporation (OPIC), a unit of Taiwan-based CPC Corporation

** Co says OPIC to fund 88% of drilling cost for Bula Karang exploration well in Indonesia

** Adds that co's net funding obligation will be 12% of $5.6 million well cost estimate and will hold 45% interest in project

** Lion Energy stock down 42.1% in 2025

(Reporting by Aamir Sheik Khalid in Bengaluru)

((Aamir.SheikKhalid@thomsonreuters.com))