Australian-listed company Lion Energy Limited recently issued an announcement, revealing the discovery of a potential oil field in the Bula Bay area on Seram Island in eastern Indonesia. The company stated that the area may contain previously untapped petroleum resources.

In its update report, Lion Energy indicated that preliminary assessments suggest the area holds potential recoverable petroleum resources, meaning there are undiscovered oil and gas reservoirs. However, the company also emphasized that its commercial viability cannot yet be determined, and further exploration and evaluation work is required to confirm the resource scale and development feasibility. The report also mentioned technical and commercial risks associated with the project.

The company is an oil and gas exploration and production firm focused on Southeast Asia, particularly Indonesia. Its main business activities include exploring, evaluating, and developing conventional petroleum resources in the region.