Lion Energy Limited ("Lion") reported on behalf of its 100% owned subsidiary, Balam Energy, that processing is on track of the 664 kms of high resolution 2D data recorded in November 2020 offshore Seram Island in the East Seram Production Sharing Contract (PSC). Once processing is complete, which is expected in March 2021, Lion will have met its firm commitment obligations in the East Seram (PSC). The data is being processed in Jakarta and overseen by experts engaged by Lion. The survey is designed to investigate some large leads on the offshore Kobi area with areal closure up to 30 sq km and also the potential extension of the 20 mmbbl Bula oil field and other leads in Bula Bay area. Processing is expected to be completed in First Quarter 2021, with interpretation of the data expected to be finalised in second quarter of, 2021. Concurrently Lion continues to plan for an approximate 200km onshore survey targeting large onshore gas and oil leads. Lion has a 60% interest and operatorship of the East Seram PSC through its subsidiary Balam Energy Pte Ltd. Lion's cost of the survey are largely covered under the farm-in arrangement with OPIC East Seram Corporation who hold a 40% interest.