Lion Energy Limited Reports Earnings Results for the Full Year Ended December 31, 2023

Lion Energy Limited is principally engaged in oil and gas exploration, development and production and investment in the oil and gas industry. The Company operates through two segments: Oil & Gas and Green Hydrogen. The Company has secured a land position on the under-explored Seram Island, East Indonesia containing the 1.5-2 TCF Lofin gas discovery. It has 2.5% of the Seram (Non Bula) Block PSC (SNBB), which covers an area of approximately 1,353 square kilometers. It has 60% of the East Seram PSC (ES). ES covers an area of approximately 4,557 square kilometers. Its East Seram PSC acreage is centrally located in the proven but underexplored fold belt play with thick carbonate reservoir targets and Jurassic source rocks. The Seram (Non Bula) PSC provides existing production with material upside of the Lofin gas condensate discovery. The Company’s green hydrogen project at Port of Brisbane, consists of two megawatts (MW) of electrolysers and dispensing equipment for buses and trucks.