Lion Energy Limited reported that the Amanah Timur discovery well (AMT-1) has been plugged and abandoned at a depth of 347 meters KB, as attempts to free the stuck drill pipe were unsuccessful. Thus it was not possible to drill to the planned total depth of 570 meters KB to assess the two deeper objectives. Lion is now working with Renco Elang Energy, the operator, on forward plans to appraise this discovery. As previously reported, high gas and some oil shows were encountered in AMT-1 with up to four gas zones and some potential oil zones interpreted from fluorescence shows and gas analysis. Of particular interest, during well control operations, gas was flared which is interpreted to be from the well-developed “700” sandstone intersected from 336 meters KB to total depth at 347 meters KB. The decision to pump cement was based on the inability to free the stuck drill pipe and the importance of ensuring the various hydrocarbon zones were isolated. This has now been achieved. While analysis is ongoing, the well represents a potential new field discovery and the Joint Venture will work with the Indonesian Regulator to explore commercialization options and accelerate appraisal. Any appraisal would also test the deeper “800” and “900” sandstone objectives not reached in AMT-1, which have been significantly upgraded by the results of this well. The overall well cost is still being evaluated by the Operator but is expected to be less than the budgeted well cost of $1.3 million. This completes the remaining drilling commitment in the block at a cost significantly less that the $3 million penalty stipulated in the PSC, which on its own represents a significant value enhancement for Lion.