Lion Energy said it has made a gas discovery in the Seram Non-Bula block in Indonesia.
The company said the estimates are based on analysis of available data including 2D seismic coverage and data acquired from the Lofin-1 and Lofin-2 wells.
Lion Energy said both wells had tested gas and condensate in the fractured limestone of the Manusela formation.
Chief executive Kim Morrison said: “The contingent resources estimated for the Lofin Field are clearly material for Lion and an important part of our growth strategy in Indonesia.
“However we caution there is a long way to go prior to commercial production with extension of the existing PSC and further appraisal activities needing to be undertaken.”