Lion Energy (ASX:LIO) has provided an update on the testing of the Lofin-2 gas well as part of the ongoing evaluation of the 1.5 TCF (2C) Lofin gas discovery in the Seram (Non-Bula) Production Sharing Contract.

Lion Energy says gas rates up to 14.8 mmscfd were recorded on an 80/64” choke during the well clean-up phase, confirming the good deliverability from the Lofin-2 well.

It also says the objective of the testing operations is to isolate the deep-water leg in the well and determine the reservoir hydrocarbon fluid characteristics and deliverability.

Lion Energy says following the initial 2-3 day shut-in period, the well will be re-opened for the multi rate flow test period.

Following the announcement, shares of Lion Energy were up 2.78%.