Lion Petroleum Corp.

Lion Petroleum Corp.

March 12, 2012 09:30 ET

Kenyan Block 1 Partners Afren PLC and Lion Petroleum Commence 1800 KM 2D Seismic Program

LONDON, UNITED KINGDOM--(Marketwire - March 12, 2012) - Lion Petroleum Corp. ("Lion" or the "Company") announces that its partner Afren plc (LSE:AFR.L) has started the acquisition of 1800 km of 2D seismic in Block 1, north-eastern Kenya. This is a key step in the exploration of Block 1, which has not seen exploration activity since approximately 1990. The seismic crew first entered the area in late November, 2011. After building the seismic camp and logistical preparations, recording of new seismic data has now commenced.

The purpose of the new seismic is to delineate exploration prospects for drilling during 2013. Depending on rate of acquisition, the 1800 km survey should be completed during the third quarter of 2012. The partnership is utilising real-time field processing and interpretation of the new data.

The location of Block 1 is shown on the following map. Block 1 occupies over 31,781 square kilometres (7.8 million acres) in the Mandera Lugh basin, which extends north into Ethiopia where it is known as the Ogaden basin. Lion has a 50 per cent (50%) working interest and is carried through the first 600 km of seismic expected to cost approximately US$6 million gross, by Afren, the operator, which farmed-into the licence.

To view the map associated with this press release, please visit the following link: http://media3.marketwire.com/docs/LION0312.pdf.

In the first half of 2011, the partnership acquired airborne gravity and magnetic data to define the major basin geometry and to plan the new seismic.

There is clear evidence of a working petroleum system in the basin. The well-known Tarbaj oil seep is located in the south-west portion of Block 1. In Ethiopia, close to the Block 1 border, the El Kuran 1 & 2 wells drilled by Tenneco in 1972 encountered oil; an offset exploration well is expected to be drilled later this year by Africa Oil. To the west of El Kuran, the Genale oil seep occurs on the basin flank. Further north, the basin is gas productive from the Hilal and Calub fields, which also have light oil.

Block 1 presents a very exciting exploration opportunity. Lion is pleased that the recording of the new 2D seismic has now commenced, and looks forward to defining multiple drill targets from the interpretation of the seismic, leading to exploration drilling.

About Lion

Lion Petroleum Corp. is a private, London-based independent oil and gas exploration company in Africa with a particular focus in Kenya and wider ambitions for growth in the emerging frontier regions of the African continent.

Lion holds acreage for exploration in Block 1 and Block 2B in Kenya covering 9.7mm acres and is driven by a management team with combined 140 years experience in exploration and a proven track record of success in Africa.

ON BEHALF OF THE BOARD

LION PETROLEUM CORP.

Alec Robinson, President and CEO

Disclaimer for Forward-Looking Information

Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the exploration activities in the region. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them.

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