Vulcan Energy's Lionheart Well Outpaces Design Rates as First Loan Drawdown Slips to 2027
Published on 11/08/2026 at 10:01 | Editorial boerse-global.de
Vulcan Energy has confirmed that its LSC-3a well at the Lionheart project can inject roughly 64 standard litres per second — comfortably above the roughly 40 litres per second baked into the development plan. The validation, disclosed in the company's quarterly report covering the period to 30 September 2026, came from testing carried out after the quarter closed.
The seventh well drilled at the project, LSC-3a confirmed matrix injection and underpinned the reinjection assumptions for Lionheart, according to the company. Media coverage of the 15 October test at the Schleidberg site drew a clear line between the measured rate of about 35 litres per second and the modelled operating capacity of roughly 64 litres per second.
Drilling and construction hold to schedule and budget
Vulcan said drilling and construction work at Lionheart remained on time and within budget. Alongside the operational update, the quarterly report flagged that the project's credit facilities were still undrawn, with the first drawdown under the project financing now expected in the first quarter of 2027.
Should investors sell immediately? Or is it worth buying Vulcan Energy?
Cash and cash equivalents stood at EUR 129.4 million at the end of the third quarter of 2026. During the quarter the company pulled in EUR 53.7 million through strategic equity calls and a further EUR 10.7 million in German state subsidies. Including deposits accessible after 90 days, Vulcan put its liquid resources at EUR 209.4 million.
Two banks lighten their positions
Filings on voting rights showed both Morgan Stanley and Citigroup reducing their combined holdings. Morgan Stanley cut its total position to 3.96% from 5.12% about a week ago, with 0.28% held as voting rights attached to shares and 3.68% through instruments — meaning the stake was not made up solely of directly held equity. Citigroup's combined voting position fell to 6.38% from 7.71%, per a mandatory disclosure roughly two weeks ago.
Shares in Vulcan closed Friday down 1.2%. No company-specific trigger for the move was identified in coverage of the session, leaving the decline sitting alongside the operational progress reported earlier.
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