Dec 12 (Reuters) - Lion Energy Ltd LIO.AX :
* ENTERS AGREEMENT WITH GULF PETROLEUM INVESTMENT CO KSCC TO ACQUIRE GPI'S 16.5% STAKE IN THE SERAM (NON BULA) PSC
* DEAL FOR US$32 MILLION
* TOTAL PURCHASE PRICE OF US$44M INCLUDES CONTINGENT CONSIDERATIONS AGAINST MILESTONES OF US$7.2M AND US$4.8M