Vermilion Energy Acquires Assets and Expands Global Portfolio

Vermilion Energy Acquires Assets and Expands Global Portfolio

Vermilion Energy Inc., a Canadian-based oil and gas company, has recently announced its acquisition of assets from Notine Holdings Inc. and an additional stake in the Corrib gas field off the coast of Ireland. With these acquisitions, Vermilion Energy is expanding its global portfolio and solidifying its position as a leading independent energy producer.

Acquisition of Assets from Notine Holdings Inc.

Vermilion Energy is set to acquire assets from Notine Holdings Inc., including 126 wells, 15 facilities, and 27 pipelines, in a deal worth $90 million. The assets are located in the West Pembina area of Alberta, Canada, and will add approximately 1,600 barrels of oil equivalent per day (boe/d) to Vermilion Energy's production. The acquisition is expected to close by the end of April 2023.

This acquisition is in line with Vermilion Energy's strategy of acquiring high-quality, low-decline assets that generate strong cash flow. The company's focus on profitable growth has allowed it to maintain a strong balance sheet and provide value to its shareholders.

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Acquisition of Additional Stake in Corrib Gas Field

Vermilion Energy has also acquired an additional 18.5% stake in the Corrib gas field off the coast of Ireland, bringing its total interest in the project to 20%. The Corrib gas field is one of the largest natural gas discoveries in Europe in recent years and is located approximately 83 kilometers off the coast of County Mayo, Ireland.

The Corrib gas field has been in production since 2015 and has a production capacity of approximately 350 million cubic feet per day (mmcfd) of natural gas. Vermilion Energy's additional stake in the project is expected to add approximately 5,000 boe/d to its production.

Expanding Global Portfolio

These recent acquisitions are part of Vermilion Energy's strategy to expand its global portfolio and increase its presence in key energy markets around the world. The company has operations in North America, Europe, and Australia, and has a diverse portfolio of assets that includes conventional oil and gas, as well as renewable energy sources such as wind and solar.

Vermilion Energy's global portfolio allows it to capitalize on the strengths and opportunities of different markets, while also providing diversification and risk mitigation. The company's focus on environmental, social, and governance (ESG) factors has also positioned it as a leader in sustainable energy production.

Vermilion Energy's recent acquisitions of assets from Notine Holdings Inc. and an additional stake in the Corrib gas field off the coast of Ireland are significant steps in the company's strategy to expand its global portfolio and increase its presence in key energy markets around the world. These acquisitions are expected to add significant production to Vermilion Energy's existing assets and generate strong cash flow.

Vermilion Energy's focus on profitable growth, sustainable energy production, and ESG factors has positioned it as a leader in the energy industry. The company's global portfolio and diverse asset base provide it with a strong foundation for future growth and success.

Keywords: Vermilion Energy, acquisition, assets, global portfolio, Corrib gas field, production, sustainable energy, ESG.

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