Under the terms of the FOA, Vermilion acquires an 80% interest in, and operatorship of, Tarbes with Europa holding the remaining 20% interest.
* Should Vermilion decide to proceed with exploration activities, they will assume 100% of the cost of an optional work programme, which may include seismic acquisition/reprocessing and drilling operations up to a total of € 4.65 million. Once costs above this level are incurred, Europa will be responsible for its 20% share of future work programme costs
* Tarbes contains several oil accumulations that were previously licensed by Elf but were abandoned in 1985 due to a combination of technical issues and low oil prices. Two fields, Jacque and Osmets, were drilled using vertical wells and generated modest production.
Vermilion have just transferred their gas processing requirwments from Lacq to a NEW third party facility. Seems there is a good future for gas production in the Aquitaine Basin. Mmmmm. Wonder if they are just crossing the t's and dotting the i's now .......
Another well written RNS. Our BOD have clearly been listening to the shareholders. Keep up the good work and pack the information and reiteration in those RNS. The better informed we are, the happier we are and that's what will attract new investors :-)
Tarbes was always going to be the most difficult of the French licenses to farmout. It was looking like it may have to be dropped. Free carry up to £5m is a great result for us but still retaining a 20% share. Great start to the week !!
Fantastic! Vermillion are an excellent company to join up with and it shows the potential of the French license areas, with more to come by the sounds of it. With Wressle due and plenty of other news this year it should be a company making year.
I usually criticise the BoD but well done chaps for pulling this one out of the multibag. Great start to the week!
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