Member Info for MrMarketMaker

Vermilion Energy Inc. Announces Results for the Three and Nine Months Ended September 30, 2019

Our Board of Directors has approved a 2020 Exploration and Development ("E&D") capital budget of $450 million, with associated production guidance of 100,000 to 103,000 boe/d. Our 2020 budget reflects continued emphasis on returning capital to investors, while still providing modest production growth. Within this budget, we also continue to advance strategic capital projects associated with early-stage exploration and development activities.

https://www.irishtimes.com/business/energy-and-resources/revenues-at-corrib-gas-field-rise-by-34-last-year-to-734m-1.3814228?mode=amp

Old article but still interesting - I bet our farm in partner is mentioned in this article

https://www.offshore-technology.com/features/feature40941/

DYOR

Our bod will respond on 6th January.

With a 5p offer you can’t lose any money if you buy at 5p. However you have a lot of upside potential if the bod have a plan too stop it as we have $10.5m cash and that’s without our listing and tax savings

Would not want to be out of this for one second - news could drop at anytime!

· C02 EOR to assess several areas of Inniss-Trinity including one with approximately 3.1 million barrels of undeveloped oil, identified by the previous operator Texaco;

· Up to 150,000 barrels oil is the target for the first year of full EOR production compared to 9,125 barrels of oil for one infill development well;

· C02 EOR operations to be carried out over the next 9 months with regular monitoring and reporting of any incremental production;

· Initial planning has commenced for the 18/25-3 Corrib South exploration well in 2020, subject to the award of the Frontier Exploration Licence that has, as previously announced, been applied for;



· Confidentiality Agreements executed with several potential 18/25-3 drilling partners;



· The 18/25-3 well will target High Estimate Prospective Resources Case of 904 bcf recoverable (452 bcf net to Predator) with a 30% Chance of Success.

Thanks

£100m is still being very conservative:-

2014 Fastnet Oil and Gas Plc
Tendrara (onshore Morocco) pre-development reservoir engineering and field optimisation scenarios Successfully appraised by Sound Energy – market cap c. £390 million 19/10/18

The Company's interest in the Inniss-Trinity field benefits from an agreement with Predator Oil and Gas plc ("Predator"), whereby Predator will help plan and fund a CO2 EOR Pilot Project (the "CO2 pilot project"). As part of agreement with Predator, Predator has the right until to purchase FRAM for US$4.2m. In conjunction with the extension of the Inniss Trinity IPSC and recognising the timeline of the CO2 Pilot Project, the date by which Predator can elect to purchase FRAM has been extended to 30 September 2020 (or 30 June 2020 should the CO2 pilot project not progress beyond its first phase).

Could be a £100m company by then

No problem guys - it’s good to share research

MEM - No I don’t follow any.

GLA

If Corrib South ends up the same size that values our 50% stake at roughly €900m and that’s at 2017 prices.

Canada Pension Plan Investment Board and Vermilion Energy Inc. Announce Strategic Partnership in Corrib

July 12, 2017
TORONTO and CALGARY, July 12, 2017 /CNW/ - Canada Pension Plan Investment Board ("CPPIB") and Vermilion Energy Inc. ("Vermilion") (TSX, NYSE: VET) are pleased to announce a strategic partnership in the Corrib Natural Gas Field in Ireland ("Corrib"), whereby CPPIB will acquire Shell Exploration Company B.V.'s ("Shell") 45% interest in the project, with Vermilion operating the assets after completion of the acquisition. Through its wholly owned subsidiary, CPP Investment Board Europe S.a.r.l., CPPIB has entered into a definitive purchase and sale agreement with Shell, to acquire 100% of Shell E&P Ireland Limited ("SEPIL"), which holds Shell's 45% interest in Corrib (the "Acquisition") for total cash consideration of €830 million, subject to customary closing adjustments and future contingent value payments based on performance and realized pricing. The Acquisition, which remains subject to customary conditions and receipt of all necessary government consents, has an effective date of January 1, 2017 with closing anticipated in the first half of 2018.

At closing, Vermilion will assume operatorship, and CPPIB plans to transfer SEPIL along with a 1.5% working interest to Vermilion for €19.4 million (before closing adjustments).

Following the transfer to Vermilion, ownership in Corrib would be as follows:

CPPIB would hold a 43.5% non-operated interest
Vermilion would hold a 20% operated interest
Statoil ASA would continue to hold a 36.5% non-operated interest

Atlantic Margin - Corrib South

Predator has a 50% interest in licencing option 16/26 (“Corrib South�) together with its partner, Theseus (50%)

Corrib South lies only 20 km. south of the Corrib subsea gas gathering manifold making it a candidate for a potential subsea tie-back. Spare capacity is forecast to be available in the Corrib infrastructure within the likely time framework for drilling and potentially developing Corrib South.

The area of minimum closure for Corrib South is covered by the same 3D seismic survey that extends over the Corrib gas field.

The reservoir target in Corrib South are the Sherwood sandstones, the producing gas reservoir in the Corrib gas field, Mercia salt, as at the Corrib field, is expected to seal the reservoir which is also likely to have been charged from similar gas-prone Westphalian source rocks.

NOTE *** The size of the Corrib South structure in the maximum case, which depends on pre-2000 vintage 2D seismic coverage to the southwest, is similar to that of the Corrib gas field. Drilling and water depths are similar.

Attractive geology and a clear pathway to development and monetisation provide an appealing backdrop to Predator’s current farmout process.

Corrib South is located 18km from the Producing Corrib Gas Field Production
Licensing Option offshore West of Ireland.

Application submitted to convert Licensing Option into a Frontier Exploration Licence.

Predator looking to farm down interest for a carry on exploration drilling

Whilst it’s quiet ...

Ireland

Vermilion holds a 20% operated interest in the Corrib gas field, offshore Ireland. Production at Corrib commenced on December 30, 2015 and the Corrib field constitutes around 95% of Ireland's natural gas production.

The Corrib gas field is located approximately 83 km off the northwest coast of Ireland. Gas is transported to the Bellenaboy Bridge gas plant through 90km of pipeline where it is then processed prior to being delivered to the national grid. The Corrib project generates significant free cash flow for Vermilion given low operating costs and minimal ongoing capital expenditures requirements.

In July 2017, Vermilion and Canada Pension Plan Investment Board announced a strategic partnership whereby Vermilion would assume operatorship of the Corrib natural gas project from Shell E&P Ireland Limited along with an incremental 1.5% working interest in the Corrib Natural Gas Project. The transaction closed in Q4 2018. For more information, please refer to the July 12, 2017, November 30, 2018 and December 21, 2018 press releases.

hxxps://www.vermilionenergy.com/our-operations/europe/ireland.cfm

Morocco

SLR indicate an unrisked value of US$ 1.95 million per BCF for developed Moroccan gas giving an unrisked range of values for the Company's Moulouya_1 Prospect of between US$624 to 1,285 million, clearly demonstrating management's risk/reward business development strategy.

3.493 BCF + 15.62m barrels of oil (best case)
Then deduct % for partners involved etc

It gives you an idea of the massive potential that’s on offer here (if all goes well).

Dec
1)equipment tested
2)environmental certification

Jan
1)Trinidad operations start
2)Rig booked for Morocco

Feb
1) Trinidad early results
2)farm in Morocco ?

March
1) monthly update with production figures
2)spud Morocco

April
1)production figures
2)Morocco result

Thats without our 2 Irish assets (still waiting on Successor Authorisation for Corrib , a frontier license + seismic data results for Ram Head and we could hear about a farm in as we have several NDA with big players (MAJORS imo) .

Plus we should hear something about the confidentiality agreement with another operator of a mature oil field in Trinidad (an important step forward)

He will have to take everything off the book as there’s no sellers left.

Someone’s hoovering them all up.

Ireland news soon imo

Back tested the 200dma - onwards and upwards from here?!

Sellers have dried up and buyers returning (snapping up the lows)

Could see some strength before close