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VET

Vermilion Energy

$25.38

0.798 (3.25%)

07:30
11/30/18
11/30
07:30
11/30/18
07:30

Vermilion Energy assumes operatorship of the Corrib Project

Vermilion Energy is pleased to announce the completion of the sale of Shell Overseas Holdings Limited's 45% interest in the Corrib Natural Gas Project in Ireland to Nephin Energy Holdings Limited, a wholly owned subsidiary of Canada Pension Plan Investment Board, and the transfer of operatorship to Vermilion. NEHL has acquired 100% of Shell E&P Ireland Limited, which holds 45% interest in Corrib. Effective immediately, Vermilion has assumed contract operatorship of Corrib on behalf of the joint venture partners. CPPIB plans to transfer SEPIL along with a 1.5% working interest to Vermilion. This transfer has received all required government approvals and is expected to be completed in the coming weeks. The estimated purchase price after interim period adjustments is approximately EURO$6M. Following the transfer to Vermilion, ownership in Corrib will be as follows: Vermilion will hold a 20% operated interest. NEHL will hold a 43.5% non-operated interest. Equinor continues to hold a 36.5% non-operated interest. Vermilion's incremental 1.5% ownership of Corrib represents approximately 700 boe/d at current production rates and approximately 1.8 million boe of 2P reserves based on an independent evaluation by GLJ Petroleum Consultants Ltd. with an effective date of December 31, 2017. Based on a final purchase price of EURO$6M, the transaction metrics are estimated at approximately $13,000 per boe per day, $5.05 per boe of proved plus probable reserves including future development capital generating a 2P recycle ratio of 9.4 times based on projected 2018 netbacks, and 0.7 times estimated 2018 operating cash flow using the current forward commodity strip. Vermilion expects the acquisition to be accretive for all pertinent per share metrics including production, fund flows from operations, reserves and net asset value. In addition, Vermilion expects to receive approximately EURO$13M of net working capital with the transfer of SEPIL. Following the assumption of operatorship of Corrib, Vermilion estimates that it will operate 89% of its global production base as compared to 81% prior to the transaction.

  • 04

    Dec

VET Vermilion Energy
$25.38

0.798 (3.25%)

09/18/18
BOFA
09/18/18
INITIATION
Target $21
BOFA
Buy
Vermilion Energy initiated with a Buy at BofA/Merrill
BofA/Merrill analyst Asit Sen initiated Vermilion Energy with a Buy and $41 price target saying he is positive on increased exposure to Canada following the Spartan acquisition, consistent production growth, project depth, low leverage, and a high payout ration. Sen expects the November 27 analyst day to be a catalyst and focus on share buybacks, dividend payout, and deal synergies.
09/19/18
RAJA
09/19/18
INITIATION
RAJA
Outperform
Vermilion Energy initiated with an Outperform at Raymond James
Raymond James analyst Kurt Molner initiated Vermilion Energy with an Outperform and C$52 price target.
11/13/18
RAJA
11/13/18
UPGRADE
RAJA
Strong Buy
Vermilion Energy upgraded to Strong Buy from Outperform at Raymond James
11/13/18
11/13/18
UPGRADE

Strong Buy
Vermilion Energy upgraded to Strong Buy on valuation at Raymond James
As previously reported, Raymond James analyst Kurt Molnar upgraded Vermilion Energy to Strong Buy from Outperform, telling investors that while he "rarely suggests valuation is a catalyst," he sees this stock set-up being "a real exception." Vermillion's financial position and expected cash flow in 2019 is "arguably subject to far less potential volatility" than many peers and he sees no reason for its shares to trade at a discount, said Molnar, who keeps a C$51 price target on the stock.

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