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Vermiion Energy Inc. Q3-2018 Earnings & Price Target Update

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Vermilion is an oil and natural gas producer with properties in Western Canada, France, Netherlands, Germany, Australia, US, Hungary and an 18.5% working interest in the Corrib offshore natural gas field near Ireland. Reserves at Dec-31-2017 were 298.5M boe prior to acquiring Spartan Energy Corp in Jun-2018 which added 113M boe of primarily light crude reserves. Including the Spartan Energy acquisition and net growth from the 2018 capital budget reserves are forecast at 508M boe at Dec-31-2018. By country forecast 2018 revenues from Canada are 37%, weighted 70% to oil and 30% to natural gas. The next largest is from France with 20% or revenues, 95% oil and 5% natural gas, Ireland at 15%, Germany at 6% and the Netherlands 9% all natural gas, Australia – 12% all oil and 2% from the US. Approximately 60% of natural gas and oil production is priced based on Brent and European natural gas prices, 40% on AECO pricing in North America and WTI for oil. The international diversification strategy provides access to higher prices for oil and natural gas than are available in North America.

Effective Jan-1-2017, the Canada Pension Plan Investment Board (CPPIB) acquired from Shell their 45% interest in Corrib for €830M. (Cdn-$1.2B). The transaction is expected to close in 2018. At closing, Vermilion expects to assume operatorship of Corrib, and CPPIB plans to transfer the operating entity and a 1.5% working interest to Vermilion for €19.4M, before closing Vermilion's 18.5% share is worth Cdn$493M.

Reserves, Capital Spending

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