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Vermilion Energy Q3-2019 Earnings, Price Target Update

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Vermilion is an oil and natural gas producer with producing 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. Including the Spartan Energy in 2018, and net growth from the 2018 capital budget reserves were forecast at 508M boe at Dec-31-2018 compared to actual of 488.1M boe. By country revenues from Canada are 40%, weighted 55% to oil and 45% to natural gas. The next largest is from France with 22% of revenues, 95% oil and 5% natural gas, Ireland at 11%, all natural gas Germany at 5% and the Netherlands -10%% all natural gas, Australia – 10% all oil and 2% from the US. In total production is 56% weighted to oil and 44% to natural gas and NGLs. 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.

During 2018, the Canada Pension Plan Investment Board (CPPIB) acquired from Shell a 45% interest in Corrib for €830M. (Cdn-$1.2B). Vermilion has assumed operatorship of Corrib, by acquiring from CPPIB a 1.5% working interest. Vermilion holds a 20% operated interest in Corrib, the Canada Pension Plan 43.5% and Equinor (formerly Statoil) continues to hold a 36.5% interest.

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