Vermilion Energy Closes Acquisition of Producing Properties in Germany

Source: www.gulfoilandgas.com 12/19/2016, Location: Europe

Vermilion Energy has completed the previously announced acquisition of interests in production and exploration assets in Germany from Engie E&P Deutschland, for total consideration of €33 million ($46.2 million), based on the effective date of January 1, 2016. After adjustments for cash flows between the effective date and closing date, Vermilion's cash cost for the Acquisition is projected to be approx. €28.3 million ($39.6 million).

The Acquisition includes operated and non-operated interests in five oil and three gas producing fields, along with an operated interest in one exploration license. Vermilion will assume operatorship of six of the eight producing fields, with the other fields operated by ExxonMobil Production Deutschland (EMPG) and Deutsche Erdoel (DEA).

Production from the Assets has averaged 2,000 boe/d (51% oil) in 2016 through the end of October. Vermilion expects to increase production by approx. 10% in 2017 based on budgeted capital investment of €3.6 million ($5.1 million). Using the current forward strip, we forecast fund flows from operations(1) of approx. €17.6 million ($24.9 million) from the Assets in 2017.

The Acquisition provides Vermilion with its first operated producing properties in Germany, and advances its objective of developing a material business unit in the country. Germany has a long history of oil and natural gas development, and a consistent fiscal framework with low political risk. The Assets are expected to be complementary with Vermilion's existing European portfolio, offering similar subsurface characteristics and development opportunities.


United States >>  5/17/2022 - Helix Energy Solutions Group, Inc. has entered into a definitive agreement to acquire 100% of the equity interests of the Alliance group of companies ...
Japan >>  5/16/2022 - First Solar, Inc. has entered into definitive agreements with funds managed by PAG Real Assets (“PAG”), pursuant to which PAG will acquire from First ...

Brazil >>  5/13/2022 - Petrobras, following up on the release disclosed on 07/20/2018, informs that it has decided to conclude the current competitive process, which was in ...
Russia >>  5/12/2022 - Shell Overseas Investments B.V. and B.V. Dordtsche Petroleum Maatschappij – subsidiaries of Shell plc – have signed an agreement to sell Shell Neft LL...

United Kingdom >>  5/12/2022 - JERA Americas, the Houston-based subsidiary of global energy leader JERA, has entered into an agreement to acquire a 1,633 megawatt (MW) thermal power...
Australia >>  5/11/2022 - NeuRizer - (formerly Leigh Creek Energy) wholly owned subsidiary Leigh Creek Oil and Gas (LCOG) has announced that Santos will farm-in and take operat...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.