CALGARY, May 22, 2014 /CNW/ - Vermilion Energy Inc. ("Vermilion", the
"Company", "We" or "Our") (TSX, NYSE: VET) is pleased to announce that
tunnel boring operations beneath Sruwaddacon Bay have been completed at
our Corrib project in Ireland. The tunnel, which reached its total
length of 4.9 km on May 21, will serve as a conduit for the gas
pipeline between the Bellanaboy gas processing facility to the offshore
pipeline landing valve at Glengad.
Several key activities remain to be completed prior to initiation of
production at Corrib. These activities include demobilization of the
tunnel boring machine, running flow and umbilical lines within the
tunnel, grouting of the tunnel, certain offshore well workover
activities, and receipt of final authorizations for start-up of the
Bellanaboy gas facility. Based on the current deterministic schedule
for the project, we anticipate first gas from Corrib in approximately
mid-2015, with peak production estimated at approximately 58 mmcf/d
(approximately 9,700 boe/d) net to Vermilion.
Vermilion is an oil-leveraged producer that seeks to create value
through the acquisition, exploration, development and optimization of
producing properties in Western Canada, Europe and Australia. Our
business model targets annual organic production growth of 5% or more
along with providing reliable and increasing dividends to investors.
Vermilion is targeting growth in production primarily through the
exploitation of light oil and liquids-rich natural gas conventional
resource plays in Western Canada, the exploration and development of
high impact natural gas opportunities in the Netherlands and Germany,
and through drilling and workover programs in France and Australia.
Vermilion also holds an 18.5% working interest in the Corrib gas field
in Ireland. Vermilion pays a monthly dividend of Canadian $0.215 per
share, which provides a current yield of approximately 4%. Management
and directors of Vermilion hold approximately 8% of the outstanding
shares, are committed to consistently delivering superior rewards for
all stakeholders, and have delivered a 20-year history of market
outperformance. Vermilion trades on the Toronto Stock Exchange and the
New York Stock Exchange under the symbol VET.
SOURCE: Vermilion Energy Inc.
For further information:
Lorenzo Donadeo, CEO; Anthony Marino, President & COO; Curtis W. Hicks, C.A., Executive VP & CFO; and/or Dean Morrison, Director Investor Relations
TEL (403) 269-4884 | IR TOLL FREE 1-866-895-8101 | firstname.lastname@example.org | www.vermilionenergy.com