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Vermilion hikes interest in Ireland's Corrib natural gas project by 1.5%

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Vermilion hikes interest in Ireland's Corrib natural gas project by 1.5%

Calgary, Alberta-based Vermilion Energy Inc. announced Dec. 21 it has finalized the acquisition of an additional 1.5% working interest in the Corrib natural gas project in Ireland that amounts to €6 million.

Vermilion assumed operatorship of the project on Nov. 30 after the sale of Shell E&P Ireland Ltd., or SEPIL, to Nephin Energy Holdings Ltd., or NEPIL, a subsidiary of the Canada Pension Plan Investment Board.

According to Vermilion, the additional 1.5% ownership amounts to approximately 700 barrels of oil equivalent per day at November production rates and approximately 1.8 million barrels of oil equivalent of proved plus probable reserves. The transaction's effective date is Dec. 31, 2017.

Transaction metrics were also estimated at about C$13,000 per boe/d, or C$5.05/boe of proved plus probable reserves, including future development capital and 0.7 times estimated 2018 operating cash flow.

With the transfer, Vermilion now holds a 20% operated interest in the Corrib project, while NEPIL owns a 43.5% non-operated interest and Equinor holds a 36.5% non-operated interest.

Vermilion said in November it expects to receive approximately €13 million of net working capital with the transfer of SEPIL.