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Vermilion Energy Inc. Announces Closing of Corrib Transaction
Vermilion Energy Inc. Announces Closing of Corrib Transaction Canada NewsWire CA...
About this update from Vermilion Energy Inc.
[{"type":"text","content":"\n\n\n\nVermilion Energy Inc. Announces Closing of Corrib Transaction\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Dec. 21, 2018\n\n\n\nCALGARY, Dec. 21, 2018 /CNW/ - Vermilion Energy Inc. (\"Vermilion\") (TSX, NYSE: VET) is pleased to announce the completion of the transfer of Shell E&P Ireland Limited (\"SEPIL\") along with an incremental 1.5% working interest in the Corrib Natural Gas Project in Ireland (\"Corrib\") to Vermilion from Nephin Energy Holdings Limited (NEHL), a wholly owned subsidiary of Canada Pension Plan Investment Board.  The final purchase price net of all closing adjustments for the incremental 1.5% interest was €6 million.  Vermilion became operator of the Corrib project on November 30, 2018 upon the sale of SEPIL to NEHL.\n\n \n \n\n\n\n\n\n\n\n \nWith this transfer now complete, ownership in Corrib is as follows:\nVermilion holds a 20% operated interest Nephin Energy Limited holds a 43.5% non-operated interest Equinor (formerly Statoil) continues to hold a 36.5% non-operated interestAbout Vermilion\nVermilion is an international energy producer that seeks to create value through the acquisition, exploration, development and optimization of producing properties in North America, Europe and Australia.  Our business model emphasizes organic production growth augmented with value-adding acquisitions, 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 Canada and the United States, the exploration and development of high impact natural gas opportunities in the Netherlands and Germany, and through oil drilling and workover programs in France and Australia.  Vermilion holds a 20% working interest in the Corrib gas field in Ireland.  Vermilion pays a monthly dividend of Canadian $0.23 per share, which provides a current yield of approximately 9.5%.\nVermilion's priorities are health and safety, the environment, and p...