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Vermilion Energy Inc. Announces Closing of Corrib Transaction


CALGARY, 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.

With this transfer now complete, ownership in Corrib is as follows:

  • Vermilion 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 interest
Posted Date: 
15 January 2019