Past year: ▲ 57%(10.49 – 19.17 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Jan 2012dividend declaration● Neutral
Vermilion declared a $0.19 CDN per share dividend payable February 15, 2012 to holders of record January 31 (ex-dividend January 27). The amount is unchanged; the boilerplate now says management and directors hold about 8% of shares, down from about 9%.
19 Dec 2011business combination▲ GoodMajor
Vermilion signed agreements with Total E&P France to buy working interests in six producing fields in France's Paris and Aquitaine basins, expanding its existing French operations. Estimated cash to close is about C$115 million, with closing expected in late January 2012 subject to customary conditions and regulatory approvals. The assets are expected to produce about 2,200 boe per day in 2012 (86% Brent-based crude) and add an estimated 6.7 million boe of proved plus probable reserves. Vermilion already held the other non-operated interests in three of the fields and would hold 100% operated interests in five of the six after closing. It says about C$650 million of borrowing capacity would remain and net debt to funds flow would be about 1.0 times.
15 Dec 2011dividend declaration● Neutral
Vermilion declared a $0.19 CDN per share dividend payable January 16, 2012 to holders of record December 30, 2011 (ex-dividend December 28). The amount is unchanged.
15 Nov 2011dividend declaration● Neutral
Vermilion declared a $0.19 CDN per share dividend payable December 15, 2011 to holders of record November 30 (ex-dividend November 28). The amount is unchanged.
15 Sept 2011dividend declaration● Neutral
Vermilion declared a $0.19 CDN per share dividend payable October 17, 2011 to holders of record September 30 (ex-dividend September 28). The amount is unchanged.
15 Aug 2011dividend declaration● Neutral
Vermilion declared a $0.19 CDN per share dividend payable September 15, 2011 to holders of record August 31 (ex-dividend August 29). The amount is unchanged.
15 July 2011dividend declaration● Neutral
Vermilion declared a $0.19 CDN per share dividend payable August 15, 2011 to holders of record July 29 (ex-dividend July 27). The amount is unchanged.
15 June 2011dividend declaration● Neutral
Vermilion declared a $0.19 CDN per share dividend payable July 15, 2011 to holders of record June 30 (ex-dividend June 28). The amount is unchanged.
16 May 2011dividend declaration● Neutral
Vermilion declared its usual $0.19 CDN per share dividend, payable June 15, 2011 to holders of record May 31 (ex-dividend May 27). The amount is unchanged from prior months.
15 Apr 2011dividend declaration● Neutral
Vermilion declared a $0.19 CDN per share dividend payable May 16, 2011 to holders of record April 29. The amount is unchanged.
25 Mar 2011regulatory community update▲ GoodMajor
Ireland granted the Foreshore License for the Corrib onshore gas pipeline, following An Bord Pleanála approval on January 20, 2011 and a Section 40 approval on February 28, 2011. The Corrib partners can now start building the onshore pipeline in the coming months and expect to finish it in 2013. That is later than the end-2011 first-gas timing in earlier filings (inference: first gas now likely depends on the 2013 completion), which affects the timing of Vermilion's deferred payment to Marathon.
15 Mar 2011dividend declaration● Neutral
Vermilion declared a $0.19 CDN per share dividend payable April 15, 2011 to holders of record March 31. The company description now states a specific 18.5% Corrib interest and drops the 10% growth target wording and the Corrib 'material increase' language.
15 Feb 2011dividend declaration● Neutral
Vermilion declared a $0.19 CDN per share dividend payable March 15, 2011 to holders of record February 28. The amount is unchanged.
18 Jan 2011dividend declaration● Neutral
Vermilion declared a $0.19 per share dividend payable February 15, 2011 to holders of record January 31. The amount is unchanged.
15 Dec 2010dividend declaration● Neutral
Vermilion declared a $0.19 per share dividend payable January 17, 2011 to holders of record December 31, 2010. The boilerplate now says the company is targeting 10% annual production growth.
15 Nov 2010dividend declaration● Neutral
Vermilion declared a $0.19 per share dividend payable December 15, 2010 to holders of record November 30. The amount is unchanged.
15 Oct 2010dividend declaration● Neutral
Vermilion declared another $0.19 per share dividend, payable November 15, 2010 to holders of record October 29. The amount is unchanged from the prior month.
15 Sept 2010dividend declaration● Neutral
Vermilion, now filing as Vermilion Energy Inc. with shares rather than trust units, declared a $0.19 per share dividend payable October 15, 2010 to holders of record September 30. This is the first filing in the context under the corporate name, consistent with the earlier trust-to-corporation thread, though the filing does not describe the conversion itself.
2 July 2010regulatory community update● Neutral
Vermilion filed notice of a special meeting of securityholders for August 31, 2010, with a record date of July 23, 2010. The filing covers trust units, restricted trust units and Series A exchangeable shares but does not state what the meeting will decide. (Inference: this may relate to the long-flagged trust-to-corporation conversion, since the company is called Vermilion Energy Inc. by September.)
5 Nov 2009business combination● NeutralMajor
Verenex, where Vermilion holds 18,760,540 shares (41.9%), signed a deal for the Libyan Investment Authority to buy all its shares for $7.09 cash per share plus a working-capital amount (about $0.15 per share expected). This replaces the earlier C$10.00 CNPC International offer, which needed Libyan NOC consent that was never reported as received. Vermilion has signed a voting agreement to back the deal. Verenex shareholders vote on December 11, 2009 (75% of votes cast needed), with court and regulatory approvals also required; a $350 million letter of credit is in escrow.
30 Oct 2009capital raising announcement● NeutralMajor
Vermilion closed an equity offering of 7,282,000 trust units at $30.90 each for gross proceeds of $225 million, with underwriters holding an option for 809,000 more units (up to $25 million). Proceeds will first reduce debt and later fund development programs and possible acquisitions. For existing unitholders this means more units outstanding.
30 July 2009business combination▲ GoodMajor
Vermilion completed the Corrib deal announced in June, paying Marathon US$100 million at closing. A further payment of about US$135-300 million remains, depending on the date of first gas, and capital costs of up to US$300 million net from the January 1, 2009 effective date. This resolves the June purchase agreement; Vermilion still expects production to rise about 30% once the field is on-stream.
25 June 2009business combination▲ GoodMajor
Vermilion agreed to buy Marathon Oil's 18.5% non-operated interest in the Corrib gas field off Ireland. It pays US$100 million at closing, plus a later payment of roughly US$135-300 million depending on when first gas arrives (currently expected end of 2011, implying about US$190-200 million). It also takes on its share of capital costs of up to US$300 million. Vermilion expects the field to raise its annual production by about 30% once on-stream; Shell (45.5%, operator) and Statoil (36%) are the partners.
26 Feb 2009business combination▲ GoodMajor
Verenex Energy, in which Vermilion holds 18,760,540 shares (42.4%), agreed to a C$10.00 per share cash takeover offer from a subsidiary of CNPC International, valuing Verenex at about C$499 million. Vermilion signed a lock-up agreement to tender its shares. The offer will only be mailed if Libya's National Oil Corporation consents, which has been requested but not received, and it needs 66 2/3% acceptance plus regulatory approvals.
19 Dec 2008drilling progress report▲ Good
Vermilion drilled and completed two new oil wells in the Wandoo Field offshore Australia, tested at a combined rate above 3,400 boe/d. It plans to produce them at reduced rates of about 500-1,000 boe/d per well given current commodity prices and to limit water coning. A vertical test well on the field flank showed a thick oil column but was abandoned. Vermilion expects to end 2008 with net debt of about $250 million and has a $675 million line of credit.
9 Oct 2008security holder rights change▲ Good
Vermilion Energy Trust said the TSX accepted its plan to buy back up to 6,896,321 of its trust units (about 10% of the public float) between October 14, 2008 and October 13, 2009, and cancel them. The Trust said it believes recent unit prices do not reflect the underlying value of the Trust. There were 69,845,521 units outstanding.
