Vermilion Energy Inc. VET is pleased to announce that
we have entered into a farm-in agreement with Mobil Erdgas-Erdӧl GmbH ("MEEG") and BEB Erdgas und
Erdӧl GmbH & Co.KG ('BEB"). MEEG is 100% held by ExxonMobil XOM and BEB is
jointly held by ExxonMobil and Royal Dutch Shell. ExxonMobil
Production Deutschland GmbH ('EMPG") currently operates and manages
both MEEG's and BEB's interests in the exploration licenses involved in
the Farm-in. The Agreement, signed July 27th, 2015 and with an
anticipated closing date of January 1, 2016, remains subject to
customary conditions and regulatory approvals.
The Farm-in will provide Vermilion participating interest in 19 onshore
exploration licenses in northwest Germany, comprising approximately
850,000 net acres of oil and gas rights (100% undeveloped) (the
"Assets"). Under the terms of the Agreement, Vermilion will acquire the
Assets (which represent 50% of MEEG's and BEB's current interests in
these licenses) in exchange for committing to the financial carry of
the remaining 50% of MEEG's and BEB's interests in 11 gross (6 net)
exploratory wells over the next five years. At present, approximately
75 exploratory and semi-exploratory leads
See full press release
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