Germany’s Energy Consortium Agreement with Vermillion

November 7, 2013

By Dr. Tyra OldhamLANDsds Sustainable Voice News

Energy partners are vital in the power leap forward.  One developed model is under “Vermilion Energy Announces Acquisition In Germany” to support natural gas participation within the construct of a consortium.

Vermilion Energy Inc. announced that it has entered into a definitive purchase and sale agreement with GDF SUEZ E&P Deutschland GmbH (“GDF SUEZ”) whereby Vermilion, through its wholly-owned subsidiary, will acquire GDF SUEZ’s 25% interest in four producing natural gas fields and a surrounding exploration license located in northwest Germany (the “Acquisition”). GDF SUEZ is an affiliate of GDF SUEZ S.A., a publicly traded, French multinational utility. The Acquisition effective date of January 1, 2013 with closing targeted for December 31, 2013. The estimate their cash cost at closing of the Acquisition is approximately $170 million, subject to final closing adjustments and changes in foreign exchange rates. The Acquisition will be funded with existing credit facilities,” posts Market Watch.

The Acquisition entails the purchase of GDF SUEZ’s 25% contractual participation interest in a four-partner consortium formed in 1956 between ExxonMobil Corporation (“ExxonMobil”), Wintershall Holding GmbH (“Wintershall”), BEB Erdgas und Erdöl GmbH (“BEB”, a joint venture between ExxonMobil and Deutsche Shell AG.), and GDF SUEZ (the “E&P Consortium Interest”). ExxonMobil is the operator of the assets held by the consortium. 

The assets subject to the E&P Consortium Interest include four gas producing fields which span eleven production licenses. The assets are expected to produce at an average rate of approximately 18 million cubic feet per day (“mmcf/d”) net in 2013 and have estimated proved plus probable reserves of 10.1 million boe(1) net as of year-end 2013, as evaluated by GLJ Petroleum Consultants Ltd.

Repost of story.


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