Vermilion Energy Inc. announce that our Board of Directors has approved a 7.5% increase in the monthly cash dividend to $0.215 CDN per share from the current level of $0.20 CDN per share. The increase is expected to become effective for theJanuary 2014 dividend payable on February 17, 2014(1). This marks the third increase to our monthly dividend (previously our distribution during our income trust era), and our second annual increase.
With the continued strength of our operations and our expansive opportunity base (including our recently completed and proposed acquisitions in the Netherlands and Germany, respectively), we are confident we can achieve our future growth objectives and continue to provide reliable and increasing dividends to investors. We believe our balance sheet remains well positioned to execute our capital-efficient growth-and-income model and fund Corrib development through to first gas production, while remaining within an acceptable net debt-to-fund flows from operations(2) ratio. Corrib is expected to provide a significant increase to our free cash flow(2) upon first gas production.