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Vermilion Energy to acquire Northern Petroleum Nederland


Published Oct 2, 2013
Vermilion Energy Trust announces Wandoo acquisition-Spotlight

Vermilion Energy Inc. has entered into a definitive purchase and sale agreement with Northern Petroleum Plc. (Northern) whereby Vermilion, through its wholly-owned subsidiary, will acquire 100% of the shares of Northern Petroleum Nederland B.V. (NPN) (the "Acquisition"). NPN is the Netherlands subsidiary of UK-based Northern. The purchase price, which is subject to customary closing adjustments (including working capital and cash flows between the effective and closing dates), is $27.5 million. Vermilion will also grant Northern minority net profit participation rights on select license interests included in the Acquisition. The Acquisition has an effective date of January 1, 2013, and remains subject to customary conditions and receipt of all necessary regulatory approvals. The Acquisition is anticipated to close before the end of October, 2013, and will be funded with existing credit facilities.

The Acquisition includes interests in nine concessions, including six onshore licences in production or development, three onshore exploration licenses, and one offshore production license (P12) in the Netherlands (the "Assets"). The interests in the Drenthe IIIb, Drenthe IV, Oosterwolde, and Zuid Friesland III licenses are located in the northeastern region of the Netherlands in close proximity to Vermilion's existing concessions. The remaining five onshore licenses include interests in Andel V, Engelen, Papekop, Utrecht, and Waalwijk, which are located in the southwestern region of the Netherlands.

Tags: Vermilion Energy Trust




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