Doris Leblond
OGJ Correspondent
PARIS, Mar. 6 -- Esso SAF has concluded the sale of its Esso Rep shares to Vermilion Rep, the Calgary affiliate of Vermilion Energy Trust, for $161 million, based on the share value at Jun. 30, 2005 (OGJ Online, Oct. 21, 2005). The deal will be final before the end of the second quarter.
Vermilion acquires seven fields in the Paris and Aquitaine basins, including the new Mimosa acreage discovered in Aquitaine. It also acquires shares in two Paris basin fields. Together with its own acreage, Vermilion now accounts for 45% of France's oil production, or about 9,700 b/d, and has increased its reserves by 15.5 million boe.
Since 2005, Vermilion has been France's leading liquid hydrocarbon producer. General Manager Daniel Goulet told OGJ that "interesting results" of 3D and 2D seismic surveys shot on its Aquitaine Maritime offshore acreage in mid-2005 might lead to drilling of a well in 2007.
For the acreage acquired from Esso Rep, he said, a "vast program of development and optimization" is planned.