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  • Vermilion Energy Trust - Orca 1 in France - Operational Update
    édité le 25/09/2007 - Plus de news de "VERMILION" - Voir la fiche entreprise de "VERMILION"

Vermilion Energy Trust - Orca 1 in France - Operational Update
Vermilion Energy Trust ("Vermilion") and its joint venture participants, Verenex Energy Inc. ("Verenex") and Bordeaux Energy Inc. ("Bordeaux") announce an operational update on the Orca 1 well.

The well encountered a sealing element and the target Aptian formation as was indicated on seismic, however, preliminary evaluation of mud log data, logging while drilling (LWD) data and analysis of well cuttings do not indicate any presence of hydrocarbons in this primary objective. Vermilion will continue to
drill for an expected 48 hours towards a possible secondary target. A full suite of wireline logs will be run to confirm the drilling results after which the well will be abandoned as planned from the outset. Evaluation of the data gathered from this well, together with further seismic evaluation should provide a better understanding of any potential of the remaining structures on
the Aquitaine Maritime Permit offshore France. Vermilion's net effective capital exposure is estimated to be approximately $9.0 million, representing less than 3% of projected 2007 cash flow, based on an expected gross well cost of $55 million.

The Orca prospect provided Vermilion's unitholders with significant potential, while the capital risk exposure was effectively managed commensurate with unitholders' expectations. The results of the Orca 1 well will have no impact on Vermilion's operations, its strong balance sheet or its
ability to maintain its strategic direction including the current capital program and distributions.

Vermilion Energy Trust focuses on the acquisition, development and optimization of mature producing properties in Western Canada, Western Europe and Australia. Vermilion achieves value creation through the execution of asset optimization programs and strategic acquisitions. Vermilion also exposes its unitholders to significant upside opportunities while limiting capital risk. Management and directors of the Trust hold approximately 9% of the outstanding units and are dedicated to consistently delivering superior rewards for all its stakeholders. Vermilion Energy Trust trades on the Toronto Stock Exchange under the symbol VET.UN.

Origine : Communiqué VERMILION

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