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    Laique Ahmad Amir Arif • ATB Capital Markets

    Laique Ahmad Amir Arif's questions to Vermilion Energy Inc (VET) leadership

    Laique Ahmad Amir Arif's questions to Vermilion Energy Inc (VET) leadership • Q4 2024

    Question

    Laique Ahmad Amir Arif from ATB Capital Markets asked for details on Vermilion's future German exploration drilling plans, the total capital cost for the successful Wisselshorst well, and how the operating costs of the newly acquired Westbrick assets compare to Vermilion's legacy Deep Basin assets.

    Answer

    President and CEO Dion Hatcher confirmed plans for two German wells per year, with potential for more capital allocation given recent success. VP Darcy Kerwin specified the Wisselshorst well's total capital was CAD $40 million gross. Regarding Westbrick, Mr. Hatcher noted its operating costs were slightly lower than Vermilion's legacy assets, and VP Brandon McCue highlighted significant synergy potential from combining infrastructure to optimize production and reduce costs.

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    Laique Ahmad Amir Arif's questions to Baytex Energy Corp (BTE) leadership

    Laique Ahmad Amir Arif's questions to Baytex Energy Corp (BTE) leadership • Q2 2024

    Question

    Laique Ahmad Amir Arif of ATB Capital Markets questioned if the second Duvernay pad design differs from the first, whether Peavine's 20,000 bbl/d production is sustainable, and the well cost differences in the Eagle Ford's black oil window.

    Answer

    President and CEO Eric Greager explained the second Duvernay pad will have nuanced stimulation changes based on an evolving machine learning model. On Peavine, he acknowledged its outperformance but guided for a sustainable long-term rate closer to 15,000 bbl/d. For the Eagle Ford, he and COO Chad Lundberg confirmed that wells in the shallower, black oil window are about $0.5 million cheaper to drill due to lower pressure, though this requires more intense stimulation.

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    Laique Ahmad Amir Arif's questions to Baytex Energy Corp (BTE) leadership • Q1 2024

    Question

    Laique Ahmad Amir Arif asked for specific details on the Medina refrac, including its cost and incremental production rate. He also questioned the constraints on Peavine's growth, the rationale for the large Duvernay acreage addition, and the company's hedging philosophy for periods beyond 2024.

    Answer

    President and CEO Eric Greager explained the Medina refrac cost approximately USD 4 million and added over 650 BOE/d in incremental production. He clarified that Peavine's growth is constrained by the development pace agreed upon with the local community, not by capital or reservoir quality. Greager also expressed excitement for the high-quality Duvernay acreage addition, which is on-trend with existing positions. Regarding hedging, he stated the policy is for the hedge percentage to decrease linearly from 40% as the company's leverage ratio falls below 1.0x.

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