Unidentified Questioner 7's questions to Vermilion Energy Inc (VET) leadership • Q1 2024
Question
An unidentified questioner asked about the Corrib asset, its natural decline rate, and the strategy to manage its production and cash flow.
Answer
President and CEO Anthony Hatcher confirmed the asset has a natural decline of 12-14% per year but generates significant free cash flow. He mentioned projects to extend its life into the mid-2030s. He noted that while drilling new offshore wells there is an option, it's currently less attractive than deploying capital to onshore projects in Germany and the Netherlands. The free cash flow from Corrib is redeployed to these higher-return projects and returned to shareholders.