Vermilion's establishment of early entry positions in Croatia, Hungary and Slovakia represents an extension of our European growth strategy.
We have approximately 1.6 million acres of undeveloped land across these three countries and are focused on underinvested basins prospective for both oil and gas that can benefit from new technology.
Central & Eastern Europe
Our position in Croatia covers approximately 975,000 acres (100% working interest) making Vermilion the largest onshore landholder in the country. A significant portion of our acreage is located near producing oil and gas fields.
We hold approximately 615,000 acres in Hungary (100% working interest) across the South Battonya, and Ebes concessions.
In Slovakia, we have partnered with NAFTA, the country’s dominant E&P in a farm-in arrangement which grants us a 50% working interest to jointly explore approximately 50,000 net acres across two licenses.
In Canada, Vermilion is a key player in the highly productive Mannville condensate-rich gas play. In addition, we hold a dominant land position in the West Pembina Cardium resource play, in the Peace River Arch in British Columbia and Alberta and have a high-working interest position in southeast Saskatchewan. In the United States, Vermilion has a significant land position in the promising Turner Sand play in the Powder River Basin. Our North American assets represent approximately 60% of our total corporate production.
Vermilion’s European assets consist of onshore and offshore operations that deliver premium commodity pricing through Brent-priced light oil production and European natural gas prices trade at a significant premium to North American benchmarks. Our European assets contribute approximately one-third of total corporate production.
Vermilion holds a 100% working interest in the Wandoo field, offshore Australia. Vermilion’s Australian oil production receives premium pricing due to Brent-indexing and the strong, long-term, strategic relationships we have cultivated with our key customers in the region.