U.S.-listed shares of Vermillion fall on C$477 mln deal to buy Leucrotta

Latin Explore

28/03/2022 13:59

**  U.S.-listed shares of Vermilion Energy  VET.TO   VET.N 
fall 3% to $22.69; set to snap a three-day winning streak, if
losses hold
    ** VET to buy Leucrotta Exploration  LXE.V , a Montney,
Canada-focused oil and gas firm, for C$477 mln (~$382 mln)
    ** LXE shareholders to receive $1.73 in cash plus one common
share and 0.1917 common share purchase warrants of the new co
ExploreCo
    ** VET increases 2022 production guidance to 86,000 - 88,000
boe/d and raises E&D capital budget to $500 mln to account for
the deal, assuming a closing date in the second half of May 
    ** VET in November had said it was buying Equinor ASA's
 EQNR.OL  unit Equinor Energy Ireland for $434 mln, shares have
rallied ~160% since then  urn:newsml:reuters.com:*:nL4N2SK3J5
    ** VET shares up 86% YTD vs LXE's 44% gain; the S&P 500
energy index  .SPNY  has risen ~43% in 2022

 (Reporting by Anisha Sircar in Bengaluru)
 ((Anisha.Sircar@thomsonreuters.com;))