Vermilion Energy Inc. Common

Vermilion Resources Ltd. was launched as an Alberta-based oil and gas exploration and production company.

Vermilion was founded in 1994 as a Canadian oil and gas exploration and production company focused on assets in Alberta, Canada.

IPO in April, 1994 on the Alberta Stock Exchange at $0.30 per share.

Overvalued market for properties in the Western Canadian Sedimentary Basin resulted in Vermilion management seeking international expansion opportunities.

Listed on the Toronto Stock Exchange on June 27, 1996.

Vermilion’s production reached 1,800 boe/d by the end of 1996 following modest drilling and acquisition programs.

Acquired 4,000 boe/d of production in France from Exxon in January 1997 for $45 million.

Vermilion has been operating in Western Europe since 1997, when we acquired oil producing assets in France.

Vermilion increased production from the newly acquired French assets by 50% to 6,000 boe/d by the end of 1997 through a highly successful workover and recompletion program.

Acquired a 39% interest in Aventura Energy Inc. ("Aventura") in exchange for a royalty valued at $4.4 million on certain Vermilion Canadian properties.

Over the next five years, Vermilion increased its ownership in Aventura to 72% through property transactions and participation in share issues.

Aventura made the largest onshore gas discovery in Trinidad in the previous 40 years.

Completed an acquisition increasing the working interest in the Utikuma property to 94%, adding another 1,100 boe/d for $32.8 million.

Prior to the reorganization, production peaked at 26,000 boe/d in Q4 2002, not including minor production from Aventura.

Vermilion Energy Trust units and common shares of the spun-out exploration company, Clear Energy Inc., commenced trading on the Toronto Stock Exchange on January 24.

Vermilion started paying monthly distributions of $0.17 per month in February.

Vermilion completed a bought deal equity financing in December, issuing 5.5 million trust units at $14.10 per unit.

Sold 72% stake in Aventura Energy to British Gas for net proceeds of $165 million, double Vermilion’s total investment in Aventura.

Acquired 5,900 boe/d of natural gas production in the Netherlands for $85.5 million.

Launched Verenex Energy Inc. to accelerate international exploration opportunities. Verenex completed an IPO at $2.50 per share and began trading on the TSX Venture Exchange. Verenex was a successful bidder in Libya's first auction of exploration rights, winning access to a 1.5 million-acre block in the Ghadames Basin.

During the year, expanded the fluid processing capacity of the platform from 114,000 boe/d to 150,000 boe/d.

We also have and participate in operations in the Netherlands (since 2004).

Completed an acquisition of 60% of the offshore Wandoo field and platform located on the northwest shelf of Australia, adding 4,800 boe/d for $95 million in March.

Acquired Exxon's remaining producing properties onshore France adding 3,500 boe/d for $171.4 million. Vermilion also acquired the remaining 10% interest in those same properties from Exxon’s partner at similar metrics. Combined, these acquisitions added a total of 3,900 boe/d of new light oil production to Vermilion.

Drilled and completed first ever infill wells from the Wandoo Platform, offshore Australia, adding 2,000 boe/d of production.

We are proud to have been involved with the Corrib gas project since 2009, when we acquired an 18.5% non-operated interest in the Corrib gas field, in partnership with Shell Exploration Company B.V. (45% operated interest) and Equinor (36.5% non-operated interest).

Completed a $263 million equity offering at $49.00 per share and issued $225.0 million of 6.5% 5-year senior unsecured notes.

Vermilion converted to a corporation from an income trust effective September 1, 2010. This conversion stemmed from changes made by the Government of Canada to the taxation of income trusts. Vermilion maintained a monthly dividend of $0.19 per share.

Acquired working interests in six producing fields located in the Paris and Aquitaine basins in France from Total E&P France for $108 million in January. The acquisition added 2,200 boe per day of production in 2012, weighted 86% to high quality Brent-priced crude.

Vermilion completed a second France acquisition in December, acquiring 850 bbl/d of light Brent-priced crude oil from ZaZa Energy for US$86 million.

Increased the monthly dividend by 5% to $0.20 per share.

Completed a $27.5 million acquisition in the Netherlands which added 600 boe/d of natural gas, 2.3 mmboe of proved plus probable reserves and 292,000 net acres of undeveloped land.

On March 12, Vermilion’s common shares opened for trading on the New York Stock Exchange ("NYSE"). Vermilion completed the secondary listing on the NYSE to broaden our shareholder base and improve liquidity.

Increased the monthly dividend by 5% to $0.20 per share.

Increased the monthly dividend by 7.5% to $0.215 per share.

Completed first acquisition in Germany with the purchase of a 25% non-operated interest in four producing natural gas fields and a surrounding exploration license, all located in the northwest part of the country.

Acquired a private southeast Saskatchewan producer for total consideration of $427 million. The acquisition added 3,000 boe/d of light-oil production, 16.5 mmboe of 2P reserves and 57,000 net acres of land (80% undeveloped).

We also have and participate in operations in Germany (since 2014).

Entered into a farm-in transaction in Germany providing Vermilion with participating interest in 850,000 net acres of undeveloped oil and natural gas rights in the heart of the North German Basin. The farm-in significantly enlarged Vermilion’s presence in Germany.

natural gas began to flow at our offshore Corrib project in Ireland.

Completed an acquisition of operated and non-operated assets in Germany, providing Vermilion with its first operated position in the country and adding 2,000 boe/d of production (50% oil). Incremental reserves associated with the acquired assets as at December 31, 2015 were estimated at 9.2 million boe.

Issued US$300 million of 5.625% 8-year senior unsecured notes, representing Vermilion's first issuance in the US debt markets.

Announced strategic partnership with Canada Pension Plan Investment Board in the Corrib natural gas project in Ireland, with Vermilion to take over operations from Shell.

On July 12, 2017, Vermilion and Canada Pension Plan Investment Board announced a strategic partnership whereby Vermilion expects to assume operatorship of the Corrib natural gas project and increase its ownership interest to 20%.

Acquired Spartan Energy, a publicly traded southeast Saskatchewan light oil producer with 480,000 net acres of land and 23,000 boe/d of production for total consideration of $1.4 billion.

Acquired a private southeast Saskatchewan producer for total consideration of $91 million, adding 42,600 net acres of land (100% working interest) and 1,150 boe/d of light oil production.

Acquired the assets of a private oil company in the Powder River Basin for total cash consideration of $189 million, adding 55,700 net acres of land (96% working interest) and 2,500 boe/d (63% oil and NGLs) of production.

Closed the previously announced Corrib transaction with Canada Pension Plan Investment Board and assumed operatorship of the Corrib natural gas project in Ireland. Vermilion's ownership interest in Corrib increased to 20% from 18.5% upon close.

Effective November 30, 2018, Vermilion assumed contract operatorship of Corrib on behalf of the joint venture partners.

Achieved record annual average production of 100,357 boe/d and executed our most active exploration drilling campaign in Europe over the history of the company. We successfully drilled the Burgmoor Z5 natural gas well in Germany, our first operated drilling program in Germany and first deep gas exploration well in the country. In Croatia, we drilled two successful natural gas wells and began evaluating natural gas plant processing facility construction options.

With the onset of the COVID-19 pandemic and resulting collapse of commodity prices early in the year, Vermilion took necessary measures to protect the balance sheet and ensure the long-term sustainability of the Company. These measures included the temporary suspension of the monthly dividend, a reduction of the capital budget and company-wide cost reduction initiatives. In addition, we set the foundation for succession within our executive leadership team and undertook a global organizational review to improve profitability and long-term sustainability.

A transformational year for Vermilion focused on debt reduction and increasing European gas exposure through a strategic acquisition. We reduced net debt by $365 million through our disciplined approach to capital allocation along with the help of a strong commodity price environment. Late in the year, we announced an agreement to acquire an additional 36.5% ownership in the Corrib natural gas project in Ireland, increasing our exposure to premium-priced European gas.

On November 29, 2021, Vermilion announced an agreement to acquire Equinor’s 36.5 % non-operated interest in Corrib, effective January 1, 2022.

A record financial year, highlighted by over $1 billion of free cash flow, reinstatement of a quarterly dividend and commencement of a share buyback program. In addition to funding the dividend and share buybacks, our record free cash flow was used to reduce net debt by over $300 million and fund over $500 million of strategic acquisitions. We completed the strategic acquisition of Leucrotta Exploration, marking Vermilion’s entry into the prolific Montney resource play. The appointment of Dion Hatcher as President completed our leadership transition.

Continued focus on debt reduction and asset high-grading to position the company for long-term profitable growth. Reduced net debt by $266 million while enhancing our return of capital through a 25% dividend increase and 32% increase in share buybacks, resulting in over $160 million returned to shareholders in 2023. We closed the acquisition of an additional 36.5% ownership in the Corrib natural gas project in Ireland and divested select assets in Southeast Saskatchewan. Advanced strategic growth assets with the drilling of our first 6 well pad on our Mica Montney land in British Columbia and commenced drilling of our first deep gas exploration well in Germany.