VET 23.18
Vermillion has had a big drop since hitting a peak of over US$30 a couple of months ago. Part was due to falling oil prices, hitting an interim peak of $122 in June and falling to below $80 in Sept. VET fell to a low of 18.41 in late September before rallying recently to today's price. One factor in the share price decline is the excess profits tax in Europe. VET gets most of its free cashflow from it's European natural gas production. Prices in Europe have been crazy high and VET has about 10Kbpoed production from natural gas. They are due to increase their share of the offshore Corrib field production late this year or early next when their purchase of additional interest from a jv partner is completed.
The tax will likely take a 25% bite out of VET's free cashflow. Still a very profitable company with increasing ngas production in Europe. They have production in Canada, US and Europe and should fare well in the next few years.
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If the Commodities Boom is Over, I am just a Gold Bug headed for the Windshield of LIFE
