Marathon sells Corrib stake to "responsible" Vermillion

international | environment | news report

Thursday June 25, 2009 12:09

by watcher

Marathon's share in the controversy-ridden Corrib gas project is to be sold on to Canadian firm Vermillion Energy Trust, which claims to "live and breathe" a motto of "excellence, trust, respect and responsibility every day".

A Canadian-based firm, which claims to be "responsible", is to acquire Marathon's 18.5% share in the Corrib gas giveaway (1).

The announcement comes as the State, Shell and fascist-leaning IRMS collaborate against brave souls taking part in direct actions on the land and sea in Mayo. By settling out of court in a recent landmark case, Shell admitted that it had collaborated in human rights abuses and murder in Nigeria. Calgary-based Vermilion is to pay US$100 million to Marathon on closing of the deal, which is expected to occur before the end of 2009, according to a press statement released on June 24 (2). A second payment of approximately US$300 million to US$135 million will be paid to Marathon if the first gas from the field is achieved (2).

"We’re a responsible producer, and we care about the communities we work in. It’s not just lip service," Lorenzo Donadeo, the President & CEO of Vermillion recently told Canadian Business Online. "We’ve got really strong corporate values that we try to live and breathe every day. They’re centred around excellence, trust, respect and responsibility", he said. "Vermilion considers itself a responsible energy producer, and as a responsible energy producer we’re a company committed to the care of our people and the environment, and we also like to ensure that we enrich the communities in which we live and work in", added Donadeo (3).

Contacts:
Lorenzo Donadeo, President & CEO;
Paul Beique, VP Capital Markets

Vermilion Energy Trust
2800, 400 4th Avenue SW
Calgary, Alberta T2P 0J4

Phone 1-403-269-4884
investor_relations@vermilionenergy.com
community@vermilionenergy.com

References:

(1) Vermillion's 'responsibility' webpage
http://www.vermilionenergy.com/responsibility/community...t.cfm

(2) Press release about sale of stake
http://www.vermilionenergy.com/files/pressreleases-2009...4.pdf

(3)Interview with Lorenzo Donadeo, the President & CEO of Vermillion, published on March 12, 2009
http://www.canadianbusiness.com/managing/ceo_interviews..._7236