Zagreb, 6 March, 2024 – INA and Vermilion Zagreb Exploration have signed an agreement for cooperation on the exploration block SAVA-07 (SA-07). Vermilion will retain 60 percent of the share and maintain its position as operator on the block, while INA will have 40 percent.
By signing the partnership agreement, INA and Vermilion will jointly search for new oil and gas discoveries in Sisak-Moslavina County, where most of the SA-07 exploration block is located. Acquisition of new geophysical data and geological interpretation have already been conducted by Vermilion, and in 2024, four new exploration wells will be drilled. The agreement is beneficial for both sides, considering that the nearby INA infrastructure for oil and gas production will be used under pre-agreed terms and conditions. Proximity to the infrastructure could provide a precondition that will enable acceleration of the permitting process.
“By signing the agreement, we are taking a significant step towards joint exploration and development on the SA-07 exploration block and expanding our exploration portfolio. Given that INA has all the necessary capacities, as well as many years of experience, we believe that this project will bring mutual benefits and contribute to the energy security of Croatia,” said Miroslav Skalicki, INA Management Board Member, while Josip Bubnić, INA Exploration and Production Operating Director added: “As the partnership group we shall continue working with the regulatory bodies to explore and bring the potentially newly discovered gas and oil fields into production as soon as possible.”
“We are pleased to be partnering with INA on the SA-07 exploration block in Croatia. As the largest oil and gas company in Croatia, INA has years of experience in oil and gas development and brings local knowledge and expertise that will play a critical role in developing this asset and complement Vermilion’s 30 years of international experience in exploring and developing oil and gas projects around the globe. Vermilion shares the same commitment as INA towards the responsible development of Croatia’s natural resources, in a way that integrates economic, environmental and social factors for the citizens of Croatia. We look forward to working with our new partner and contributing to the energy security of Croatia,” said Jeff Davies, Managing Director at Vermilion Zagreb Exploration.
This contract is subject to prior approval by the Government of the Republic of Croatia.
PHOTO: INA (from left to right: Jeff Davies, Director of Vermilion Zagreb Exploration, Miroslav Skalicki, Member of the INA Management Board, Josip Bubnić, Operating Director, Exploration & Production)
INA Group is the leading oil company in Croatia and a major regional player in oil and gas exploration and production, oil processing, and distribution of oil and oil derivatives. INA Group consists of several affiliates, entirely or partially owned by INA, d. d. The Group is based in Zagreb, Croatia. Apart from Croatia, INA also conducts its oil and gas exploration and production activities in Egypt. Oil is processed at INA’s refinery in Rijeka, while sustainable alternatives are being developed at an industrial location in Sisak. INA’s regional retail network consists of more than 500 retail locations in Croatia and neighbouring countries. INA Group is a member of MOL Group.
PR
Avenija Većeslava Holjevca 10, Zagreb
Phone: 01 6450 552| @: pr@ina.hr
About Vermilion
Vermilion is an international energy producer that seeks to create value through the acquisition, exploration, development, and optimization of producing assets in North America, Europe, and Australia. Our business model emphasizes free cash flow generation and returning capital to investors when economically warranted, augmented by value-adding acquisitions. Vermilion’s operations are focused on the exploitation of light oil and liquids-rich natural gas conventional and unconventional resource plays in North America and the exploration and development of conventional natural gas and oil opportunities in Europe and Australia.
Vermilion’s priorities are health and safety, the environment, and profitability, in that order. Nothing is more important to us than the safety of the public and those who work with us, and the protection of our natural surroundings. We have been recognized by leading ESG rating agencies for our transparency on and management of key environmental, social and governance issues. In addition, we emphasize strategic community investment in each of our operating areas.
Vermilion trades on the Toronto Stock Exchange and the New York Stock Exchange under the symbol VET.
Contact:
Vermilion Zagreb Exploration, ulica Kneza Branimira 71E, 10000 Zagreb
TEL +1-403-269-4884 | IR TOLL FREE 1-866-895-8101 | investor_relations@vermilionenergy.com | www.vermilionenergy.com