Vermillion Energy dividend to be reinstated on Q1/2022

Vermillion Energy (TSE:VET) announced a plan to reinstate a dividend in Q1 2022. Although it is still subject to board approval, their intention is to reinstate a fixed quarterly dividend (5-10% of FFO stress-tested at lower prices including US$55/bbl WTI) while continuing to focus on debt reduction. As further debt targets are achieved they will consider augmenting their return of capital through fixed dividend increases, share buybacks and/or special dividends. More info will be provided with more details on return of capital framework with formal 2022 budget release in early December.