VET investors have not seen the Fruits of EU Investments yetVermillion in 3rd quarter got the Croitia production going on block SA-10, The first quarter of production it produced, they produced roughly 1855 boe day.
SA-10 (potential 70 million incremental FCF)
So last quarter Croitia they sold gas for 94.59 boe with a net back of $76.65 a boe. This gas plant can process 15 MMcf a day or roughtly 2500 boe/day
So in a 90 day quarter producing 1855 boe/day, they would generate $175,464 dollars a day or 15.8 milion in additional petroleum sales in a quarter, the plant is capable of producing 2500 boe/day which is 21 million a quarter or 84 million dollars a year. and about 2500 * 76.65 *365 = 70 million FFO potential from this one gas plan and the SA-10 block in 2025.
SA-07 (Has 4 wells drilled and No Production)
So with 4 wells here and some oil production, that can easily be put on stream and trucked out, there is a lot of opportunity for a big production uptick in Croatia. Vet has partnered with a major utility that independantly have press released these wells and this potential production coming on stream.
If these 4 wells potentially add 2,500 boe/day that is the potential of and additional 21 million in petroleum sales a quarter. or addition 70 million in FFO.
Germany is in the Middle of and Energy Crisis
Now with 3 wells, with two wells tested at 38 mmcf/day, they should announce the third well any day i would expect, and if successful i would expect they would have a cummulative over 50 mmcf of test west which they own a large percentage of.
Roughly speakey every 6 mmcf brought on line could ultimately add 88.79 a boe or roughly 8 million a quarter in petroleum sales. If they can add 5000 boe/day to Germany from the 3 wells they have drilled that would add 40 million a quarter in CF, or 160 million a year in petroleum sales.
Australia
Production from our International operations averaged 30,237 boe/d in Q3 2024, an increase of 1% from Q2 2024 primarily due to new production from our SA-10 block in Croatia and higher runtime in Germany and Ireland, partially offset by planned maintenance downtime in Australia.
In Australia, planned maintenance at our Wandoo facility was executed during Q3 2024. Production resumed late in the quarter (3rd) and continues to perform well.
Australia will likely have produced more in Q4 then they produced Q4.
Conclusion
VET should of had a great Q4, and it looks like Westbrick they did not over pay, and gas prices have been a little better.
Even if tarrifs come in it looks like Vet has a lot of european opportunities, and will simply redirect capital to the USA, and to Europe.
It looks like their are currently growing on all fronts in Europe.
IMHO