It is understood that Vermillion Energy Ireland Ltd has picked up a further 18% and 7% interest in the Corrib field from Equinor Exploration (Ireland) Ltd and Nephin Energy Holdings Ltd respectively. The deal now provides Vermillion with a total of 45% interest in the field.  Corrib is located 70 km from Achill Island off the west coast of Ireland in a water depth of 336 m in the Slyne Trough. The 18/20-1 discovery well was suspended in November 1996 and reached 4,372 m and although substantial quantities of gas were encountered in the Triassic section, it was not tested for technical reasons. It is in relatively deep water (335 m) with the gas reservoir 3,500 m below sea level. The estimated reserves prior to production commencing were approximately 1 Tcf gas and the field has an expected field life of around 15 - 20 years. First gas was achieved on 30 December 2015. At peak production Corrib supplied Ireland with over 60% of its domestic gas needs.   Following completion of the transaction interest in the Corrib Gas Project is divided between Vermilion Energy Ireland Ltd (45% + operator), Nephin Energy Holdings Limited (36.5%) and Equinor Exploration Ireland Ltd (18.5%).
Vermillion has picked up a further 18% and 7% interest in the Corrib field from Equinor and Nephin respectively. The deal now provides Vermillion with a total of 45% interest in the field.