Vermilion Energy Inc. Sells Additional Common Shares of Coelacanth Energy Inc.

Rhea-AI Summary

Vermilion Energy (TSX: VET | NYSE: VET) filed an early warning report after selling 26,000,000 common shares of Coelacanth Energy on December 17, 2025 at $0.76 per share for total proceeds of $19,760,000. Prior to the transactions Vermilion held 80,179,104 shares (~15.0%); after the sale it holds 54,179,104 shares (~10.2%).

The company said the sales continue its priority of reducing debt to strengthen business resiliency. Vermilion may review its Coelacanth holdings going forward depending on market, economic and industry conditions and a possible amendment to the investor rights agreement; following the transactions Vermilion may not sell more than 4,000,000 shares without Coelacanth consent.

Positive

• Proceeds of $19,760,000 from the share sale
• Holdings reduced from 80,179,104 to 54,179,104 shares
• Ownership lowered to 10.2%, reducing exposure to single equity position

Negative

• Ownership fell from 15.0% to 10.2%, reducing potential voting influence
• Restriction: cannot sell more than 4,000,000 Coelacanth shares without consent

Key Figures

Shares sold 26,000,000 shares Coelacanth common shares sold on December 17, 2025

Sale price $0.76 per share Price per Coelacanth share in the December 17, 2025 transactions

Transaction value $19,760,000 Total proceeds from selling 26,000,000 Coelacanth shares

Stake before sale 80,179,104 shares (15.0%) Vermilion’s Coelacanth holdings prior to December 17, 2025 sale

Stake after sale 54,179,104 shares (10.2%) Vermilion’s Coelacanth holdings after December 17, 2025 sale

Future sale limit 4,000,000 shares Maximum additional Coelacanth shares Vermilion may sell without consent

Early warning threshold More than 2% Portion of Coelacanth’s outstanding shares involved, triggering report

VET price change 2.61% VET 24h price change prior to this news

Market Reality Check

$7.97 Last Close

Volume Volume 1,193,822 vs 20-day average 1,545,993 (relative volume 0.77x) indicates no unusual trading ahead of this disclosure. normal

Technical Price at 8.25 is trading above the 200-day MA of 7.61, indicating a pre-existing upward bias before this stake sale update.

Peers on Argus

Within Energy E&P peers, moves are mixed: DMLP (+2.87%), MNR (+1.93%), and KRP (+0.35%) are up, while VTS (-0.97%) and HPK (-3.06%) are down. This pattern points to stock-specific rather than sector-driven dynamics for VET.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 10	Investor Day event	Neutral	+0.6%	Hosting Investor Day detailing repositioned global gas portfolio and outlook.
Dec 08	Equity stake sale	Neutral	+1.4%	Sold 30M Coelacanth shares to advance debt reduction priorities.
Nov 26	Investor Day notice	Neutral	+0.5%	Announced upcoming Investor Day with webcast and call details.
Nov 05	Earnings and guidance	Positive	-0.3%	Strong Q3 results, lower 2025 E&D guidance and planned dividend increase.
Nov 05	Dividend declaration	Positive	-0.3%	Declared C$0.13 cash dividend payable December 31, 2025.

Pattern Detected

Recent company news has often seen modest price gains, while fundamentally positive items like Q3 results and dividend actions saw slight negative moves, suggesting occasional sell-the-news behavior.

Recent Company History

Over the last few months, Vermilion has balanced portfolio communication with capital allocation moves. An Investor Day on December 10, 2025 highlighted its repositioned global gas portfolio. On December 8, 2025, Vermilion sold 30,000,000 Coelacanth shares for $22,800,000 to support debt reduction, followed by today’s additional sale. Earlier, strong Q3 2025 results, lower 2025 E&D guidance to $640M, and a planned 4% dividend increase, plus a declared C$0.13 dividend for December 31, 2025, underscored a focus on cash generation and shareholder returns.

Market Pulse Summary

This announcement details Vermilion’s sale of 26,000,000 Coelacanth shares for $19,760,000, reducing its stake from 15.0% to 10.2% and continuing a stated focus on debt reduction. It follows an earlier Coelacanth sale this month and comes after strong Q3 2025 results and a planned dividend increase. Investors may monitor future Coelacanth disposals, balance-sheet progress, and any amendments to the investor rights agreement as indicators of ongoing capital allocation strategy.

Key Terms

early warning report regulatory

"it has filed an early warning report (the "Early Warning Report") in respect"

An early warning report is a regulatory filing that publicly discloses when an investor or insider has taken a large or potentially influential position in a company's shares or plans significant actions with those shares. It matters to investors because it flags possible shifts in control, takeover attempts, or concentrated influence—like a neighborhood notice that someone is buying several houses on the block—helping readers reassess risk, valuation, and trading strategy.

investor rights agreement financial

"an amendment to the investor rights agreement with Coelacanth, as applicable"

A legally binding contract between a company and its investors that spells out investors’ core protections and privileges—such as voting rights, how and when shares can be sold, information access, and steps for resolving disputes. Think of it like a rulebook or homeowner association agreement for ownership: it clarifies who gets a say, how value can be realized, and what protections exist if things go wrong, making investment risks and expectations clearer for shareholders.

National Instrument 62-103 regulatory

"in accordance with National Instrument 62-103 – The Early Warning System"

National Instrument 62-103 is a Canadian securities rule that requires public disclosure when someone builds a large ownership stake or launches a takeover attempt for a company’s shares. Think of it as a neighborhood rule that forces anyone buying a big slice of a pie to put up a sign so neighbors know a change of ownership might be coming. For investors it matters because these filings signal potential shifts in control, can move the stock price, and trigger other regulatory steps that affect trading and governance.

SEDAR+ regulatory

"The Early Warning Report has been filed under Coelacanth's profile on SEDAR+"

SEDAR+ is Canada’s centralized online system where publicly traded companies submit required regulatory documents such as financial reports, prospectuses and disclosure statements. It gives investors a single, searchable place — like a public library or online filing cabinet — to check a company’s official records for transparency, compare performance, and verify material information before making investment decisions.

AI-generated analysis. Not financial advice.

CALGARY, AB, Dec. 17, 2025 /PRNewswire/ - Vermilion Energy Inc. ("Vermilion" or the "Company") (TSX: VET) (NYSE: VET) announces that it has filed an early warning report (the "Early Warning Report") in respect of its holdings in Coelacanth Energy Inc. ("Coelacanth").

On December 17, 2025, Vermilion sold 26,000,000 common shares ("Common Shares") of Coelacanth through privately negotiated transactions with various sellers, at a price of $0.76 per Common Share for a purchase price of $19,760,000 (the "Transactions"), representing an amount equal to more than 2% of the issued and outstanding Common Shares thereby triggering the requirement to file the Early Warning Report.

Prior to the Transactions, Vermilion had ownership, control or direction over an aggregate of 80,179,104 Common Shares, representing approximately 15.0% of the issued and outstanding Common Shares. Following the Transactions, Vermilion has ownership, control and direction over an aggregate of 54,179,104 Common Shares, representing approximately 10.2% of the issued and outstanding Common Shares.

The Common Shares were sold in continuance of Vermilion's stated priority of reducing its debt to further enhance the resiliency of its business. Vermilion will continue to review its holdings of Common Shares, and, depending on market conditions, general economic conditions and industry conditions, an amendment to the investor rights agreement with Coelacanth, as applicable, and/or other relevant factors, may, in the future, increase or decrease its investment in the securities of Coelacanth. Following the Transactions, Vermilion may not sell more than 4,000,000 Common Shares held by it without the consent of Coelacanth pursuant to the foregoing amendment.

This news release is being issued in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of the Early Warning Report. The Early Warning Report has been filed under Coelacanth's profile on SEDAR+ and can be viewed at www.sedarplus.ca.

About Vermilion

Vermilion is a global gas producer that seeks to create value through the acquisition, exploration and development of liquids-rich natural gas in Canada and conventional natural gas in Europe while optimizing low-decline oil assets. This diversified portfolio delivers outsized free cash flow through direct exposure to global commodity prices and enhanced capital allocation optionality.

Vermilion's priorities are health and safety, the environment, and profitability, in that order. Nothing is more important than the safety of the public and those who work with Vermilion, and the protection of the natural surroundings. In addition, the Company emphasizes strategic community investment in each of its operating areas.

Vermilion trades on the Toronto Stock Exchange and the New York Stock Exchange under the symbol VET.

View original content to download multimedia:https://www.prnewswire.com/news-releases/vermilion-energy-inc-sells-additional-common-shares-of-coelacanth-energy-inc-302645282.html

SOURCE Vermilion Energy Inc.

FAQ

What did Vermilion (VET) sell on December 17, 2025?

Vermilion sold 26,000,000 Coelacanth common shares at $0.76 per share for $19,760,000 in proceeds.

How much of Coelacanth does Vermilion (VET) own after the December 2025 sale?

After the sale Vermilion owns 54,179,104 shares, representing approximately 10.2% of Coelacanth.

Why did Vermilion (VET) sell Coelacanth shares in December 2025?

Vermilion said the sales were in continuance of its priority to reduce debt and enhance business resiliency.

Will Vermilion (VET) sell more Coelacanth shares after December 2025?

Vermilion will review holdings depending on market and other conditions; it may not sell more than 4,000,000 shares without Coelacanth consent.

Where can investors view Vermilion's Early Warning Report for the December 17, 2025 sale?

The Early Warning Report was filed under Coelacanth's profile on SEDAR+ and is available on the SEDAR+ website.