The Common Shares were sold in continuance of Vermilion's stated priority of reducing its debt to further enhance the resiliency of its business. While Vermilion may not, until June 8, 2026, sell more than 60,000,000 of the 110,179,104 Common Shares held by it prior to the Transaction without the consent of Coelacanth pursuant to an amendment to the investor rights agreement with Coelacanth, Vermilion may, in the short term, decrease its holdings of Common Shares depending on market conditions, general econ ...

(Bloomberg) -- Canacol Energy Ltd. is looking to negotiate a short-term loan from its creditors as it works to restructure its debt before its cash reserves run dry, people familiar with the matter said.The Canadian company, which is Colombia’s top private gas producer, is in talks over so-called debtor-in-possession financing, said the people, who declined to be name as the talks are not yet public.Canacol needs to conclude the deal quickly as output falls and losses mount, but such a loan may create a rif ...

Core Insights - Vermilion Energy Inc. will host an Investor Day on December 10, 2025, featuring presentations by senior management regarding the company's global gas portfolio and future outlook [1][2]. Event Details - The Investor Day will take place virtually at 9:00 AM MT (11:00 AM ET) [2]. - A live webcast will be available, and participants can access it through the company's website [2]. - Dial-in options are provided for participants, including toll-free numbers for Canada and the US, as well as international options [3]. Company Overview - Vermilion is a global gas producer focused on creating value through the acquisition, exploration, and development of liquids-rich natural gas in Canada and conventional natural gas in Europe [4]. - The company aims to optimize low-decline oil assets, which contributes to significant free cash flow through exposure to global commodity prices [4]. - The company's priorities include health and safety, environmental protection, and profitability, emphasizing community investment in operational areas [5].

Core Viewpoint - Vermilion Energy Inc. is set to release its third quarter operating and financial results for 2025 on November 5, 2025, after North American markets close, with a conference call scheduled for November 6, 2025, to discuss these results [1][2]. Group 1: Financial Results Announcement - The unaudited interim financial statements and management discussion for the three and nine months ended September 30, 2025, will be available on SEDAR, EDGAR, and Vermilion's website [1]. - A conference call and webcast presentation will take place on November 6, 2025, at 9:00 AM MT (11:00 AM ET) to discuss the results [2]. Group 2: Conference Call Details - Participants can join the conference call by calling designated numbers for Canada, the US, and international attendees, with a recording available for replay from November 6 to November 13, 2025 [2][3]. - An automated call back option is available for participants who register their phone numbers, and a webcast will also be accessible [3]. Group 3: Company Overview - Vermilion Energy Inc. is a global gas producer focused on acquiring, exploring, and developing liquids-rich natural gas in Canada and conventional natural gas in Europe, while optimizing low-decline oil assets [4]. - The company prioritizes health and safety, environmental protection, and profitability, emphasizing strategic community investment in its operating areas [5].

Core Insights - The Muhlenkamp Fund, once a top performer in the 1990s, faced significant challenges during the tech boom and financial crisis, leading to a drastic decline in assets and performance [1][3] - Under the management of Jeffrey Muhlenkamp, the fund has recently outperformed the S&P 500, achieving an average annual return of 17.56% over the past five years [5] - The fund has shifted its investment strategy to include a significant allocation in gold stocks, reflecting concerns over inflation and geopolitical instability [7][8] Historical Performance - The Muhlenkamp Fund's assets grew from approximately $200 million in the late 1990s to over $3 billion before the financial crisis, but fell to $1 billion by the end of 2009 [2][3] - An investment in the fund yielded less than 9% annually over 15 years, compared to a 12% return from the S&P 500 [3] Management Transition - Jeffrey Muhlenkamp took over the fund in 2020 after a military career, aiming to revitalize the investment strategy while maintaining core principles established by his father [4] Investment Strategy - The fund currently allocates 19% of its $400 million in assets to gold stocks, which have seen significant price increases, with gold prices more than doubling in the last five years [7][8] - The investment philosophy emphasizes companies with high return on equity and a focus on inflation trends, adapting to current market conditions [9] Key Holdings - Major holdings include Microsoft, Berkshire Hathaway, and Apple, with a focus on companies that provide steady cash flow rather than just growth potential [10] - The fund's longest-held investment, Rush Enterprises, has yielded significant returns, highlighting a successful consolidation strategy in the truck dealership sector [10] Market Outlook - The fund is cautious about AI investments, drawing parallels to past market bubbles and emphasizing the potential for a downturn in capital spending [11] - The portfolio has shifted towards manufacturing and healthcare sectors, which are currently out of favor, indicating a contrarian investment approach [10]

Core Viewpoint - The Australian market has seen nearly $40 billion in failed buyouts this year, the highest in fifteen years, primarily due to regulatory risks and misaligned valuations [1][3]. Group 1: Market Overview - The ADNOC-led consortium's $18.7 billion bid for Santos, Australia's second-largest gas producer, is among the notable deals that have collapsed this year [1][2]. - The total value of failed deals has reached the highest level since 2010, raising concerns about the feasibility of large-scale transactions in Australia [3]. Group 2: Regulatory Environment - A lengthy approval process involving the Australian Competition and Consumer Commission (ACCC), Foreign Investment Review Board (FIRB), and other agencies has made deal execution more challenging [3]. - New ACCC rules effective from January 1 require mandatory pre-approval for most deals, adding complexity to the deal-making landscape [4][5]. Group 3: Industry Sentiment - Despite public equity markets being at record highs and funding being readily available, factors such as technological disruption and new regulatory requirements have hindered M&A activity [4]. - The ACCC's push for a mandatory approval process has created uncertainty and added burdens to deal activity, contrasting with previous voluntary approval options [5].

Group 1: Central Bank Actions - The U.S. Federal Open Market Committee implemented a 25 basis point rate cut, with only Governor Stephen Miran dissenting for a larger 50 basis point cut [2] - The Bank of Canada also cut rates, while the People's Bank of China maintained its position, and the Hong Kong Monetary Authority followed the Fed's lead [2] - The Bank of England is expected to announce its decision later, followed by the Bank of Japan [2] Group 2: Market Reactions - After a decline on Wall Street, Asian markets rebounded, with S&P 500 e-minis rising 0.5% and Nasdaq futures increasing by 0.7% [3] - European futures are also showing positive movement, with pan-region futures up 0.6%, German DAX futures gaining 0.7%, and FTSE futures increasing by 0.2% [3] - Bond markets rallied, with the yield on 10-year Treasury notes decreasing to 4.068% from 4.076% [3] Group 3: Commodity and Currency Movements - The dollar remained stable at 97.024 after recovering from a three-and-a-half-year low [4] - Gold prices fluctuated, last trading at $3,659.40 per ounce after reaching a record high [4] Group 4: Company-Specific Developments - Santos shares fell by as much as 13.6% after a consortium led by ADNOC withdrew its $18.7 billion bid due to failure to agree on commercial terms [6] - Brent crude oil prices decreased by 0.2% to $67.84 per barrel [6] Group 5: Upcoming Economic Indicators - Key corporate earnings reports are expected from Auto Trader Group, Embracer Group, and Next [6] - The UK will release GfK Consumer Confidence data for September [6] - France is set to conduct government debt auctions for various maturities [6]

Core Viewpoint - Santos' shares fell nearly 14% after the Abu Dhabi National Oil Company's consortium canceled its $18.7 billion bid due to inability to agree on commercial terms, although analysts expressed concern over the third failed takeover attempt in seven years, investors remained optimistic about upcoming production from two projects in Australia and Alaska [1][6]. Group 1: Bid Cancellation - The consortium led by Abu Dhabi National Oil Company scrapped its bid for Santos, stating that commercial terms could not be agreed upon [1]. - Santos had expected the consortium to cover capital gains tax payments due on its assets in Papua New Guinea, which the consortium objected to [2][3]. - Santos had proposed to finalize a deal at $5.626 per share, down from the original offer of $5.76 per share made in June [3][4]. Group 2: Market Reaction - Santos shares dropped to A$6.61, marking their lowest price since June 10, and were on track for their worst day in over five years [5]. - The decline in share price returned Santos to trading levels prior to the bid announcement in June, attributed to the failed deal and the removal of the takeover premium [6]. - Some investors expressed satisfaction with the development, believing the company should focus on managing its core assets and capitalizing on upcoming projects [6][7]. Group 3: Future Prospects - Analysts and investors are optimistic about Santos' Barossa gas project in Australia and the Pikka oil project in Alaska, which are expected to start production soon [1][7]. - Portfolio managers suggest that Santos should not break up its core assets as it enters a favorable phase for production and cash flow generation [7].

Core Insights - Energean secured $4 billion in new long-term Israeli gas offtake contracts in H1 2025, significantly increasing its contract pipeline to $20 billion over the next two decades [1][6] Financial Performance - Despite securing new contracts, Energean's financial performance in H1 2025 was impacted by operational challenges, including a planned shutdown and government-mandated production suspension [2] - The company reported an 11% decline in core profit for the six months leading up to June 30, while after-tax profit increased by nearly 24% [3] - Adjusted EBITDAX was $505 million, with after-tax profit reaching $110 million [3] Production Forecast - Energean revised its production forecast for the year, now expecting production to range between 145,000 boepd and 155,000 boepd, down from the previous estimate of 155,000 boepd to 165,000 boepd [4] - The company is exploring further gas reserves in Egypt, estimating an additional three trillion cubic feet beneath existing platforms [4] Future Developments - Energean is considering drilling into untapped formations in deep Mesozoic rocks in Block 23 offshore Israel, which could open new opportunities in the East Mediterranean [4] - The company anticipates producing up to two billion cubic meters a year from its Katlan field off Israel, set to begin production in 2027, with output to be transported via the proposed Nitzana pipeline to Egypt [5]

Financial Data and Key Metrics Changes - FY 2025 marked a record year for the company with production of 26.6 petajoules equivalent, up 17% from FY 2024 [6] - Record revenue of $268 million, a 22% increase compared to FY 2024 [6] - Underlying EBITDAX reached $173.9 million, up 36% year-over-year, with a margin of 65% [6][27] - Adjusted cash from operations was CAD 160.5 million, a 40% increase from FY 2024 [6][30] - Unit production costs decreased by 10% to $2.33 per gigajoule [6][29] Business Line Data and Key Metrics Changes - Average annual group production rate was 73 terajoules equivalent per day, exceeding targets [2][28] - The East Coast supply project (ECSP) is on track to bring gas online as early as 2028 [4] - Average processing rate at the August plant was 62 terajoules per day, a 25% increase from FY 2024 [10] - The Athena gas plant's average processing rate was 9.4 terajoules per day, with significant reliability improvements [13] Market Data and Key Metrics Changes - Average realized gas prices increased to approximately $10 per gigajoule, a 12% rise compared to FY 2024 [4] - Over 30% of Orbost volumes were sold into spot markets, up 15% from the previous year [36] - The Sydney spot market often trades at a premium to the Victorian market, contributing to higher realized prices [37] Company Strategy and Development Direction - The company is focused on transformational growth through the ECSP, targeting to backfill the Athena gas plant with up to 90 terajoules a day by 2028 [41] - Continuous improvement programs have identified over 70 initiatives aimed at cost reductions and efficiency [5][16] - The company aims to maximize asset utilization and increase production capacity while maintaining reliability [52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued profitability improvements due to strong gas market conditions and operational efficiencies [7][8] - The company is well-positioned to benefit from the growing energy demand and volatility in the National Electricity Market (NEM) [38] - Future cash flows are expected to increase, providing financial flexibility for growth and debt repayment [35] Other Important Information - The company maintained a strong safety performance with a total recordable injury frequency rate of 3.36 injuries per million hours worked, below industry benchmarks [9] - The company achieved carbon neutral certification for its operations, demonstrating commitment to environmental excellence [10] Q&A Session Summary Question: Guidance for FY 2026 and production rates from Orbost - Management clarified that the guidance reflects historical performance and does not include debottlenecking work [56][60] Question: Critical path to first supply from ECSP by 2028 - Management indicated that securing gas sales agreements and contracting services for subsea tie-ins are critical steps [65][66] Question: Impact of Woodside's entry into the Gippsland Basin - Management noted potential opportunities for collaboration and growth in domestic gas supply [68]