An anonymous director of Vermilion Energy reports

VERMILION ENERGY INC. ACQUIRES COMMON SHARES AND WARRANTS OF COELACANTH ENERGY INC.

Vermilion Energy Inc. has filed an early warning report in respect of its holdings in Coelacanth Energy Inc.

Vermilion has acquired ownership of, or control and direction over, additional common shares of Coelacanth in an amount equal to more than 2 per cent of the issued and outstanding common shares, thereby triggering the requirement to file an early warning report, as a result of the following transactions:

1. From Oct. 4, 2022, to Oct. 23, 2023, Vermilion acquired an aggregate of 5,828,099 common shares through its automatic share purchase plan (ASPP) through the facilities of the TSX Venture Exchange at prices ranging from 66 cents to 85 cents per common share for an aggregate purchase price of approximately $4,533,142.
2. On June 30, 2023, Vermilion acquired 734,000 common shares through the facilities of the TSX-V at a price of 72 cents per common share for a purchase price of $528,480.
3. On Oct. 27, 2023, Vermilion acquired 777,910 common shares through the facilities of the TSX-V at a price of 80 cents per common share for a purchase price of $622,328.
4. On Nov. 15, 2023, Vermilion acquired 21 million common shares and seven million common share purchase warrants pursuant to a public offering of units of Coelacanth by way of a preliminary short form prospectus dated Oct. 27, 2023, and a final short form prospectus dated Nov. 3, 2023, at a price of 80 cents per unit for a purchase price of $16.8-million.

Prior to the transactions, Vermilion had ownership of, or control and direction over, an aggregate of 69,342,595 common shares, representing approximately 16.3 per cent of the issued and outstanding common shares. Following the transactions, Vermilion now has ownership of, or control and direction over, an aggregate of 97,682,604 common shares, representing approximately 18.55 per cent of the issued and outstanding common shares (and 104,682,604 common shares, assuming exercise of the warrants, representing approximately 19.62 per cent of the issued and outstanding common shares on a partially diluted basis).

The common shares were acquired for investment purposes. The common shares acquired through the ASPP were acquired in accordance with the terms thereof. Vermilion previously entered into the ASPP with a designated broker in order to mitigate the impact of dilution caused by the exercise, from time to time, of convertible securities of Coelacanth and/or to increase Vermilion's overall ownership position in Coelacanth. Vermilion may continue to acquire additional common shares pursuant to the ASPP until its expiry on Nov. 27, 2023. Subject to applicable law and compliance with the terms of the ASPP, Vermilion will continue to review its holdings of Coelacanth's securities and, depending on market conditions, general economic conditions and industry conditions, Coelacanth's business and financial conditions and prospects, and/or other relevant factors, may increase or decrease its investment in the securities of Coelacanth.

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+.

About Vermilion Energy Inc.

Vermilion is an international energy producer that seeks to create value through the acquisition, exploration, development and optimization of producing assets in North America, Europe and Australia. The company's business model emphasizes free cash flow generation and returning capital to investors when economically warranted, augmented by value-adding acquisitions. Vermilion's operations are focused on the exploitation of light oil and liquids rich natural gas conventional and unconventional resource plays in North America and the exploration and development of conventional natural gas and oil opportunities in Europe and Australia.

Vermilion's priorities are health and safety, the environment, and profitability, in that order. Nothing is more important to the company than the safety of the public and those who work with Vermilion and the protection of the company's natural surroundings. Vermilion has been recognized by leading ESG (environmental, social and governance) rating agencies for the company's transparency on and management of key environmental, social and governance issues. In addition, Vermilion 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.