An anonymous director reports

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

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

On Feb. 27, 2024, Vermilion acquired ownership of, or control and direction over, 12,497,000 common shares of Coelacanth through a privately negotiated transaction with a single counterparty at a price of 75 cents per common share for a purchase price of $9,372,750, representing 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.

Prior to the transaction, Vermilion had 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 seven million common share purchase warrants held by it, representing approximately 19.62 per cent of the issued and outstanding common shares on a partially diluted basis). Following the transaction, Vermilion now has ownership of, or control and direction over, an aggregate of 110,179,604 common shares, representing approximately 20.84 per cent of the issued and outstanding common shares (and 117,179,604 common shares assuming exercise of the warrants, representing approximately 21.88 per cent of the issued and outstanding common shares on a partially diluted basis).

The common shares were acquired for investment purposes. Subject to applicable law, 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 condition, and prospects and/or other relevant factors, may increase or decrease its investment in the securities of Coelacanth.

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.