November 7, 2011 / 12:33 PM / in 6 years

UPDATE 1-Vermilion Q3 profit soars on higher Australia output

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Nov 7 (Reuters) - Oil and gas company Vermilion Energy Inc’s quarterly profit more than doubled helped by higher oil and natural gas production from its Australian properties.

The company, however, expects full-year production volumes to be at the lower end of its prior outlook of 35,000-36,000 boe/d, partly due to weather-related delays in Canada during the quarter.

Vermilion reported July-September earnings of C$64.4 million, or 71 Canadian cents a share, compared with a C$24.6 million or 29 Canadian cents per share, a year ago.

Petroleum and natural gas sales for the quarter rose 44 percent to C$248.4 million.

Production averaged 34,676 barrels of oil equivalent (boe/d), up from 31,298 boe/d last year.

Australia production rose 28 percent to an average 7,992 boe/d in the quarter.

The company’s shares closed at C$49.20 on Friday on the Toronto Stock Exchange. (Reporting by Maneesha Tiwari in Bangalore; Editing by Viraj Nair)

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