International Petroleum Corporation ("IPC" or the "Corporation") (TSX, Nasdaq
Stockholm: IPCO) announces that it has successfully completed a private
placement of USD 450 million of senior unsecured bonds. The bonds will have a
tenor of five years and a fixed coupon rate of 7.50 percent per annum, with
interest payable in semi-annual instalments. The bond issue is expected to be
rated B+ by S&P Global Ratings and B1 by Moody's.
Settlement of the bonds is expected to occur on or around October 10, 2025,
subject to the satisfaction of customary conditions precedent. IPC intends to
make an application to list the bonds on the Oslo Stock Exchange. Net proceeds
of the bonds will be used to fully repay IPC's existing USD 450 million
outstanding bond issue (ISIN: NO 0012423476) by utilizing the call option.
Arctic Securities and Pareto Securities acted as Global Coordinators and Joint
Bookrunners, Clarksons Securities acted as Joint Bookrunner and SB1 Markets
acted as Co-Manager, in connection with the bond placement.
William Lundin, IPC's President and Chief Executive Officer, comments: "We are
pleased to have taken advantage of favourable conditions in the debt capital
markets to refinance our existing bonds. As part of IPC's prudent approach to
business stewardship, we believe that this was an opportune time for IPC to
refinance and extend the maturity of our bonds to October 2030, supported by the
long-life nature of IPC's production profile and reserves. IPC has been
performing very well operationally and financially in 2025 across all of our
areas of operations, including the transformational Blackrod Phase 1 development
project which remains on schedule and on budget."
International Petroleum Corp. (IPC) is an international oil and gas exploration
and production company with a high quality portfolio of assets located in
Canada, Malaysia and France, providing a solid foundation for organic and
inorganic growth. IPC is a member of the Lundin Group of Companies. IPC is
incorporated in Canada and IPC's shares are listed on the Toronto Stock Exchange
(TSX) and the Nasdaq Stockholm exchange under the symbol "IPCO".
For further information, please contact:
Rebecca Gordon Robert Eriksson
SVP Corporate Planning and Investor Relations Media Manager
rebecca.gordon@international-petroleum.com Or reriksson@rive6.ch
Tel: +41 22 595 10 50 Tel: +46 701 11 26 15
This information was submitted for publication, through the contact persons set
out above, at 19:30 CEST on September 25, 2025.
Forward-Looking Statements
This press release contains statements and information which constitute
"forward-looking statements" or "forward-looking information" (within the
meaning of applicable securities legislation). Such statements and information
(together, "forward-looking statements") relate to future events, including the
Corporation's future performance, business prospects or opportunities. Actual
results may differ materially from those expressed or implied by forward-looking
statements. The forward-looking statements contained in this press release are
expressly qualified by this cautionary statement. Forward-looking statements
speak only as of the date of this press release, unless otherwise indicated. IPC
does not intend, and does not assume any obligation, to update these forward-
looking statements, except as required by applicable laws.
All statements other than statements of historical fact may be forward-looking
statements. Any statements that express or involve discussions with respect to
predictions, expectations, beliefs, plans, projections, forecasts, guidance,
budgets, objectives, assumptions or future events or performance (often, but not
always, using words or phrases such as "seek", "anticipate", "plan", "continue",
"estimate", "expect", "may", "will", "project", "forecast", "predict",
"potential", "targeting", "intend", "could", "might", "should", "believe",
"budget" and similar expressions) are not statements of historical fact and may
be "forward-looking statements". Forward-looking statements include, but are not
limited to, statements with respect to: the settlement of the bond offering, the
listing of the bonds on the Oslo Stock Exchange, the use of proceeds of the
bonds, the credit ratings of the bonds, and development of the Blackrod project
in Canada, including estimates of resource volumes, future production, timing,
regulatory approvals, third party commercial arrangements, breakeven prices and
net present value.
The forward-looking statements are based on certain key expectations and
assumptions made by IPC, including expectations and assumptions concerning: the
potential impact of tariffs implemented in 2025 by the U.S. and Canadian
governments and that other than the tariffs that have been implemented, neither
the U.S. nor Canada (i) increases the rate or scope of such tariffs, or imposes
new tariffs, on the import of goods from one country to the other, including on
oil and natural gas, and/or (ii) imposes any other form of tax, restriction or
prohibition on the import or export of products from one country to the other,
including on oil and natural gas; prevailing commodity prices and currency
exchange rates; applicable royalty rates and tax laws; interest rates; future
well production rates and reserve and contingent resource volumes; operating
costs; our ability to maintain our existing credit ratings; our ability to
achieve our performance targets; the timing of receipt of regulatory approvals;
the performance of existing wells; the success obtained in drilling new wells;
anticipated timing and results of capital expenditures; the sufficiency of
budgeted capital expenditures in carrying out planned activities; the timing,
location and extent of future drilling operations; the successful completion of
acquisitions and dispositions and that we will be able to implement our
standards, controls, procedures and policies in respect of any acquisitions and
realize the expected synergies on the anticipated timeline or at all; the
benefits of acquisitions; the state of the economy and the exploration and
production business in the jurisdictions in which IPC operates and globally; the
availability and cost of financing, labour and services; our intention to
complete share repurchases under our normal course issuer bid program, including
the funding of such share repurchases, existing and future market conditions,
including with respect to the price of our common shares, and compliance with
respect to applicable limitations under securities laws and regulations and
stock exchange policies; and the ability to market crude oil, natural gas and
natural gas liquids successfully.
Although IPC believes that the expectations and assumptions on which such
forward-looking statements are based are reasonable, undue reliance should not
be placed on the forward-looking statements because IPC can give no assurances
that they will prove to be correct. Since forward-looking statements address
future events and conditions, by their very nature they involve inherent risks
and uncertainties. Actual results could differ materially from those currently
anticipated due to a number of factors and risks.
These include, but are not limited to: general global economic, market and
business conditions; the risks associated with the oil and gas industry in
general such as operational risks in development, exploration and production;
delays or changes in plans with respect to exploration or development projects
or capital expenditures; the uncertainty of estimates and projections relating
to reserves, resources, production, revenues, costs and expenses; health, safety
and environmental risks; commodity price fluctuations; interest rate and
exchange rate fluctuations; marketing and transportation; loss of markets;
environmental and climate-related risks; competition; innovation and
cybersecurity risks related to our systems, including our costs of addressing or
mitigating such risks; the ability to attract, engage and retain skilled
employees; incorrect assessment of the value of acquisitions; failure to
complete or realize the anticipated benefits of acquisitions or dispositions;
the ability to access sufficient capital from internal and external sources;
failure to obtain required regulatory and other approvals; geopolitical
conflicts, including the war between Ukraine and Russia and the conflict in the
Middle East, and their potential impact on, among other things, global market
conditions; political or economic developments, including, without limitation,
the risk that (i) one or both of the U.S. and Canadian governments increases the
rate or scope of tariffs implemented in 2025, or imposes new tariffs on the
import of goods from one country to the other, including on oil and natural gas,
(ii) the U.S. and/or Canada imposes any other form of tax, restriction or
prohibition on the import or export of products from one country to the other,
including on oil and natural gas, and (iii) the tariffs imposed by the U.S. on
other countries and responses thereto could have a material adverse effect on
the Canadian, U.S. and global economies, and by extension the Canadian oil and
natural gas industry and the Corporation; and changes in legislation, including
but not limited to tax laws, royalties, environmental and abandonment
regulations. Readers are cautioned that the foregoing list of factors is not
exhaustive.
Additional information on these and other factors that could affect IPC, or its
operations or financial results, are included in IPC's annual information form
for the year ended December 31, 2024 (See "Cautionary Statement Regarding
Forward-Looking Information", "Reserves and Resources Advisory" and "Risk
Factors"), in the management's discussion and analysis (MD&A) for the three and
six months ended June 30, 2025 (See "Risk Factors", "Cautionary Statement
Regarding Forward-Looking Information" and "Reserves and Resources Advisory")
and other reports on file with applicable securities regulatory authorities,
including previous financial reports, management's discussion and analysis and
material change reports, which may be accessed through the SEDAR+ website
(www.sedarplus.ca) or IPC's website (www.international-petroleum.com).
Currency
All dollar amounts in this press release are expressed in United States dollars,
except where otherwise noted. References herein to USD mean United States
dollars.