International Petroleum Corporation (IPC or the
Corporation) (TSX, Nasdaq Stockholm: IPCO) is
pleased to announce that IPC repurchased a total of 564,000 IPC
common shares (ISIN: CA46016U1084) during the week of November 11
to 15, 2019 under the previously announced share repurchase
program.
The share repurchase program, announced by IPC
on November 7, 2019, is being implemented in accordance with the
Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission
Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation)
and the applicable rules and policies of the Toronto Stock Exchange
(TSX) and Nasdaq Stockholm and applicable Canadian and Swedish
securities laws.
During the week of November 11 to 15, 2019, IPC
repurchased a total of 564,000 IPC common shares on Nasdaq
Stockholm. All of these share repurchases were carried out by
Pareto Securities AB on behalf of IPC.
For more information regarding transactions
under the share repurchase program in Sweden, including aggregate
volume, weighted average price per share and total transaction
value for each trading day during the week of November 11 to 15,
2019, see the following link to Nasdaq Stockholm’s website:
http://www.nasdaqomx.com/transactions/markets/nordic/corporate-actions/stockholm/repurchases-of-own-shares
As previously announced, all common shares
repurchased by IPC under the share repurchase program will be
cancelled. Following cancellation of the above repurchased shares,
the total number of issued and outstanding IPC common shares will
be 163,156,065 and IPC will not hold any common shares in treasury.
Until such common shares are cancelled, IPC holds 564,000 common
shares in treasury.
A full breakdown of the transactions conducted
according to article 5.3 of MAR and article 2.3 of the Safe Harbour
Regulation on Nasdaq Stockholm is attached to this press release.
Since November 11, 2019 up to and including November 15, 2019, a
total of 564,000 IPC common shares have been repurchased under the
share repurchase program through the facilities of the TSX, Nasdaq
Stockholm and/or alternative Canadian trading systems. A maximum of
11,517,057 IPC common shares may be repurchased over the period of
twelve months commencing November 11, 2019 and ending November 10,
2020, or until such earlier date as the share repurchase program is
completed or terminated by IPC.
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 GordonVP Corporate Planning and Investor
Relationsrebecca.gordon@international-petroleum.comTel: +41 22 595
10 50 |
Or |
Robert ErikssonMedia Managerreriksson@rive6.chTel:
+46 701 11 26 15 |
The information was submitted for publication,
through the contact persons set out above, at 08:30 CET on November
18, 2019. 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
share repurchase program, including the number of common shares to
be acquired; the ability to IPC to acquire common shares under the
proposed share repurchase program, including the timing of any such
purchases; and the return of value to IPC’s shareholders as a
result of any share repurchases.
The forward-looking statements are based on
certain key expectations and assumptions made by IPC, including
expectations and assumptions concerning: 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; 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; 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; 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: 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 and exchange rate
fluctuations; interest rate fluctuations; marketing and
transportation; loss of markets; environmental risks; competition;
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; and changes in legislation,
including but not limited to tax laws, royalties and environmental
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 the most recently filed management’s
discussion and analysis (MD&A) (See "Cautionary Statement
Regarding Forward-Looking Information" therein), the Corporation's
Annual Information Form (AIF) for the year ended December 31, 2018
(See "Cautionary Statement Regarding Forward-Looking Information",
"Reserves and Resources Advisory" and " Risk Factors" therein) and
other reports on file with applicable securities regulatory
authorities, which may be accessed through the SEDAR website
(www.sedar.com) or IPC's website
(www.international-petroleum.com).
CurrencyAll dollar amounts in
this press release are expressed in United States dollars, except
where otherwise noted. References herein to USD mean United States
dollars. References herein to CAD mean Canadian dollars.
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