International Petroleum Corporation (IPC or the
Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce
that IPC repurchased a total of 245,200 IPC common
shares (ISIN: CA46016U1084) during the period of May 1 to 10, 2024
under IPC’s normal course issuer bid / share repurchase program
(NCIB).
IPC’s NCIB, announced on December 1, 2023, 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 period of May 1 to 10, 2024, IPC
repurchased a total of 173,000 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 NCIB in Sweden, including aggregated volume, weighted
average price per share and total transaction value for each
trading day during the period of May 1 to 10, 2024, see the
following link to Nasdaq Stockholm’s website:
www.nasdaqomx.com/transactions/markets/nordic/corporate-actions/stockholm/repurchases-of-own-shares
A detailed breakdown of the transactions
conducted on Nasdaq Stockholm during the period of May 1 to 10,
2024 according to article 5.3 of MAR and article 2.3 of the Safe
Harbour Regulation is available with this press release on IPC’s
website: www.international-petroleum.com/investors/#press.
During the same period, IPC purchased a total of
72,200 IPC common shares on the TSX. All of these share repurchases
were carried out by ATB Capital Markets Inc. on behalf of IPC.
All common shares repurchased by IPC under the
NCIB will be cancelled. As at May 10, 2024, the total number of
issued and outstanding IPC common shares is 125,151,742 with voting
rights, of which IPC holds 245,200 common shares in treasury.
Since December 5, 2023 up to and including May
10, 2024, a total of 3,318,278 IPC common shares have been
repurchased under the NCIB through the facilities of the TSX and
Nasdaq Stockholm. A maximum of 8,342,119 IPC common shares may be
repurchased over the period of twelve months commencing December 5,
2023 and ending December 4, 2024, or until such earlier date as the
NCIB 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 GordonSVP 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 12:00 CEST on May 13, 2024.
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
ability and willingness of IPC to continue the NCIB, including the
number of common shares to be acquired and cancelled and the timing
of such purchases and cancellations; and the return of value to
IPC’s shareholders as a result of any common 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; 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; 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 IPC’s annual information form for the year
ended December 31, 2023 (See “Cautionary Statement Regarding
Forward-Looking Information", “Risks Factors” and "Reserves and
Resources Advisory” therein), in the management's discussion and
analysis (MD&A) for the three months ended March 31, 2024 (See
"Cautionary Statement Regarding Forward-Looking Information",
“Risks Factors” and "Reserves and Resources Advisory" therein) 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).
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