International Petroleum : Latest corporate presentation

International Petroleum Corp.

Internationally Focused Upstream Company

October 2022

NC000251 02.22

International Petroleum Corp.

Strongly Positioned to Create Stakeholder Value

~47

Mboepd (1)

2022-2026

95	147%
29%p.a.
USD

>1,800 MUSD FCF (1,2,3)

75	98%
USD	20%p.a.

>1,200 MUSD FCF (1,2,3)

Stakeholder Returns

Debt reduction, share buybacks & dividends

M & A

4 transactions in 4 years

Organic Growth

>1.4 billion boe of contingent resources (4)

NC00269 p08 10.22

1. See Reader Advisory, including "Forward-Looking Statements" and "Supplemental Information regarding Product Types" in "Disclosure of Oil and Gas Information".
2. See Reader Advisory and the management's discussion and analysis for the three and six months ended June 30, 2022 (MD&A), including "Non-IFRS measures".
3. See Reader Advisory, including "Forward-Looking Statements". Estimated free cash flow generation is based on IPC's current business plans over the period of 2022 to 2026. Assumptions include average net production over that period of approximately

47 Mboepd, average Brent oil prices of USD 65 to 95 per boe escalating by 2% per year, average gas prices of CAD 3.00 per thousand cubic feet, and average Brent to Western Canadian Select differentials as estimated by IPC's independent reserves evaluator and as further described in the AIF. Free cash flow yield is based on IPC's market capitalization at close ctober 4, 2022 (95.7 SEK/share, 10.85 SEK/USD, USD 1,226 million). IPC's current business plans and assumptions, and the business environment,

are subject to change. Actual results may differ materially from forward-looking estimates and forecasts.

1. As at December 31, 2021, best estimate, unrisked. See Reader Advisory and AIF, including "Disclosure of Oil and Gas Information".

IPC	2

International Petroleum Corp.

2P Reserves Growth (1)

Net 2P Reserves and Production

(MMboe)

Eleven times 2P reserves growth since inception

2P reserves of 270 MMboe

Reserves life index (RLI) of 16 years

	Reserves Life Index
	(years)
YE 2016	8
YE 2021	16

Granite

300

288

BlackPearl

		x
		1
	1
	>
	129
Suffield
29	16.3	33.0
	3.8

270

272

65.0

48.5

NCF00244 p05 01.22

YE 2016

YE 2017

YE 2018

YE 2019

YE 2020

YE 2021

Net 2P Reserves

Cumulative Production

1. As at December 31, 2021. See Reader Advisory and AIF, including "Disclosure of Oil and Gas Information".

IPC	3

NCF00244 p06 01.22

International Petroleum Corp.

Contingent Resources Growth (1)

Net Contingent Resources

				(MMboe)		1,410
						128
Material increase in contingent resource base to 1.4 billion boe			1,089	1,102
+300 MMboe in Blackrod contingent resources			102	115
Potential to mature resources in all countries		849
	105
Canada - Blackrod pilot ongoing, FEED study in 2022
	- Ferguson field development					1,283
Malaysia	- Further infill drilling			987	987
	- PSC extension		744
France	- Build on horizontal drilling success
	0	63
	YE 2016	YE 2017	YE 2018	YE 2019	YE 2020	YE 2021
						Other
						Blackrod

1. As at December 31, 2021, best estimate, unrisked. See Reader Advisory and AIF, including "Disclosure of Oil and Gas Information".

IPC	4

International Petroleum Corp.	2022 Production Guidance
Production Guidance (1)		Malaysia	International, 17%
Canada Gas, 33%		France
	Suffield		Canada Other
	Gas
2022 average net production guidance range of 46,000 to 48,000 boepd
			Ferguson
Expect full year towards high end of range	Suffield	Onion Lake
	Thermal
	Oil
Production (Mboepd)			Canada Oil, 50%

NC00261 p04 02.22

High Low

Guidance range

Gas

Oil WCS Oil Brent

50				50	46		46	46
				46
					42
						43
40						40	41
		34	34			37
30		30
20
10	11	10
9
0		2017	2018		2019	2020	2021	Q1

49 High guidance 48

48

Low guidance 46

46

Q2		Q3		Q4
	2022			Full Year
			2022

1. See Reader Advisory, including "Supplemental Information regarding Product Types".

IPC	5