International Petroleum Corporation

Equities

IPCO

CA46016U1084

Oil & Gas Exploration and Production

Delayed Toronto S.E. Other stock markets 01:11:04 2024-04-29 pm EDT			5-day change	1st Jan Change
17.75 ^CAD	-0.73%		+2.36%	+12.56%

Apr. 22	International Petroleum Corp. Brief: Announced Earlier Monday Results of Normal Course Issuer Bid	MT
Mar. 25	International Petroleum Corp. Brief: Announcing Results of Normal Course Issuer Bid	MT

International Petroleum : Latest corporate presentation

March 01, 2024 at 09:43 am EST

Corporate Presentation

March 2024

Canada	France

Malaysia

International Petroleum Corp.

NASDAQ Stockholm: IPCO TSX: IPCO

International Petroleum Corp.

2023 Highlights

Record

Record Production

Stable Operating Costs

Investment Year

327 MUSD

51.1 Mboepd

17.6 USD/boe

(240 MUSD Blackrod)

NCF00237 p19 10.23

Strong Cash Flow	Robust Balance Sheet	Completed 2022/23	Sustainability Focus
Share Repurchase
353 MUSD OCF	Net Cash	58 MUSD	9.3 million NCIB	No incidentsmaterial
3 MUSD FCF	Gross Cash	517 MUSD	100% complete	Carbon offsetsreduction &
	@ Year End

See Notes and Reader Advisory

IPC	2

International Petroleum Corp.

Reserves Growth

Since inception, greater than 100 MMboe produced

2P reserves of 468 MMboe as at December 31, 2023

Reserves life index (RLI) of 27 years

2P Reserves and Production

(MMboe)Cor4

471 468

Blackrod

Granite

288 300

272 270

BlackPearl

NCF00237 p01 10.23

Reserve Life Index (Years)	Suffield	129								101
							83

									65
YE 2016	8						49
						33
				16
YE 2023	27	29	4


		YE 2016	YE 2017		YE 2018	YE 2019		YE 2020	YE 2021	YE 2022	YE 2023
					2P Reserves			Cumulative Production

See Notes and Reader Advisory

IPC	3

International Petroleum Corp.

Strongly Positioned to Create Stakeholder Value

	2024 - 2028
Production	Free Cash Flow

134%

Brent	27% p.a.	Organic Growth
95

USD

>1,800 MUSD

~55

Mboepd

Stakeholder Returns

Brent	67%
75	13% p.a.
USD	M&A

NCF00237 p02 10.23

>900 MUSD

See Notes and Reader Advisory

IPC	4

NCF00237 p10 10.23

International Petroleum Corp.

Production Forecast

Material production growth driven by the Blackrod Phase 1 development

10 year outlook based on proved plus probable reserves (2P)

~55 Mboepd

~65 Mboepd

	60	Blackrod Phase 1

	50

Mboepd	40

30

	20

	10

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

See Notes and Reader Advisory

Blackrod

Future

Phases

IPC	5

International Petroleum Corp.

Blackrod - A World Class Resource

	Resources	Capital	Knowledge
	Expenditure

	MMbbl Full field	850 MUSD	10+ years
1,283 development	Successful pilot
			Pre production
	MMbbl Phase 1	Local expertise
	(Nominal)
	218 development	in SAGD operations

ProductionValue

	30 Mbopd Phase 1		981	MUSD NPV10
	@ 01.01.24

	Mbopd development	54.5	USD/bbl WTI
80 regulatory approved	breakeven
					@ 01.01.24

NCF00237 p11 10.23

See Notes and Reader Advisory

Blackrod

Blackrod Phase 1

0 km 4

Blackrod Total
Area, km2	130
In-Place Volume, mmboe	2,450

Appraisal Wells, #	87

Appraisal Well Density, Wells/km2	0.7

Blackrod Phase 1 (Initial Development Area)
Area, km2	14
In-Place Volume, mmboe	426

Appraisal Wells, #	35

Appraisal Well Density, Wells/km2	2.5

IPC	6

International Petroleum Corp.

Contingent Resources Growth

More than 1.1 Billion boe to drive organic growth

Blackrod future phases

Additional development opportunities in Canada Further infill drilling in Malaysia Development upside in France

2C Contingent Resources

(MMboe) 1,410

128 Blackrod

Phase 1

1,162 1,145

1,089

1,102

102 115

849

105

1,283 1,066 1,066

987 987

744

NCF00237 p05 10.23

YE 2016 YE 2017 YE 2018 YE 2019 YE 2020 YE 2021 YE 2022 YE 2023

		Other

See Notes and Reader Advisory		Blackrod

IPC	7

International Petroleum Corp.

Strongly Positioned to Create Stakeholder Value

	2024 - 2028
Production	Free Cash Flow

134%

Brent	27% p.a.	Organic Growth
95

USD

>1,800 MUSD

~55

Mboepd

Stakeholder Returns

Brent	67%
75	13% p.a.
USD	M&A

NCF00237 p03 10.23

>900 MUSD

See Notes and Reader Advisory

IPC	8

International Petroleum Corp.

Share Repurchase

63.5 million IPC shares repurchased since inception at an average price of SEK 65 per share On track to complete share repurchases under 2023/2024 NCIB

NCF00237 p07 10.23

	-25.5	-8.4
		-9.6
+75.8
		-8.3	-9.3

113.5				-2.4	125.8 11%
				Dilution

Million IPC shares

Shares	BlackPearl	SIB	NCIB	NCIB	SIB	NCIB	NCIB	Shares
Outstanding	Acquisition	2017	2019/2020	2021/2022	2022	2022/2023	2023/2024	Outstanding
at Spin off	December 2018							End February 2024
April 2017

See Notes and Reader Advisory

~5x production

>16x 2P reserves +19 years added to reserves life

>1 billion boe (CR) Added >2.5 BUSD NAV

IPC	9

International Petroleum Corp.

Market Cap Liquidation

Market Cap

1,340 MUSD

February 28, 2024

4,600 95

MUSD USD/bbl

2,650 75

MUSD USD/bbl

1,800 95

MUSD USD/bbl

900 75

MUSD USD/bbl

NCF00237 p08 10.23

Market Capitalisation	5 year forecast FCF	10 year forecast FCF
(2024 to 2028)	(2024 to 2033)

See Notes and Reader Advisory

IPC	10

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International Petroleum Corporation published this content on 01 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 March 2024 14:43:10 UTC.

Latest news about International Petroleum Corporation

International Petroleum Corp. Brief: Announced Earlier Monday Results of Normal Course Issuer Bid	Apr. 22	MT
International Petroleum Corp. Brief: Announcing Results of Normal Course Issuer Bid	Mar. 25	MT
EARNINGS AND TRADING: UK Oil in Broadford blow; SolGold optimistic	Mar. 19	AN
Savannah Energy buys out partners' 49% stake in Nigeria oilfield	Mar. 19	RE
Savannah Energy to Acquire Interest in Nigerian Oil & Gas Field	Mar. 19	MT
International Petroleum Corp. Brief: Announcing Results of Normal Course Issuer Bid	Mar. 18	MT
Up 16% Greenhawk Purchases $2.7 Million Debenture And Signs LOI With CG International Petroleum	Mar. 15	MT
International Petroleum Corp. Brief: Announcing Results of Normal Course Issuer Bid	Mar. 11	MT
International Petroleum Corp. Brief: Announced Earlier Monday Results Of Normal Course Issuer Bid	Mar. 04	MT
International Petroleum Corporation Announced Results Of Normal Course Issuer Bid	Feb. 20	MT
Toronto Stocks Rally; Precision Drilling Rises on 4Q Profit Growth	Feb. 06	DJ
Tranche Update on International Petroleum Corporation's Equity Buyback Plan announced on November 16, 2023.	Feb. 06	CI
Transcript : International Petroleum Corporation - Analyst/Investor Day	Feb. 06
International Petroleum Corp Reports Q4 Revenue of US$198.5 Million, Provides 2024 Production Guidance	Feb. 06	MT
Transcript : International Petroleum Corporation, Q4 2023 Earnings Call, Feb 06, 2024	Feb. 06
International Petroleum Corporation Reports Production Results for the Fourth Quarter and Full Year Ended December 31, 2023	Feb. 06	CI
International Petroleum Corporation Provides Production Guidance for the Full Year 2024	Feb. 06	CI
International Petroleum Corporation Reports Earnings Results for the Full Year Ended December 31, 2023	Feb. 06	CI
International Petroleum Buys Back Common Shares Under Normal Course Issuer Bid	Jan. 31	MT
International Petroleum Corp. Brief: During period of January 15 to 19, 2024, IPC repurchased a total of 205,000 IPC common shares on Nasdaq Stockholm	Jan. 22	MT
International Petroleum Corp. Brief: Says Repurchased a total of 240,400 IPC common shares during period of January 15 to 19, 2024 under IPC's normal course issuer bid, share repurchase program (NCIB)	Jan. 22	MT
International Petroleum Details Share Repurchases Under Normal Course Issuer Bid	Jan. 15	MT
Sinopec Oilfield Sees Higher 2023 Profit as Unit Receives 284 Million Yuan Arbitral Award	Jan. 04	MT
International Petroleum Reports Results of Normal Course Issuer Bid	Dec. 29	MT
International Petroleum Reports Results of Normal Course Issuer Bid	Dec. 18	MT

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Company Profile

International Petroleum Corporation is a Canada-based oil and gas exploration and production company. The Company has a portfolio of assets located in Canada, Malaysia, and France. Its oil and gas assets in Canada are located in Alberta and Saskatchewan. The Suffield area oil and gas assets and the Ferguson oil asset are conventional assets located in southern Alberta. IPCâs principal assets in northern Alberta and Saskatchewan are the Blackrod and Onion Lake projects which are heavy crude oil assets applying conventional and steam assisted development methods. Onion Lake Thermal is a conventional heavy oil property located in the Lloydminster area in Saskatchewan. The Suffield area assets are conventional oil and gas assets held over a large, contiguous land position of 800,000 net acres of shallow gas rights and 100,000 net acres of oil rights. The Bertam field is located 170 kilometers offshore to the east of Peninsular Malaysia in Block PM307.

Sector

Oil & Gas Exploration and Production

Calendar

2024-05-07 - Q1 2024 Earnings Release

More about the company

Income Statement Evolution

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Ratings for International Petroleum Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B-

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Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

13.06 USD

Average target price

14.49 USD

Spread / Average Target

+10.91%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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