International Petroleum Corporation (IPC or the
Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce
that IPC has completed the current normal course issuer bid / share
repurchase program (NCIB), purchasing for cancellation 9.3 million
IPC common shares between December 2022 and November 2023,
representing approximately 6.8% of the total outstanding common
shares at the commencement of the NCIB. As previously announced,
the IPC Board of Directors has approved, subject to acceptance by
the TSX, the renewal of IPC’s NCIB for a further twelve months from
December 2023 to December 2024. IPC expects that the renewed NCIB
program will permit IPC to purchase on the TSX and/or Nasdaq
Stockholm, and cancel, up to a further 8.3 million common shares,
representing approximately 6.5% of the total outstanding common
shares (or 10% of IPC’s “public float” under applicable TSX rules).
IPC’s current intention is to fully complete the renewed NCIB
program during 2024.
During the period of November 13 to 15, 2023,
IPC repurchased a total of 134,000 IPC common shares (ISIN:
CA46016U1084) under the NCIB on Nasdaq Stockholm. All of these
share repurchases were carried out by Pareto Securities AB on
behalf of IPC.
IPC’s current NCIB, announced on December 1,
2022, 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. Since December 5, 2022 up to and including November 15, 2023,
a total of 9,333,479 IPC common shares were repurchased under the
NCIB through the facilities of the TSX and Nasdaq Stockholm.
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 November 13 to 15, 2023, 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 November 13 to
15, 2023 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.
All common shares repurchased by IPC under the
NCIB will be cancelled. As of November 16, 2023, the total number
of issued and outstanding IPC common shares is 128,652,220 with
voting rights, of which IPC holds 427,400 common shares in
treasury. Following cancellation of these common shares held in
treasury, the total number of issued and outstanding IPC common
shares will be 128,224,820.
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 17:30 CET on November 16,
2023.
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; the ability of IPC to renew
the NCIB and the number of common shares which may be purchased
under a renewed NCIB; 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; 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 fluctuations; interest rate
and exchange 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 IPC’s annual information form for the year
ended December 31, 2022 (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 and nine months ended September
30, 2023 (See "Cautionary Statement Regarding Forward-Looking
Information", “Risks and Uncertainties” 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).
International Petroleum (TSX:IPCO)
Historical Stock Chart
From Jun 2024 to Jul 2024
International Petroleum (TSX:IPCO)
Historical Stock Chart
From Jul 2023 to Jul 2024