Mr. William Lundin reports

INTERNATIONAL PETROLEUM CORPORATION COMPLETES USD 450 MILLION BOND PLACEMENT

International Petroleum Corp. has successfully completed a private placement of $450-million (U.S.) of senior unsecured bonds. The bonds will have a tenor of five years and a fixed coupon rate of 7.50 per cent per annum, with interest payable in semi-annual instalments. The bond issue is expected to be rated B plus by S&P Global Ratings and B1 by Moody's.

Settlement of the bonds is expected to occur on or around Oct. 10, 2025, subject to the satisfaction of customary conditions precedent. International Petroleum intends to make an application to list the bonds on the Oslo Stock Exchange. Net proceeds of the bonds will be used to fully repay International Petroleum's existing $450-million (U.S.) outstanding bond issue (ISIN 001242 34 7 6) by utilizing the call option.

Arctic Securities and Pareto Securities acted as global co-ordinators and joint bookrunners, Clarksons Securities acted as joint bookrunner, and SB1 Markets acted as co-manager, in connection with the bond placement.

William Lundin, International Petroleum's president and chief executive officer, comments: "We are pleased to have taken advantage of favourable conditions in the debt capital markets to refinance our existing bonds. As part of IPC's prudent approach to business stewardship, we believe that this was an opportune time for IPC to refinance and extend the maturity of our bonds to October, 2030, supported by the long-life nature of IPC's production profile and reserves. IPC has been performing very well operationally and financially in 2025 across all of our areas of operations, including the transformational Blackrod phase 1 development project, which remains on schedule and on budget."

International Petroleum 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. International Petroleum is a member of the Lundin Group of Companies. International Petroleum is incorporated in Canada, and International Petroleum's shares are listed on the Toronto Stock Exchange and the Nasdaq Stockholm under the symbol IPCO.

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