International Petroleum Corporation Announces TSX Approval for Renewal of Normal Course Issuer Bid - Seite 2

Any Common Shares that IPC purchases under the NCIB will be purchased on the open market through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems, or as otherwise permitted under Canadian and Swedish securities laws, at the prevailing market price at the time of such purchase and in accordance with the applicable rules and policies of the TSX and Nasdaq Stockholm and applicable securities laws. The actual number of Common Shares that will be purchased, and the timing of any such purchases, will be determined by IPC, subject to the limits imposed by the TSX, Nasdaq Stockholm and under applicable Canadian securities laws. There cannot be any assurances as to the number of Common Shares that will ultimately be acquired by IPC. Any Common Shares purchased by IPC under the NCIB will be cancelled.

IPC believes that the purchase of Common Shares for cancellation under the NCIB represents an effective use of IPC's capital and an efficient way to return value to IPC's shareholders as part of IPC’s announced shareholder distribution framework.

IPC's previous NCIB for the purchase of up to 11,097,074 Common Shares, which commenced on December 3, 2021, will expire on December 2, 2022. As of November 22, 2022, IPC purchased an aggregate of 9,486,084 Common Shares for an average weighted price of CAD $10.69 per Common Share under that NCIB. Purchases were made on the open market and pursuant to the previous automatic share purchase plan.

Following the cancellation in November 2022 of 241,396 Common Shares repurchased by IPC under the previous NCIB, the total number of issued and outstanding Common Shares is 137,601,465 Common Shares with voting rights as at November 30, 2022, of which IPC holds 43,166 Common Shares in treasury.

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 Gordon VP Corporate Planning and Investor Relations [e-mail] Tel: [phone]

Robert Eriksson Media Manager [e-mail] Tel: [phone]

This press release contains information that International Petroleum Corporation is required to make public pursuant to the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the contact persons set out above, at 8:00 CET on December 1, 2022.