International Petroleum Corporation Completes USD 450 Million Bond Placement

International Petroleum Corporation ("IPC" or the "Corporation") (TSX, Nasdaq Stockholm: IPCO) announces that it has successfully completed a private placement of USD 450 million of senior unsecured bonds. The bonds will have a tenor of five years and a fixed coupon rate of 7.50 percent per annum, with interest payable in semi-annual instalments. The bond issue is expected to be rated B+ by S&P Global Ratings and B1 by Moody’s. 

Settlement of the bonds is expected to occur on or around October 10, 2025, subject to the satisfaction of customary conditions precedent. IPC 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 IPC’s existing USD 450 million outstanding bond issue (ISIN: NO 0012423476) by utilizing the call option.

Arctic Securities and Pareto Securities acted as Global Coordinators and Joint Bookrunners, Clarksons Securities acted as Joint Bookrunner and SB1 Markets acted as Co-Manager, in connection with the bond placement.

William Lundin, IPC'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 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 SVP Corporate Planning and Investor Relations [e-mail] Tel: [phone]

Or

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