International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) announces its plans to reduce total forecast 2020 expenditure by between USD 125 and 190 million. IPC’s revised total estimated 2020 capital and decommissioning expenditures account for approximately USD 85 million of the total forecast reduction. IPC’s total forecast 2020 operating costs are revised downwards by between USD 40 and 105 million, depending on production levels and commodity prices.
Mike Nicholson, IPC’s Chief Executive Officer, comments: “Following the extraordinary developments in the world since we released our 2020 budget and production guidance and held our 2020 Capital Markets Day in February, IPC is taking decisive action to reset our 2020 expenditure plans in order to maximise the financial flexibility of the Corporation.
Given that we operate the majority of our assets, IPC has significant financial and operational flexibility to react swiftly to recent events and to positively prepare the Corporation to navigate through this period of extremely low commodity prices. All remaining discretionary 2020 expenditures have been deferred or cancelled and we have built into our forecast range the temporary curtailment of production from those fields that are not expected to generate positive cash flows at these low pricing levels. These proposed production curtailments relate to our oil production, as we currently forecast positive cash flows from our gas production in Canada. We currently expect our 2020 net average production to be in the range of 30,000 to 45,000 barrels of oil equivalent (boe) per day, depending on how commodity prices evolve over the remainder of 2020 and the operational choices that we make to maximise the liquidity position of the Corporation. Operating costs for 2020 are expected to be in the range of USD 12 to 13 per boe.
We retain access to significant financial headroom, with undrawn amounts under existing credit facilities currently at around USD 90 million.
We expect to be able to fully fund our revised 2020 expenditure program from cash flows and current borrowing capacity. Assuming average 2020 Brent oil prices of USD 25 per barrel and assuming Western Canadian Select oil prices are at zero for the remainder of the year, we would expect to utilise around half of our liquidity headroom. This demonstrates the financial resilience of IPC to respond to sustained low oil prices.
The situation around the Covid-19 outbreak continues to evolve in all of our countries of operation. We are focused on protecting the health and safety of our employees, contractors and other stakeholders, while also working to ensure business continuity. The revised expenditure program and changes to operations will commence immediately. The Corporation will continue to monitor the commodity price outlook, as well as the restrictions and potential disruptions relating to the Covid-19 outbreak, and IPC has the ability to make further adjustments to these forecasts as needed.”
International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) reports the following, in accordance with the Swedish Financial Instruments Trading Act:
Following the cancellation of 42,336 common shares repurchased by IPC under the share repurchase program announced on November 7, 2019, the total number of issued and outstanding common shares of the Corporation is 155,342,757 common shares with voting rights.
IPC Annual General Meeting to be held on May 5, 2020
March 31, 2020
International Petroleum Corporation (“IPC” or the “Corporation”) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that its Annual General Meeting of Shareholders will be held at the offices of Blake, Cassels and Graydon LLP, Ottawa Room, Suite 4000, Commerce Court West, 199 Bay Street, Toronto, Ontario, M5L 1A9 on Tuesday, May 5, 2020 at 9:00 a.m. (Eastern time), for the following purposes:
To receive the audited consolidated financial statements of the Corporation for the financial year ended December 31, 2019 and accompanying report of the auditor, and the management’s discussion and analysis of the Corporation for the year ended December 31, 2019;
To set the number of directors of the Corporation at seven;
To elect the seven nominees of the Corporation standing for election as directors of the Corporation to hold office until the next annual meeting of Shareholders or until his or her successor is duly elected or appointed;
To appoint PricewaterhouseCoopers SA, as the auditor of the Corporation, to hold office until the next annual general meeting of Shareholders and to authorize the directors to fix the auditor’s remuneration; and
To transact such other business as may properly come before the Meeting.
Mr. Harry Lundin is proposed for election as a new director of the Corporation at the Meeting. Mr. Lukas H. Lundin, currently the Chairman and a director of the Corporation, has decided not to stand for re-election due to other commitments and board duties. Mr. John Festival, currently a director of the Corporation, has also decided not to stand for re-election. The Board of Directors intends to appoint Mr. C. Ashley Heppenstall as the Chairman of the Board effective from the Meeting.
The record date for the Annual General Meeting is March 20, 2020. The Notice of Meeting, the accompanying Management Information Circular and related Meeting materials, and the Corporation’s Annual Information Form for the year ended December 31, 2019, are available under the Corporation’s profile on SEDAR at www.sedar.com and on the Corporation’s website at www.international-petroleum.com.
Due to the public health restrictions related to the Covid-19 virus and taking into account the health and safety of our employees, shareholders, service providers and other stakeholders, the Meeting will only be open to registered Shareholders and duly appointed proxy holders. Further restrictions with regard to the Meeting may be implemented by the Corporation as required in accordance with applicable law. Shareholders are encouraged to vote by proxy, by mail, by telephone or on the Internet, in advance of the deadline set forth in the Management Information Circular. The Corporation is not aware of any items of business to be brought before the Meeting other than those described in the Management Information Circular and there will be no management presentation on the business and operations of the Corporation at the Meeting.
Advice to Holders of Euroclear Sweden Registered Shares
Shareholders who hold their common shares (“Euroclear Registered Shares”) through Euroclear Sweden AB, which common shares trade on the NASDAQ Stockholm, are not registered holders of common shares for the purposes of voting at the Meeting. Instead, Euroclear Registered Shares are registered under CDS & Co., the registration name of the Canadian Depositary for Securities. Holders of Euroclear Registered Shares will receive a voting instruction form (the “VIF”) by mail directly from Computershare AB (“Computershare Sweden”). Additional copies of the VIF, together with the Management Information Circular, can also be obtained from Computershare Sweden and are available on the Corporation’s website at www.international-petroleum.com. The VIF cannot be used to vote common shares directly at the Meeting. Instead, the VIF must be completed and returned to Computershare Sweden, strictly in accordance with the instructions and deadlines that will be described in the instructions provided with the VIF.
https://www.international-petroleum.com/wp-content/uploads/2020/03/canada-worker-suffield.jpg596894Davide Gaiohttps://www.international-petroleum.com/wp-content/uploads/2020/03/IPC_200x100.svgDavide Gaio2020-03-31 17:00:432020-03-31 17:13:04IPC Annual General Meeting to be held on May 5, 2020
IPC Announces Completion of Acquisition of Light Oil Assets in Southern Alberta
March 6, 2020
International Petroleum Corp. (“IPC”) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce the closing of the previously announced acquisition of Granite Oil Corp. (“Granite”) (TSX:GXO; OTCQX:GXOCF) (the “Acquisition”). The Acquisition includes total proved plus probable (“2P”) reserves of 14.0 million barrels of oil equivalent (MMboe) and 6.2 MMboe of unrisked contingent resources (best estimate) as at December 31, 2019.
The Acquisition is comprised of high netback, light oil producing assets in southern Alberta (the “Assets”). The Assets include existing infrastructure to enable the current gas injection enhanced oil recovery (EOR) scheme, with capacity to allow for potential further field development opportunities. The Assets also include associated oil and gas processing and injection facilities located in proximity to key sales points.
Under the terms of the Acquisition, IPC acquired all of the issued and outstanding common shares of Granite (“Granite Shares”) for consideration of approximately USD 27 million (CAD 37.1 million) and IPC assumed Granite’s net debt of approximately USD 30 million (CAD 40 million). Each former Granite shareholder is entitled to receive CAD 0.95 for each Granite Share held prior to the Acquisition (the “Cash Consideration”).
The Granite Shares are expected to be delisted from the Toronto Stock Exchange and the OTCQX on or around March 10, 2020.
Pursuant to the letter of transmittal mailed to Granite shareholders in connection with the special meeting of Granite shareholders held on March 5, 2020, in order to receive the Cash Consideration, registered holders of Granite Shares are required to deposit a duly completed the letter of transmittal together with their share certificates, with Computershare Trust Company of Canada. Shareholders whose Granite Shares are registered in the name of a broker, dealer, bank, trust company or other nominee should contact their nominee with questions regarding receipt of the Cash Consideration.
https://www.international-petroleum.com/wp-content/uploads/2020/03/Granite.jpg596894Davide Gaiohttps://www.international-petroleum.com/wp-content/uploads/2020/03/IPC_200x100.svgDavide Gaio2020-03-06 08:30:152020-03-06 08:35:16IPC Announces Completion of Acquisition of Light Oil Assets in Southern Alberta
International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC repurchased a total of 348,936 IPC common shares (ISIN: CA46016U1084) during the period of February 17 to 28, 2020 under the previously announced share repurchase program.
The share repurchase program, announced by IPC on November 7, 2019, 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.
During the period of February 17 to 28, 2020, IPC repurchased a total of 300,000 IPC common shares on Nasdaq Stockholm. All of these share repurchases were carried out by Pareto Securities AB on behalf of IPC.
For more information regarding transactions under the share repurchase program in Sweden, including aggregated volume, weighted average price per share and total transaction value for each trading day during the period of February 17 to 28, 2020, see the following link to Nasdaq Stockholm’s website:
During the period of February 17 to 28, 2020, IPC purchased a total of 48,936 IPC common shares on the TSX and/or alternative Canadian trading systems. All of these share repurchases were carried out by Stifel Nicolaus Canada Inc. on behalf of IPC.
As previously announced, all common shares repurchased by IPC under the share repurchase program will be cancelled. Following cancellation of the above repurchased shares, the total number of issued and outstanding IPC common shares will be 155,378,693 and IPC will not hold any common shares in treasury. On February 28, 2020, IPC cancelled 1,865,776 common shares and the total number of issued and outstanding shares is 155,385,093. IPC currently holds 6,400 common shares in treasury.
A full breakdown of the transactions conducted during the period of February 17 to 28, 2020 according to article 5.3 of MAR and article 2.3 of the Safe Harbour Regulation on Nasdaq Stockholm is attached to this press release. Since November 11, 2019 up to and including February 28, 2020, a total of 8,341,372 IPC common shares have been repurchased under the share repurchase program through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems. Under the applicable TSX normal course issuer bid rules, a maximum of 11,517,057 IPC common shares may be repurchased over the period of twelve months commencing November 11, 2019 and ending November 10, 2020, or until such earlier date as the normal course issuer bid is completed or terminated by IPC.
International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) reports the following, in accordance with the Swedish Financial Instruments Trading Act:
Following the cancellation of a further 1,865,776 common shares repurchased by IPC under the share repurchase program announced on November 7, 2019, the total number of issued and outstanding common shares of the Corporation is 155,385,093 common shares with voting rights.
International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC repurchased a total of 384,836 IPC common shares (ISIN: CA46016U1084) during the week of February 10 to 14, 2020 under the previously announced share repurchase program.
The share repurchase program, announced by IPC on November 7, 2019, 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.
During the week of February 10 to 14, 2020, IPC repurchased a total of 357,000 IPC common shares on Nasdaq Stockholm. All of these share repurchases were carried out by Pareto Securities AB on behalf of IPC.
For more information regarding transactions under the share repurchase program in Sweden, including aggregated volume, weighted average price per share and total transaction value for each trading day during the week of February 10 to 14, 2020, see the following link to Nasdaq Stockholm’s website:
During the same period, IPC purchased a total of 27,836 IPC common shares on the TSX and/or alternative Canadian trading systems. All of these share repurchases were carried out by Stifel Nicolaus Canada Inc. on behalf of IPC.
As previously announced, all common shares repurchased by IPC under the share repurchase program will be cancelled. Following cancellation of the above repurchased shares, the total number of issued and outstanding IPC common shares will be 155,727,629 and IPC will not hold any common shares in treasury. The total number of issued and outstanding shares is 157,250,869 and IPC currently holds 1,523,240 common shares in treasury.
A full breakdown of the transactions conducted during the week of February 10 to 14, 2020 according to article 5.3 of MAR and article 2.3 of the Safe Harbour Regulation on Nasdaq Stockholm is attached to this press release. Since November 11, 2019 up to and including February 14, 2020, a total of 7,992,436 IPC common shares have been repurchased under the share repurchase program through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems. A maximum of 11,517,057 IPC common shares may be repurchased over the period of twelve months commencing November 11, 2019 and ending November 10, 2020, or until such earlier date as the share repurchase program is completed or terminated by IPC.
2019 Year-End Financial Results and 2020 Budget, Production and Resource Guidance
February 11, 2020
Join us today at 14.00 CET for IPC’s Capital Markets Day presentation where our management team will comment on the latest and future developments in International Petroleum Corporation.
https://www.international-petroleum.com/wp-content/uploads/2020/02/CMD-2020.jpg528792Davide Gaiohttps://www.international-petroleum.com/wp-content/uploads/2020/03/IPC_200x100.svgDavide Gaio2020-02-11 11:00:462020-02-17 07:33:11IPC's Capital Markets Day 2020 webcast on February 11 at 14.00 CET
2019 Year-End Financial Results and 2020 Budget, Production and Resource Guidance
February 11, 2020
International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) today released its financial and operating results and related management’s discussion and analysis (MD&A) for the year ended December 31, 2019.(1) IPC is also pleased to announce its 2020 capital expenditure budget of USD 149 million and its 2020 production guidance of between 46,000 and 50,000 barrels of oil equivalent (boe) per day (boepd).(2) 2019 year-end proved plus probable (2P) reserves and best estimate contingent resources (unrisked) are respectively 300 million boe (MMboe) and 1,089 MMboe.(2)(3)
Business Development Highlights • In January 2020, IPC announced the proposed light oil acquisition of 2P reserves of 14.0 MMboe and 6.2 MMboe of contingent resources (best estimate, unrisked) as at December 31, 2019(2)(3), for total equity and debt consideration of USD 59 million. The acquisition of Granite Oil Corp. (Granite) will be IPC’s third acquisition in less than three years. Completion of the Granite transaction remains subject to satisfaction of certain conditions and is expected to occur in early March 2020.
2019 Financial and Operational Highlights • Average net production of approximately 47,200 boepd for the fourth quarter of 2019. • Full year 2019 average net production of approximately 45,800 boepd, in line with Q3 2019 guidance. • Full year 2019 operating costs(4) per boe of USD 12.8, slightly ahead of Q3 2019 guidance. • Capital expenditure for full year 2019 of USD 181 million, USD 4 million below Q3 2019 guidance with USD 3 million phased into 2020. • Successfully delivered a 26 development well program in the Suffield area, Canada. • Extensive Suffield area gas swabbing and well optimization program delivered during 2019. • Onion Lake Thermal facility expansion and upgrades completed in Canada, as well as the addition of the new F-Pad wells. • Third well pair at the Blackrod project, Canada, completed with approximately 1,400 metres of horizontal section; commencing steam injection in early 2020. • Successful delivery of the Vert La Gravelle field Phase I redevelopment project, lifting Q4 2019 production in France by 28 percent relative to Q3 2019. • Successfully delivered the three well infill drilling programme at the Bertam field in Malaysia and identified additional infill potential. • 2P reserves as at December 31, 2019 increased to 300 MMboe, with a 2019 reserves replacement ratio of 89% excluding acquisitions and 173% including acquisitions.(2)(3)(5) • Contingent resources (best estimate, unrisked) increased from 849 MMboe as at December 31, 2018 to 1,089 MMboe as at December 31, 2019.(2)(3)
Three months ended December 31
Year ended December 31
USD Thousands
2019
2018
2019
2018
Revenue
145,535
111,898
553,749
454,443
Gross profit
43,245
26,311
152,904
146,864
Net result
38,372
29,346
103,588
103,644
Operating cash flow(4)
78,888
58,322
307,944
279,018
Free cash flow(4)
4,432
34,864
89,308
203,282
EBITDA(4)
77,353
58,032
302,513
264,041
Net Debt(4)
231,503
276,761
231,503
276,761
• Full year 2019 operating cash flow (OCF)(4) generation of USD 308 million, the highest annual OCF since IPC’s inception. • Full year 2019 free cash flow (FCF)(4) generation of USD 89 million. • Net debt(4) reduced from USD 277 million as at December 31, 2018 to USD 231.5 million as at December 31, 2019. • Net debt(4) to EBITDA(4) ratio of less than 0.8 times as at December 31, 2019. • In November 2019, IPC announced a share repurchase program, with the ability to repurchase up to approximately 11.5 million IPC shares over a twelve month period. Repurchased for USD 16.9 million and cancelled approximately 3.9 million IPC shares as at end December 2019 and a further approximately 2.9 million IPC shares were repurchased for USD 11.8 million, of which approximately 2.5 million shares were cancelled, as at end January 2020.
2020 Budget and Production Guidance • 2020 average net production guidance of 46,000 to 50,000 boepd.(2) • 2020 operating costs guidance at USD 13.7 per boe.(2)(4) • Full year 2020 capital expenditure budget of USD 149 million, including USD 3 million of carry-over costs from 2019 and USD 10 million relating to the assets to be acquired in the Granite transaction.(2)
Mike Nicholson, IPC’s Chief Executive Officer, commented,
“Our focus since launching IPC in April 2017 remains unchanged: seeking to deliver operational excellence, demonstrating financial resilience, maximizing the value of our resource base and targeting growth through acquisition. With financial results delivered at the high end of guidance and the most active quarter of investment across all areas of operations, as well as the announcement of another corporate acquisition and the ongoing execution of IPC’s second share repurchase program, we continue to make excellent progress on all fronts in delivering on that strategy.
2019 Year-End Results During the fourth quarter of 2019, our assets delivered average daily net production of 47,200 boepd, a four percent increase from Q3 2019. Full year 2019 average production was 45,800 boepd, in line with our Q3 2019 guidance. Record high net production levels above 49,000 boepd were achieved in early December 2019, marginally below the previously guided 50,000 boepd exit rate as the start-up of our A-20 well in Malaysia was moved into mid-January 2020. Our operating costs per boe for the fourth quarter was USD 12.4, resulting in a full year 2019 average operating costs per boe of USD 12.8, marginally below our Q3 2019 guidance.(4)
IPC delivered a very strong full year 2019 financial performance generating an operating cash flow of USD 308 million, at the upper end of Q3 2019 guidance and a full year net result of USD 104 million.(4) The Q4 2019 operating cash flow amounted to USD 79 million.(4) Free cash flow generation for the full year 2019 was USD 89 million (excluding the share repurchase program and before payment of the spin-off residual working capital liability to Lundin Petroleum).(4) This robust financial performance allowed IPC to fund its expenditure and share repurchase programs, whilst reducing net debt levels from USD 277 million at the end of 2018 to USD 231.5 million by the end of 2019.(4)
In Canada, during Q4 2019, the full year 2019 average net production levels at the Suffield area were two percent higher than 2018 levels demonstrating the positive impact of our ongoing oil drilling and gas optimization programs more than offsetting natural declines. Our N2N enhanced oil recovery (EOR) project and drilling program was completed as scheduled in 2019. In addition, preparatory work continued during Q4 2019 which is expected to allow our single rig drilling program to continue through 2020. At Onion Lake Thermal in Canada, facility optimization work completed earlier in 2019 that allowed for steam injection to commence at F-Pad during Q3 2019 and production ramp up through Q4 2019. Following completion of the ramp up of production, average production rates during December 2019 were just below 12,000 boepd in line with expectation. As we look forward, we plan to add another drilling pad during 2020 to increase production toward facility capacity levels of 14,000 boepd by year-end 2020.
In Malaysia, a world class uptime performance on the Bertam FPSO in excess of 99 percent continued during Q4 2019. Fourth quarter 2019 production on the Bertam field was 5,400 bopd, in line with our Q3 2019 guidance and five per cent higher than Q3 2019 production as we started to benefit from production from the three well infill drilling program. Following encouraging results from the 2019 infill drilling program, two additional infill drilling locations have been identified and booked as contingent resources in the A-15/A-20 Bertam field area. Further technical work is planned on these locations during 2020, for potential drilling in 2021.
In France, average daily production in Q4 2019 was 28 percent higher than Q3 2019 production, averaging 3,200 boepd. The drilling in Q3 2019 of our first horizontal development well at the Vert La Gravelle field was a major milestone for IPC. Production from the well continues to exceed expectation. With Phase I of the Vert La Gravelle redevelopment now being completed, our focus and attention now turns to the Phase I development of the Villeperdue West field in 2020 with three horizontal production wells planned, as well as assessing the potential for a Phase II development of Vert La Gravelle.
As at end December 2019, IPC’s 2P reserves are 300 MMboe compared to 288 MMboe as at December 31, 2018.(2)(3) This includes a reserves replacement ratio in 2019 of 89 percent, excluding the assets to be acquired in the Granite transaction, and 173 percent including the Granite assets.(2)(5)
In addition, IPC has increased its best estimate contingent resources (unrisked) as at end December 2019 to 1,089 MMboe, compared to 849 MMboe as at end December 2018.(2)(3) We are confident that we have a solid resource base in place to provide the feedstock to add to reserves in the future.
Based on third party reserves reports, the net present value (NPV)(2)(3)(6) of IPC’s 2P reserves as at December 31, 2019 was USD 2,410 million. IPC’s net asset value (NAV)(2)(3)(7) as at December 31, 2019 was USD 2,120 million. IPC’s NAV per share(2)(3)(8) was USD 13.3 as at December 31, 2019, representing an increase of over 7 percent from December 31, 2018.
2020 Budget and Production Guidance We are pleased to announce our 2020 production guidance is 46,000 to 50,000 boepd.(2) We forecast operating costs for 2020 to be USD 13.7 per boe.(2)(4) We also forecast significant free cash flow generation based on our 2P reserves base of an aggregate of more than USD 500 million to USD 1.3 billion over the coming five years, without taking into account development of our contingent resources or any further potential acquisitions.(2)(3)(4)(9)
Our 2020 capital expenditure budget is USD 149 million(2), targeting production growth in all of our countries of operations. The budget includes continued oil drilling and gas optimization activities in the Suffield area, Onion Lake Thermal facilities work and Blackrod project activities in Canada, as well as carry-over drilling expenditures on the Bertam field in Malaysia. In France, we continue with finalising Phase I of the Vert La Gravelle redevelopment project and we plan to commence the Villeperdue West development project. In addition, the budget includes approximately USD 10 million to invest in growing the assets to be acquired in the Granite transaction in Canada.(2)
Further details regarding IPC’s 2020 budget and production guidance will be provided at IPC’s Capital Markets Day presentation to be held on February 11, 2020 at 14:00 CET. A copy of the Capital Markets Day presentation will be available on IPC’s website at www.international-petroleum.com.”
Notes: (1) IPC’s financial statements and MD&A for the year ended December 31, 2019 are available on IPC’s website at www.international-petroleum.com and under IPC’s profile on SEDAR at www.sedar.com. (2) Includes the reserves and contingent resources as at December 31, 2019 and the forecast 2020 production, operating costs and capital expenditures attributable to the oil and gas assets of Granite, assuming acquisition as of January 1, 2020. Completion of the Granite transaction remains subject to satisfaction of certain conditions and is expected to occur in early March 2020. The acquisition cost of USD 59 million includes USD 29 million in cash and USD 30 million in net debt assumption. See “Forward-Looking Statements” below. (3) See “Disclosure of Oil and Gas Information” below. Further information with respect to IPC’s and Granite’s reserves, contingent resources and estimates of future net revenue, including assumptions relating to the calculation of NPV, are further described in the material change report (MCR) filed on the date of this press release by IPC and available under IPC’s profile on www.sedar.com and on IPC’s website at www.international-petroleum.com. 2P reserves as at December 31, 2019 of 300 MMboe includes 286.2 MMboe attributable to IPC’s oil and gas assets and 14.0 MMboe attributable to Granite’s oil and gas assets. Contingent resources (best estimate, unrisked) as at December 31, 2019 of 1,089 MMboe includes 1,082.5 MMboe attributable to IPC’s oil and gas assets and 6.2 MMboe attributable to Granite’s oil and gas assets. (4) Non-IFRS measure, see “Non-IFRS Measures” below and in the MD&A. (5) Reserves replacement ratio is based on 2P reserves of 288 MMboe as at December 31, 2018, production during 2019 of 16.7 MMboe, additions to 2P reserves during 2019 of 14.8 MMboe (or 28.8 MMboe including the 2P reserves attributable to the acquisition of the Granite assets which is expected to be completed in early March 2020) and 2P reserves of 286.2 MMboe (or 300 MMboe including the 2P reserves attributable to the acquisition of the Granite assets which is expected to be completed in early March 2020) as at December 31, 2019. (6) NPV is after tax, discounted at 8% and based upon the forecast prices and other assumptions further described in the MCR. NPV of the 2P reserves as at December 31, 2019 of USD 2,410 million includes USD 2,202.5 million attributable to IPC’s oil and gas assets and USD 207.6 million attributable to Granite’s oil and gas assets. See “Disclosure of Oil and Gas Information” below. (7) NAV is calculated as NPV less net debt as at December 31, 2019. Net debt as at December 31, 2019 includes USD 231.5 million as described above and an additional USD 59 million in respect of the Granite acquisition cost, assuming acquisition as of such date. Completion of the Granite transaction remains subject to satisfaction of certain conditions and is expected to occur in early March 2020. (8) NAV per share is based on the number of IPC common shares outstanding as at December 31, 2019 being 159,790,869. (9) Estimated free cash flow generation based on IPC’s current business plans over the period of 2020 to 2024. Assumptions include average net production of a variance around 50 Mboepd, average Brent oil prices of USD 55 to 75 per boe escalating by 2% per year, average gas prices of CAD 2.50 per thousand cubic feet, and average Brent to Western Canadian Select differentials as estimated by IPC’s independent reserves evaluator and as further described in the MCR. IPC’s current business plans and assumptions, and the business environment, are subject to change. Actual results may differ materially from forward-looking estimates and forecasts. See “Forward-Looking Statements” below.
https://www.international-petroleum.com/wp-content/uploads/2020/02/Q4-2019-post.jpg592894Davide Gaiohttps://www.international-petroleum.com/wp-content/uploads/2020/03/IPC_200x100.svgDavide Gaio2020-02-11 07:30:302020-02-17 07:33:182019 Year-End Financial Results and 2020 Budget, Production and Resource Guidance
International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC repurchased a total of 684,860 IPC common shares (ISIN: CA46016U1084) during the week of January 27 to 31, 2020 under the previously announced share repurchase program.
The share repurchase program, announced by IPC on November 7, 2019, 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.
During the week of January 27 to 31, 2020, IPC repurchased a total of 665,000 IPC common shares on Nasdaq Stockholm. All of these share repurchases were carried out by Pareto Securities AB on behalf of IPC.
For more information regarding transactions under the share repurchase program in Sweden, including aggregated volume, weighted average price per share and total transaction value for each trading day during the week of January 27 to 31, 2020, see the following link to Nasdaq Stockholm’s website:
During the same period, IPC purchased a total of 19,860 IPC common shares on the TSX and/or alternative Canadian trading systems. All of these share repurchases were carried out by Stifel Nicolaus Canada Inc. on behalf of IPC.
As previously announced, all common shares repurchased by IPC under the share repurchase program will be cancelled. Following cancellation of the above repurchased shares, the total number of issued and outstanding IPC common shares will be 156,871,589 and IPC will not hold any common shares in treasury. On January 31, 2020, IPC cancelled 2,540,000 common shares and the total number of issued and outstanding shares is 157,250,869. IPC currently holds 379,280 common shares in treasury.
A full breakdown of the transactions conducted during the week of January 27 to 31, 2020 according to article 5.3 of MAR and article 2.3 of the Safe Harbour Regulation on Nasdaq Stockholm is attached to this press release. Since November 11, 2019 up to and including January 31 2020, a total of 6,848,476 IPC common shares have been repurchased under the share repurchase program through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems. A maximum of 11,517,057 IPC common shares may be repurchased over the period of twelve months commencing November 11, 2019 and ending November 10, 2020, or until such earlier date as the share repurchase program is completed or terminated by IPC.
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We provide you with a list of stored cookies on your computer in our domain so you can check what we stored. Due to security reasons we are not able to show or modify cookies from other domains. You can check these in your browser security settings.
Google Analytics Cookies
These cookies collect information that is used either in aggregate form to help us understand how our website is being used or how effective our marketing campaigns are, or to help us customize our website and application for you in order to enhance your experience.
If you do not want that we track your visit to our site you can disable tracking in your browser here:
Other external services
We also use different external services like Google Webfonts, Google Maps, and external Video providers. Since these providers may collect personal data like your IP address we allow you to block them here. Please be aware that this might heavily reduce the functionality and appearance of our site. Changes will take effect once you reload the page.
Google Webfont Settings:
Google Map Settings:
Google reCaptcha Settings:
Vimeo and Youtube video embeds:
Other cookies
The following cookies are also needed - You can choose if you want to allow them:
Privacy Policy
You can read about our cookies and privacy settings in detail on our Privacy Policy Page.
