International Petroleum is founded by Adolf H. Lundin with exploration assets in the Middle East, Texas and the Bay of Biscay. During the 80’s the company commenced production in the Saleh Field, offshore UAE and had oil and gas discoveries offshore Oman and Papua New Guinea.

IPC makes a number of oil discoveries in Malaysia/Vietnam and commences production in 1997. Adolf Lundin becomes the largest shareholder in Sands Petroleum AB who have interests in producing North Sea fields. In 1997, IPC and Sands Petroleum merge to become Lundin Oil.

Lundin Oil’s success story culminates in a takeover by Talisman Energy in 2001. Later that year, Lundin Petroleum is formed and quickly grows through asset acquisition and in addition has major exploration successes offshore Norway with the discovery of the Edvard Grieg and the giant Johan Sverdrup fields.

International Petroleum Corporation is re-born when Lundin Petroleum spins-off its non-Norwegian producing assets into a newly formed company. The new company has producing assets in Malaysia, France and the Netherlands.

IPC completes a strategic acquisition of the stable, low-decline Suffield and Alderson oil and gas producing assets in Alberta, Canada from Cenovus Energy. These conventional producing fields have low production costs and significant future development potential from a combination of low risk development drilling, well stimulation and enhanced oil recovery opportunities.

IPC acquires BlackPearl Resources in a strategic business combination of high quality, long-life producing assets and exciting organic growth opportunities. BlackPearl’s main asset, the Onion Lake property in Saskatchewan, Canada, consists of a 12,000 boepd heavy oil thermal project with reserve life of over 20 years.

In 2020, IPC acquires Granite Oil Corp. The acquisition is comprised light oil producing assets in the Milk River area of Alberta, located southwest of IPC’s existing operations in the Suffield area, just north of the US border, and provides access to a new resource play fairway that adds additional reserves, resources and production.

C. Ashley Heppenstall

Chair of the Board

Chair of the Audit Committee and a member of Nominating and Corporate Governance Committee

Ashley Heppenstall is a graduate of Durham University where he obtained a degree in Mathematics.

From 1984 until 1990, he worked in the banking sector where he was involved in project financing of oil and mining businesses.

Mr. Heppenstall has worked with public companies associated with the Lundin family since 1993. He was the President & Chief Executive Officer of Lundin Petroleum (now Lundin Energy) from 2002 until 2015.

Mr. Heppenstall is considered independent for the purposes of National Instrument 58-101.

Mike Nicholson

Chief Executive Officer and Director

Mike Nicholson graduated from Aberdeen University where he obtained a degree in Economics and Management Studies.

From 1994 to 2004, he worked in various economics, financial and banking roles with Veba Oel, Canadian Imperial Bank of Commerce and Marathon Oil in London.

Mr. Nicholson joined Lundin Petroleum in 2005 as Group Economics and Commercial Manager. He became General Manager of the Malaysia business in 2008 and Managing Director of the South East Asia business in 2012. He was appointed Chief Financial Officer of Lundin Petroleum in 2013. He became the Chief Executive Officer of IPC in April 2017.

Mr. Nicholson is not considered independent for the purposes of National Instrument 58-101.

Donald K. Charter

Director

Chair of the Compensation Committee and the Nominating and Corporate Governance Committee, and a member of the Audit Committee

Mr. Charter has extensive senior executive leadership and board level experience in a number of sectors including financial services, mining and real estate. He is currently focused on consulting (he has had consulting roles in the private, private equity and hedge fund sectors) and corporate directorships (having been involved in several corporate boards and having sat on and chaired a number of audit, compensation, governance, special, independent and strategic committees). He is also the Chair of HGC Holding, a private company, which through HGC Investments is an employee-owned firm specializing in low volatility, liquid, event-driven mandates currently managing The HGC Fund. Mr. Charter’s executive leadership experience includes President and CEO of a public metallurgical coal company and the Chair and CEO of a large national financial services company.

Mr. Charter is a graduate of McGill University with degrees in Economics and Law. He has completed the Institute of Corporate Directors, Directors Education Program.

Mr. Charter is considered independent for the purposes of National Instrument 58-101.

Chris Bruijnzeels

Director

Chair of the Reserves and Sustainability Committee, a member of the Nominating and Corporate Governance Committee and the Audit Committee.

Mr. Bruijnzeels is a graduate of Delft University where he obtained a degree in Mining Engineering.

Bruijnzeels was President, CEO and a director of ShaMaran Petroleum from 2015 to 2019.

Mr. Bruijnzeels was Senior Vice President Development at Lundin Petroleum between 2003 and 2015, and was responsible for Lundin Petroleum’s operations, reserves and the development of its asset portfolio. Prior to that, Mr. Bruijnzeels worked for Shell International in the Netherlands, Gabon and Oman in several reservoir engineering functions and for PGS Reservoir Consultants in the UK as Principal Reservoir Engineer and Director of Evaluations. Mr. Bruijnzeels has over 30 years of experience in the oil and gas industry.

Mr. Bruijnzeels is considered independent for the purposes of National Instrument 58-101.

Torstein Sanness

Director

Member of the Compensation Committee.

From 2004 to 2014, Torstein Sanness was the Managing Director of Lundin Norway. Previously he held positions with Saga Petroleum and Norske Oljeselskap AS.

Mr. Sanness is a graduate of the Norwegian Institute of Technology in Trondheim where he obtained a Master of Engineering (geology, geophysics and mining engineering).

Mr. Sanness is considered independent for the purposes of National Instrument 58-101.

L.H. (Harry) Lundin

Director

Member of the Reserves and Sustainability Committee.

Harry Lundin graduated from the University of Arizona, where he obtained a degree in Mining Engineering. In addition, Harry received his Master’s degree in Metals and Energy Finance from Imperial College London.

Mr. Lundin worked as a mining engineer in southern Africa for Lucara Diamond Corp. and Freeport-McMoRan Inc. upon completion of his post-graduate degree, Mr. Lundin worked at Sprott Inc., a global asset manager, as an investment analyst before co-founding Bromma Asset Management Inc., a resource-focused asset manager.

Mr. Lundin is not considered independent for the purposes of National Instrument 58-101.

Emily Moore

Director

Member of the Compensation Committee and the Reserves and Sustainability Committee

Dr. Emily Moore graduated from Queen’s University, Kingston, Ontario, where she obtained a degree in Engineering Chemistry. She then attended Oxford University as a Rhodes Scholar, obtaining a doctorate in Physical Chemistry.

Dr. Moore has been Director of Troost Institute for Leadership Education in Engineering at the University of Toronto since October 2018, where she leads teaching, research and programming to help develop the next generation of engineering leaders. Dr. Moore spent 10 years at Hatch Ltd. holding positions including Managing Director, Innovation, and Managing Director, Water. In that time, she led global initiatives to serve mining, energy and infrastructure sector clients. Dr. Moore previously spent more than 10 years at Xerox, leading teams on developing new chemical processes and bringing them to manufacturing scale.

Dr. Moore is considered independent for the purposes of National Instrument 58-101.

Mike Nicholson

Chief Executive Officer

Born in Scotland in 1971, Michael Nicholson graduated from Aberdeen University where he obtained a degree in Economics and Management Studies.

Between 1994 and 1996, Mr. Nicholson worked as a consulting economist for AUPEC ltd in Aberdeen. From 1996 to 2004, he worked in various economics, financial and banking roles with Veba Oel, Canadian Imperial Bank of Commerce and Marathon Oil in London.

Mr. Nicholson joined Lundin Petroleum in 2005 as Group Economics and Commercial Manager. He became General Manager of the Malaysia business in 2008 and Managing Director of the South East Asia business in 2012. He was appointed Chief Financial Officer of Lundin Petroleum in 2013.

Mr. Nicholson has been President and CEO of IPC since April 2017.

Christophe Nerguararian

Chief Financial Officer

Christophe Nerguararian was born in France in 1975 and has an Engineering degree from Ecole Centrale de Lyon and a Masters in Finance from Université Lyon II.

From 1998 to 2011, Mr. Nerguararian worked in various banking and finance roles for BNP Paribas in Paris and Geneva, most recently as Head of the Upstream Finance team for Central and Eastern Europe.

Mr. Nerguararian joined Lundin Petroleum in 2012 as Head of Corporate Debt and Commercial Manager and was appointed Vice President Corporate Finance in 2016.

Mr. Nerguararian has been the CFO of IPC since April 2017.

William Lundin

Chief Operating Officer

William Lundin was born in 1993 in Canada and holds a degree in Mineral Resource Engineering from Dalhousie University. William has been involved in the natural resource industry his entire life through exposure to several Lundin Group companies and mentorship under Lukas and Ian Lundin.

Mr. Lundin has worked in the upstream oil and gas business with IPC, and previously with BlackPearl Resources Inc., since 2016. He has gained diverse experience in conventional and unconventional oil and gas resources working in operations, facilities and production engineering. Prior to being appointed as Chief Operating Officer of IPC, he served in a project management position with IPC Canada. William also previously held positions with Lundin Mining Corporation and Denison Mines Corp.

Mr Lundin has been COO of IPC since December 2020.

Mr. Lundin is currently a Director of ShaMaran Petroleum Corp., the Chairman of Africa Energy Corp., and a Director of the Lundin Foundation. He is a registered professional engineer in Canada

Jeffrey Fountain

General Counsel and Corporate Secretary

Jeffrey Fountain was born in Canada in 1969, and has a Commerce and Economics degree and a Law degree from the University of Toronto.

He practiced corporate and securities law with a large Canadian law firm in Vancouver and then worked with the United Nations in Geneva.

Between 2003 and 2017, Jeffrey Fountain was Vice President Legal of Lundin Petroleum, responsible for all legal matters within the Lundin Petroleum group.  He has also assisted on various legal matters related to other Lundin Group companies.

Mr. Fountain has been General Counsel of IPC since April 2017.

Rebecca Gordon

VP Corporate Planning and Investor Relations

Rebecca Gordon was born in England in 1976 and has a Commerce and Masters of Business Administration degree from the University of Western Australia, and a Masters degree from the ENI Corporate University.

Between 1997 and 2005 Ms Gordon worked as a senior consultant for an Information Management consultancy in Western Australia, and then moved to Italy to work for ENI as a valuation specialist until end 2009.

In 2010 Ms Gordon came to Lundin Petroleum as a Senior Economist and was appointed Group Economics and Planning manager in the same year.

Ms Gordon has been VP Corporate Planning and Investor Relations of IPC since April 2017.

Chris Hogue

Senior Vice President Canada

Chris Hogue graduated from the Southern Alberta Institute of Technology with a Diploma in Petroleum Engineering in 1992.

He has over 20 years of diversified heavy oil experience, most recently as vice president operations of BlackPearl Resources.

Mr Hogue has been the Senior Vice President Canada of IPC since December 2018.

Ryan Adair

Vice President Asset Management and Corporate Planning, IPC Canada

Born in Canada in 1976, Ryan Adair has a Bachelor of Science degree in Chemical Engineering from the University of Calgary and a Master of Science degree in Petroleum Engineering from Heriot-Watt University. In addition to seven years in various reservoir engineering and management roles within the Lundin Petroleum organization most recently since 2013 as Group Subsurface Manager, Ryan has worked for EnCana Resources and Petrominerales Ltd.

Mr. Adair has been IPC’s Vice President of Reservoir Development from the inception of IPC until relocating to the IPC’s Canadian office in April 2019.  He is a Canadian registered P.Eng, a member of the Society of Petroleum Engineers, and the Society of Petroleum Evaluation Engineers.