Who we are

A Lundin Group Company

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 under the symbol “IPCO”.


IPC’s strategy is twofold. Firstly it is to invest organically in the assets in Canada, Malaysia and France, ensuring that the full resource and value potential of these assets can be realised. Secondly, we seek to acquire assets with reserves and resources in the production and / or development stage. Our geographical focus is not limited, which has been the recipe for success within all the Lundin Group companies.

Vision & Values

We are an entrepreneurial value-driven team bringing energy to the world in a sustainable way

We focus on what we do best and how we can continually improve. We build on our core strengths as an entrepreneurial energy company while establishing a collaborative culture of enthusiastic and skilled people.

We are a safe and environmentally-responsible operator with high integrity standards. We achieve disciplined growth through maximizing the value of our assets and ambitiously acquiring new ones.

IPC operates in a positive culture that encourages creative thinking and innovation, driving how we make decisions and where we focus our talent. We foster a culture of respect, diversity and inclusion recognizing that employees are integral to the success of our company.

We are active in engaging with our stakeholders to build trust and confidence in how IPC contributes to sustainable economic development in the world.

To achieve our Vision, we have identified 3 core IPC values, as well as the behaviors and actions that will help bring them to life on a daily basis.

IPC Core Values

Related documents


IPC Vision & Values in Action
17.09.2021, 2.4 MB


The Lundin family have been involved in oil exploration and production for forty years. International Petroleum Corporation (IPC) can trace its roots back to the 1980’s when Adolf Lundin created the original IPC,  operating in countries such as Oman, UAE, Vietnam, Malaysia and Libya to name a few. The following history gives an overview of how the current IPC was born and the key events that have occurred more recently.

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.

Corporate governance

Board of Directors

The Board of Directors (the “Board”) is primarily responsible for supervising the management of the Corporation’s business and affairs. Its authority is determined by the provisions of the British Columbia Business Corporations Act and by the Corporation’s articles. In addition, the Board’s activities are governed by a set of procedural rules which are adopted by the Board. The Board regularly reviews its guidelines and policies and, considers how its corporate governance practices align with guidelines established by the Canadian regulatory authorities having authority, including the Toronto Stock Exchange and the Nasdaq Stockholm.

The Board meets as required to conduct its business, which includes the approval of the quarterly and annual audited consolidated financial statements of the Corporation.

The Board’s Chair is responsible for the management, development and effective performance of the Board, for monitoring the Corporation’s development through regular contact with the President and CEO, and for ensuring that the Board regularly receives reports concerning the development of the Company’s business and operations, including progress in respect of profits, liquidity and other significant matters.

Board Committees

Audit Committee:
C. Ashley Heppenstall (Chair), Donald K. Charter and Chris Bruijnzeels.

Nominating and Corporate Governance Committee:
Donald K. Charter (Chair), Chris Bruijnzeels and C. Ashley Heppenstall.

Compensation Committee:
Donald K. Charter (Chair), Emily Moore and C. Ashley Heppenstall.

Reserves and Sustainability Committee:
Chris Bruijnzeels (Chair), Emily Moore and Lukas H. (Harry) Lundin.

Audit Committee

The Audit Committee consists of three Board members, each of whom is independent and financially literate. The Audit Committee reviews and reports to the Board on the integrity of the consolidated financial statements of the Company. The Audit Committee ensures the Company has designed and implemented effective internal financial controls and reviews the compliance with regulatory and statutory requirements as they related to the financial statements, taxation matters and disclosure of material facts.

Nominating and Corporate Governance Committee

This Committee is comprised of three non-executive Board members and assists the Board in identifying qualified individuals for Board membership, develops and implements corporate governance guidelines, and reports annually to the Corporation’s shareholders on the Corporation’s system of corporate governance.

Compensation Committee

The Compensation Committee is comprised of three independent members of the Board. The Compensation Committee is responsible for administering the Corporation’s executive compensation program and implements and oversees and compensation policies approved by the Board.

Reserves and Sustainability Committee

The Reserves and Sustainability Committee is comprised of a majority of independent directors. The Reserves and Sustainability Committee has the responsibility in general for developing the Company’s approach to the reporting of oil and gas reserves and other oil and gas information. The Reserves and Sustainability Committee is also responsible for the oversight of sustainability strategies to address related risks and opportunities, including health, safety, environment (HSE) and climate related matters.



Corporate Tax Policy
20.07.2022, 48 KB


Anti-Corruption Policy
19.12.2019, 152.41 KB


Anti-Fraud Policy
19.12.2019, 155.18 KB


Anti-Money Laundering Policy
19.12.2019, 154.14 KB


Diversity Policy
30.03.2021, 111.71 KB


Environmental Policy
19.12.2019, 46.51 KB


Health & Safety Policy
19.12.2019, 45.88 KB


Human Rights Policy
19.12.2019, 44.81 KB


Majority Voting Policy
15.03.2018, 37.71 KB


Security Policy
19.12.2019, 46.11 KB


Stakeholder Relations Policy
19.12.2019, 44.97 KB


Sustainability Policy
04.04.2022, 120 KB

Board of directors

The Board of Directors oversees the Company’s strategic, business and capital planning, risk management and verification of controls, human resources management including the integrity of senior management, corporate governance, and communications, including with shareholders. Board members meet regularly to review and discuss risk factors of the Company and the effective management of them.

C. Ashley Heppenstall
Chair of the Board

Chair of the Audit Committee and a member of the Compensation Committee and the 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

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

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.

L.H. (Harry) Lundin

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

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.

Senior management

Senior management works closely together in respect of commercial, technical, HSE, financial and legal issues with the aim of delivering responsible growth and long-term shareholder value

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.

Corporate directory


Mike Nicholson, Chief Executive Officer & Director
Christophe Nerguararian, Chief Financial Officer
William Lundin, Chief Operating Officer
Jeffrey Fountain, General Counsel and Corporate Secretary
Rebecca Gordon, Vice President Corporate Planning and Investor Relations
Chris Hogue, Senior Vice President Canada
Ryan Adair, Vice President Asset Management and Corporate Planning, IPC Canada


C. Ashley Heppenstall, Chairman
Chris Bruijnzeels
Donald K. Charter
Harry Lundin
Emily Moore
Mike Nicholson

Auditors: PricewaterhouseCoopers SA

Address:   Geneva, Switzerland

Registrar and Transfer Agent: Computershare Trust Company of Canada

Email:    service@computershare.com
Address:    Toronto, ON Canada

Share Listings:

Toronto Stock Exchange (“IPCO”)
Nasdaq Stockholm (“IPCO”)

Corporate Office: International Petroleum Corp.

Suite 2000
885 West Georgia Street
Vancouver, BC
V6C 3E8, Canada
Tel +1 604 689 7842
E-mail info@international-petroleum.com

Operations Office: International Petroleum SA

5 chemin de la Pallanterie
1222 Vésenaz
Tel +41 22 595 10 50

Investor Relations :

Rebecca Gordon
Tel:+41 22 595 10 50
E-mail rebecca.gordon@international-petroleum.com

Robert Eriksson
Tel: +46 701 11 26 15
E-mail reriksson@rive6.ch

Sophia Shane
Tel: +1 604 689 7842
E-mail sophias@namdo.com