International Petroleum Corporation

Capital/Financing Update • Sep 25, 2025

International Petroleum Corporation Completes USD 450 Million Bond Placement

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   Robert Eriksson

SVP Corporate Planning and Investor Relations Media Manager

rebecca.gordon@international-petroleum.com Or reriksson@rive6.ch

Tel: +41 22 595 10 50 Tel: +46 701 11 26 15

This information was submitted for publication, through the contact persons set

out above, at 19:30 CEST on September 25, 2025.

Forward-Looking Statements

This press release contains statements and information which constitute

"forward-looking statements" or "forward-looking information" (within the

meaning of applicable securities legislation). Such statements and information

(together, "forward-looking statements") relate to future events, including the

Corporation's future performance, business prospects or opportunities. Actual

results may differ materially from those expressed or implied by forward-looking

statements. The forward-looking statements contained in this press release are

expressly qualified by this cautionary statement. Forward-looking statements

speak only as of the date of this press release, unless otherwise indicated. IPC

does not intend, and does not assume any obligation, to update these forward-

looking statements, except as required by applicable laws.

All statements other than statements of historical fact may be forward-looking

statements. Any statements that express or involve discussions with respect to

predictions, expectations, beliefs, plans, projections, forecasts, guidance,

budgets, objectives, assumptions or future events or performance (often, but not

always, using words or phrases such as "seek", "anticipate", "plan", "continue",

"estimate", "expect", "may", "will", "project", "forecast", "predict",

"potential", "targeting", "intend", "could", "might", "should", "believe",

"budget" and similar expressions) are not statements of historical fact and may

be "forward-looking statements". Forward-looking statements include, but are not

limited to, statements with respect to: the settlement of the bond offering, the

listing of the bonds on the Oslo Stock Exchange, the use of proceeds of the

bonds, the credit ratings of the bonds, and development of the Blackrod project

in Canada, including estimates of resource volumes, future production, timing,

regulatory approvals, third party commercial arrangements, breakeven prices and

net present value.

The forward-looking statements are based on certain key expectations and

assumptions made by IPC, including expectations and assumptions concerning: the

potential impact of tariffs implemented in 2025 by the U.S. and Canadian

governments and that other than the tariffs that have been implemented, neither

the U.S. nor Canada (i) increases the rate or scope of such tariffs, or imposes

new tariffs, on the import of goods from one country to the other, including on

oil and natural gas, and/or (ii) imposes any other form of tax, restriction or

prohibition on the import or export of products from one country to the other,

including on oil and natural gas; prevailing commodity prices and currency

exchange rates; applicable royalty rates and tax laws; interest rates; future

well production rates and reserve and contingent resource volumes; operating

costs; our ability to maintain our existing credit ratings; our ability to

achieve our performance targets; the timing of receipt of regulatory approvals;

the performance of existing wells; the success obtained in drilling new wells;

anticipated timing and results of capital expenditures; the sufficiency of

budgeted capital expenditures in carrying out planned activities; the timing,

location and extent of future drilling operations; the successful completion of

acquisitions and dispositions and that we will be able to implement our

standards, controls, procedures and policies in respect of any acquisitions and

realize the expected synergies on the anticipated timeline or at all; the

benefits of acquisitions; the state of the economy and the exploration and

production business in the jurisdictions in which IPC operates and globally; the

availability and cost of financing, labour and services; our intention to

complete share repurchases under our normal course issuer bid program, including

the funding of such share repurchases, existing and future market conditions,

including with respect to the price of our common shares, and compliance with

respect to applicable limitations under securities laws and regulations and

stock exchange policies; and the ability to market crude oil, natural gas and

natural gas liquids successfully.

Although IPC believes that the expectations and assumptions on which such

forward-looking statements are based are reasonable, undue reliance should not

be placed on the forward-looking statements because IPC can give no assurances

that they will prove to be correct. Since forward-looking statements address

future events and conditions, by their very nature they involve inherent risks

and uncertainties. Actual results could differ materially from those currently

anticipated due to a number of factors and risks.

These include, but are not limited to: general global economic, market and

business conditions; the risks associated with the oil and gas industry in

general such as operational risks in development, exploration and production;

delays or changes in plans with respect to exploration or development projects

or capital expenditures; the uncertainty of estimates and projections relating

to reserves, resources, production, revenues, costs and expenses; health, safety

and environmental risks; commodity price fluctuations; interest rate and

exchange rate fluctuations; marketing and transportation; loss of markets;

environmental and climate-related risks; competition; innovation and

cybersecurity risks related to our systems, including our costs of addressing or

mitigating such risks; the ability to attract, engage and retain skilled

employees; incorrect assessment of the value of acquisitions; failure to

complete or realize the anticipated benefits of acquisitions or dispositions;

the ability to access sufficient capital from internal and external sources;

failure to obtain required regulatory and other approvals; geopolitical

conflicts, including the war between Ukraine and Russia and the conflict in the

Middle East, and their potential impact on, among other things, global market

conditions; political or economic developments, including, without limitation,

the risk that (i) one or both of the U.S. and Canadian governments increases the

rate or scope of tariffs implemented in 2025, or imposes new tariffs on the

import of goods from one country to the other, including on oil and natural gas,

(ii) the U.S. and/or Canada imposes any other form of tax, restriction or

prohibition on the import or export of products from one country to the other,

including on oil and natural gas, and (iii) the tariffs imposed by the U.S. on

other countries and responses thereto could have a material adverse effect on

the Canadian, U.S. and global economies, and by extension the Canadian oil and

natural gas industry and the Corporation; and changes in legislation, including

but not limited to tax laws, royalties, environmental and abandonment

regulations. Readers are cautioned that the foregoing list of factors is not

exhaustive.

Additional information on these and other factors that could affect IPC, or its

operations or financial results, are included in IPC's annual information form

for the year ended December 31, 2024 (See "Cautionary Statement Regarding

Forward-Looking Information", "Reserves and Resources Advisory" and "Risk

Factors"), in the management's discussion and analysis (MD&A) for the three and

six months ended June 30, 2025 (See "Risk Factors", "Cautionary Statement

Regarding Forward-Looking Information" and "Reserves and Resources Advisory")

and other reports on file with applicable securities regulatory authorities,

including previous financial reports, management's discussion and analysis and

material change reports, which may be accessed through the SEDAR+ website

(www.sedarplus.ca) or IPC's website (www.international-petroleum.com).

Currency

All dollar amounts in this press release are expressed in United States dollars,

except where otherwise noted. References herein to USD mean United States

dollars.