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Highlights

  • 146,900 shares were repurchased between May 12–16, 2025 across Nasdaq, Stockholm and TSX
  • All repurchased shares will be cancelled, reducing the number of outstanding shares
  • 5.84 million shares have been bought back since the start of the program in December 2024

International Petroleum Corporation (TSX, Nasdaq Stockholm: IPCO), is an oil and gas company with exploration and production assets in Canada, Malaysia, and France. The company has disclosed the repurchase of 146,900 common shares under its ongoing normal course issuer bid (NCIB), carried out during the trading week of May 12 through May 16, 2025.

This share buyback activity falls under the NCIB program launched on December 3, 2024, and adheres to the Market Abuse Regulation (EU) No 596/2014 and Commission Delegated Regulation (EU) No 2016/1052, commonly referred to as the Safe Harbour Regulation. The repurchases are also compliant with relevant securities laws and stock exchange rules applicable in both Canada and Sweden.

Of the total repurchased shares during the five-day period, 100,000 shares were acquired via Nasdaq Stockholm. Pareto Securities AB conducted the repurchases on behalf of IPC. The remaining 46,900 shares were purchased on the Toronto Stock Exchange (TSX), executed through ATB Securities Inc.

All repurchased shares will be cancelled, leading to a reduction in the number of issued and outstanding shares. As of May 16, 2025, IPC’s total outstanding shares with voting rights stand at 114,248,119, with the company holding 422,060 shares in treasury.

Since the program began in December 2024, IPC has repurchased a cumulative total of 5,844,824 common shares through the TSX and Nasdaq Stockholm. The NCIB permits the repurchase of up to 7,465,356 common shares over a 12-month period, ending December 4, 2025, unless concluded or terminated earlier.

The share repurchase initiative is part of IPC’s capital allocation strategy, which allows for the return of capital to shareholders through reductions in outstanding equity. While the NCIB is not an obligation, it provides the flexibility to repurchase shares when deemed appropriate by management, subject to market conditions and regulatory parameters.

IPC’s NCIB is designed to offer the company discretion to acquire shares through open market transactions at prevailing market prices, while remaining within the bounds of regulatory limits. The decision to cancel repurchased shares is consistent with the company’s practice of reducing the total share count, rather than holding the shares for future issuance.

The program’s execution across both of IPC’s listing venues supports balanced participation from shareholders in different jurisdictions. With approximately 1.6 million shares remaining under the authorized limit, the company may continue to engage in repurchase activity through the remainder of the 12-month period.