International Petroleum Corporation Corporate Update: Blackrod Phase 1 Commencement of Steam Injection

Core Viewpoint - International Petroleum Corporation (IPC) has made significant progress on the Blackrod Phase 1 development project, with first steam injection occurring on December 20, 2025, and first oil production expected in Q3 2026, a quarter earlier than previously anticipated [1][2]. Group 1: Project Development - The Blackrod Phase 1 project is on budget, with a forecast growth capital expenditure of USD 850 million to reach first oil [2]. - As of the end of Q3 2025, IPC has incurred capital expenditures of USD 785 million, approximately 92% of the growth capital guidance [2]. - The Blackrod asset contains 259 million barrels of oil equivalent (MMboe) of 2P reserves and 1,025 MMboe of contingent resources, with regulatory approval to produce up to 80,000 barrels of oil per day (bopd) [2]. Group 2: Future Outlook - IPC plans to provide further updates on production and cash flows during the Capital Markets Day on February 10, 2026 [2]. - The Phase 1 development targets a plateau production rate of 30,000 bopd [2].