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]. 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, which is approximately 92% of the total growth capital guidance [2]. - The Blackrod asset is 100% owned by IPC and contains 259 million barrels of oil equivalent (MMboe) of 2P reserves and 1,025 MMboe of contingent resources as of December 31, 2024 [2]. Production Capacity - The project has regulatory approval to produce up to 80,000 barrels of oil per day (bopd) and is targeting plateau production rates of 30,000 bopd [2]. - IPC plans to provide further updates on production and cash flows during its Capital Markets Day on February 10, 2026 [2]. Company Overview - IPC is an international oil and gas exploration and production company with a portfolio of assets in Canada, Malaysia, and France, which supports both organic and inorganic growth [3]. - IPC is part of the Lundin Group of Companies and is listed on the Toronto Stock Exchange (TSX) and Nasdaq Stockholm under the symbol "IPCO" [3].