International Petroleum Corporation (IPC or the
Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce
that IPC repurchased a total of 332,210 IPC common shares (ISIN:
CA46016U1084) during the period of February 14 to 18, 2022 under
the previously announced share repurchase program.
The share repurchase program, announced by IPC
on December 1, 2021, is being implemented in accordance with the
Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission
Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation)
and the applicable rules and policies of the Toronto Stock Exchange
(TSX) and Nasdaq Stockholm and applicable Canadian and Swedish
securities laws.
During the period of February 14 to 18, 2022,
IPC repurchased a total of 277,000 IPC common shares on Nasdaq
Stockholm. All of these share repurchases were carried out by
Pareto Securities AB on behalf of IPC.
For more information regarding transactions
under the share repurchase program in Sweden, including aggregated
volume, weighted average price per share and total transaction
value for each trading day during the period of February 14 to 18,
2022, see the following link to Nasdaq Stockholm’s website:
http://www.nasdaqomx.com/transactions/markets/nordic/corporate-actions/stockholm/repurchases-of-own-shares
During the same period, IPC purchased a total of
55,210 IPC common shares on the TSX and/or alternative Canadian
trading systems. All of these share repurchases were carried out by
ATB Capital Markets Inc. on behalf of IPC.
As previously announced, all common shares
repurchased by IPC under the share repurchase program will be
cancelled. Following cancellation of the repurchased shares, the
total number of issued and outstanding IPC common shares will be
151,945,644 and IPC will not hold any common shares in treasury.
The total number of issued and outstanding shares is 153,310,778
and IPC currently holds 1,365,134 common shares in treasury.
A full breakdown of the transactions conducted
during the period of February 14 to 18, 2022 according to article
5.3 of MAR and article 2.3 of the Safe Harbour Regulation on Nasdaq
Stockholm is attached to this press release. Since December 3, 2021
up to and including February 18, 2022, a total of 3,422,113 IPC
common shares have been repurchased under the share repurchase
program through the facilities of the TSX, Nasdaq Stockholm and/or
alternative Canadian trading systems. A maximum of 11,097,074 IPC
common shares may be repurchased over the period of twelve months
commencing December 3, 2021 and ending December 2, 2022, or until
such earlier date as the share repurchase program is completed or
terminated by IPC.
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 GordonVP Corporate Planning and Investor
Relationsrebecca.gordon@international-petroleum.comTel: +41 22 595
10 50 |
Or |
Robert ErikssonMedia Managerreriksson@rive6.chTel: +46 701 11 26
15 |
This press release contains information that International
Petroleum Corp. is required to make public pursuant to the Swedish
Financial Instruments Trading Act. The information was submitted
for publication, through the contact persons set out above, at
10:30 CET on February 21, 2022.
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:
continuation of the share repurchase program, including the number
of common shares to be acquired and cancelled; the ability to IPC
to acquire further common shares under the share repurchase
program, including the timing of any such purchases; and the return
of value to IPC’s shareholders as a result of any common share
repurchases.
The forward-looking statements are based on
certain key expectations and assumptions made by IPC, including
expectations and assumptions concerning: 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; 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; 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; 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: 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 risks; competition; 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; and
changes in legislation, including but not limited to tax laws,
royalties and environmental 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 the management's discussion and analysis
(MD&A) for the year ended December 31, 2021 (See "Cautionary
Statement Regarding Forward-Looking Information" , “Risks and
Uncertainties” and "Reserves and Resources Advisory" therein) 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.sedar.com) or IPC's website
(www.international-petroleum.com).
PDF available
at: http://ml.globenewswire.com/Resource/Download/de6c4092-f586-4b51-835a-974d8ea47674
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