International Petroleum Corporation (“IPC” or the “Corporation”) (TSX, Nasdaq Stockholm: IPCO) announces that IPC has decided not to proceed with the previously announced potential tap issue under the outstanding USD 300 million 7.25% senior unsecured bonds (ISIN NO 0012423476).
Mike Nicholson, IPC’s Chief Executive Officer, comments: “Given the recent volatility in the markets, we have taken the decision not to proceed with a tap issue under our existing USD 300 million bonds. IPC remains in a very strong financial position, reporting net and gross cash positions of MUSD 175 and MUSD 487 respectively at the end of 2022 and continuing to produce significant positive cash flows from our operations in 2023.”
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:
VP Corporate Planning and Investor Relations
Tel: +41 22 595 10 50
Tel: +46 701 11 26 15