International Petroleum Corporation (IPC) (TSX, Nasdaq Stockholm:
IPCO) is pleased to announce that it has commenced drilling of the
first well in a planned multi-well drilling program on Block PM307,
located offshore Peninsular Malaysia. IPC is the operator of Block
PM307 and holds a 75% working interest, with Petronas Carigali Sdn
Bhd holding the remaining 25% working interest.
The PM307 drilling program is planned to consist of
two infill landing pilot wells in the southeastern and northeastern
areas of the Bertam field, followed by the Keruing exploration well
and three Bertam field infill wells. The first pilot well will test
the upside potential in the northeastern A15 area, which could lead
to an additional infill well being added to the 2019 program in the
success case. The second pilot well will target the southeastern
A14 area with the aim to confirm commercial quantities of
hydrocarbons and to act as a landing pilot to de-risk development
drilling. The Keruing exploration well will target a prospect in
the I-35 reservoir, approximately 600 metres shallower than the
Bertam field.
Mike
Nicholson, CEO of IPC, comments: “I am very pleased to see the
start of an exciting multi-well drilling program in Malaysia which
follows the two successful infill drilling campaigns in 2016 and
2018. These wells are targeting low cost, high value tiebacks to
our Bertam field facilities, aimed at maximizing the value of our
Malaysian business for all stakeholders.”
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
Europe, 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 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 |
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 IPC’s (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: completion of the third
phase of infill drilling in Malaysia, including the ability to
mature additional locations; ability of the landing pilot wells to
identify upside potential, confirm commercial quantities of
hydrocarbons and de-risk future development drilling; the drilling
of the Keruing prospect and the development options if drilling is
successful; the ability to maximize the value of the Corporation’s
Malaysian business; estimates of reserves, contingent resources and
prospective resources; and future drilling and other exploration
and development activities. Statements relating to "reserves",
"contingent resources" and “prospective resources” are also deemed
to be forward-looking statements, as they involve the implied
assessment, based on certain estimates and assumptions, that the
reserves and resources described exist in the quantities predicted
or estimated and that the reserves and resources can be profitably
produced in the future. Ultimate recovery of reserves or
resources is based on forecasts of future results, estimates of
amounts not yet determinable and assumptions of management.
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 and exchange rate
fluctuations; interest 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 Corporation’s management discussion and analysis
for the three months ended March 31, 2019 (See "Cautionary
Statement Regarding Forward-Looking Information" therein), the
Corporation's Annual Information Form (AIF) for the year ended
December 31, 2018 (See "Cautionary Statement Regarding
Forward-Looking Information", "Reserves and Resources Advisory" and
" Risk Factors" therein) and other reports on file with applicable
securities regulatory authorities, which may be accessed through
the SEDAR website (www.sedar.com) or IPC's website
(www.international-petroleum.com).
Disclosure of Oil and Gas
Information Reserve estimates, contingent resource
estimates, prospective resource estimates and estimates of future
net revenue in respect of IPC’s oil and gas assets in Malaysia are
effective as of December 31, 2018, and are included in the report
prepared by ERC Equipoise Ltd. (ERCE), an independent qualified
reserves auditor, in accordance with National Instrument 51-101 –
Standards of Disclosure for Oil and Gas Activities (NI 51-101) and
the Canadian Oil and Gas Evaluation Handbook (the COGE Handbook),
and using the January 1, 2019 price forecasts of McDaniel &
Associates Consultants Ltd. (McDaniel).
BOEs may be misleading, particularly if used in
isolation. A BOE conversion ratio of 6 thousand cubic feet (Mcf)
per 1 barrel (bbl) is based on an energy equivalency conversion
method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead. As the value
ratio between natural gas and crude oil based on the current prices
of natural gas and crude oil is significantly different from the
energy equivalency of 6:1, utilizing a 6:1 conversion basis may be
misleading as an indication of value.
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