Worldwide Petroleum Company Proclaims Outcomes of Regular Course Issuer Bid

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TORONTO, June 24, 2024 (GLOBE NEWSWIRE) — Worldwide Petroleum Company (IPC or the Company) (TSX, Nasdaq Stockholm: IPCO) is happy to announce that IPC repurchased a complete of 243,850 IPC frequent shares (ISIN: CA46016U1084) through the interval of June 17 to 21, 2024 beneath IPC’s regular course issuer bid / share repurchase program (NCIB).

IPC’s NCIB, introduced on December 1, 2023, is being carried out in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Fee Delegated Regulation (EU) No 2016/1052 (Protected Harbour Regulation) and the relevant guidelines and insurance policies of the Toronto Inventory Trade (TSX) and Nasdaq Stockholm and relevant Canadian and Swedish securities legal guidelines.

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Through the interval of June 17 to 21, 2024, IPC repurchased a complete of 160,000 IPC frequent shares on Nasdaq Stockholm. All of those share repurchases have been carried out by Pareto Securities AB on behalf of IPC.

For extra info relating to transactions beneath the NCIB in Sweden, together with aggregated quantity, weighted common worth per share and complete transaction worth for every buying and selling day through the interval of June 17 to 21, 2024, see the next hyperlink to Nasdaq Stockholm’s web site:

www.nasdaqomx.com/transactions/markets/nordic/corporate-actions/stockholm/repurchases-of-own-shares

An in depth breakdown of the transactions carried out on Nasdaq Stockholm through the interval of June 17 to 21, 2024 based on article 5.3 of MAR and article 2.3 of the Protected Harbour Regulation is offered with this press launch on IPC’s web site: www.international-petroleum.com/news-and-media/press-releases.

Throughout the identical interval, IPC bought a complete of 83,850 IPC frequent shares on the TSX. All of those share repurchases have been carried out by ATB Capital Markets Inc. on behalf of IPC.

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All frequent shares repurchased by IPC beneath the NCIB will likely be cancelled. As at June 21, 2024, the overall variety of issued and excellent IPC frequent shares is 124,377,015 with voting rights and IPC holds 995,850 frequent shares in treasury.

Since December 5, 2023 as much as and together with June 21, 2024, a complete of 4,843,655 IPC frequent shares have been repurchased beneath the NCIB by the services of the TSX and Nasdaq Stockholm. A most of 8,342,119 IPC frequent shares could also be repurchased over the interval of twelve months commencing December 5, 2023 and ending December 4, 2024, or till such earlier date because the NCIB is accomplished or terminated by IPC.

Worldwide Petroleum Corp. (IPC) is a world oil and gasoline exploration and manufacturing firm with a top quality portfolio of property situated in Canada, Malaysia and France, offering a stable basis for natural and inorganic progress. IPC is a member of the Lundin Group of Corporations. IPC is included in Canada and IPC’s shares are listed on the Toronto Inventory Trade (TSX) and the Nasdaq Stockholm alternate beneath the image “IPCO”.

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For additional info, please contact:

The knowledge was submitted for publication, by the contact individuals set out above, at 11:30 CEST on June 24, 2024.

Ahead-Wanting Statements
This press launch accommodates statements and knowledge which represent “forward-looking statements” or “forward-looking info” (inside the which means of relevant securities laws). Such statements and knowledge (collectively, “forward-looking statements”) relate to future occasions, together with the Company’s future efficiency, enterprise prospects or alternatives. Precise outcomes might differ materially from these expressed or implied by forward-looking statements. The forward-looking statements contained on this press launch are expressly certified by this cautionary assertion. Ahead-looking statements communicate solely as of the date of this press launch, until in any other case indicated. IPC doesn’t intend, and doesn’t assume any obligation, to replace these forward-looking statements, besides as required by relevant legal guidelines.

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All statements apart from statements of historic reality could also be forward-looking statements. Any statements that specific or contain discussions with respect to predictions, expectations, beliefs, plans, projections, forecasts, steerage, budgets, targets, assumptions or future occasions or efficiency (usually, however not all the time, utilizing phrases or phrases resembling “search”, “anticipate”, “plan”, “proceed”, “estimate”, “count on”, “might”, “will”, “venture”, “forecast”, “predict”, “potential”, “focusing on”, “intend”, “may”, “would possibly”, “ought to”, “imagine”, “finances” and related expressions) aren’t statements of historic reality and could also be “forward-looking statements”. Ahead-looking statements embody, however aren’t restricted to, statements with respect to: the power and willingness of IPC to proceed the NCIB, together with the variety of frequent shares to be acquired and cancelled and the timing of such purchases and cancellations; and the return of worth to IPC’s shareholders because of any frequent share repurchases.

The forward-looking statements are primarily based on sure key expectations and assumptions made by IPC, together with expectations and assumptions regarding: prevailing commodity costs and foreign money alternate charges; relevant royalty charges and tax legal guidelines; rates of interest; future properly manufacturing charges and reserve and contingent useful resource volumes; working prices; our capability to keep up our current credit score scores; our capability to attain our efficiency targets; the timing of receipt of regulatory approvals; the efficiency of current wells; the success obtained in drilling new wells; anticipated timing and outcomes of capital expenditures; the sufficiency of budgeted capital expenditures in finishing up deliberate actions; the timing, location and extent of future drilling operations; the profitable completion of acquisitions and inclinations and that we will implement our requirements, controls, procedures and insurance policies in respect of any acquisitions and notice the anticipated synergies on the anticipated timeline or in any respect; the advantages of acquisitions; the state of the economic system and the exploration and manufacturing enterprise within the jurisdictions during which IPC operates and globally; the provision and value of financing, labour and companies; our intention to finish share repurchases beneath our regular course issuer bid program, together with the funding of such share repurchases, current and future market circumstances, together with with respect to the worth of our frequent shares, and compliance with respect to relevant limitations beneath securities legal guidelines and laws and inventory alternate insurance policies; and the power to market crude oil, pure gasoline and pure gasoline liquids efficiently.

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Though IPC believes that the expectations and assumptions on which such forward-looking statements are primarily based are affordable, undue reliance shouldn’t be positioned on the forward-looking statements as a result of IPC may give no assurances that they are going to show to be right. Since forward-looking statements tackle future occasions and circumstances, by their very nature they contain inherent dangers and uncertainties. Precise outcomes may differ materially from these presently anticipated resulting from a lot of components and dangers. These embody, however aren’t restricted to: normal international financial, market and enterprise circumstances; the dangers related to the oil and gasoline business usually resembling operational dangers in improvement, exploration and manufacturing; delays or modifications in plans with respect to exploration or improvement initiatives or capital expenditures; the uncertainty of estimates and projections referring to reserves, sources, manufacturing, revenues, prices and bills; well being, security and environmental dangers; commodity worth fluctuations; rate of interest and alternate charge fluctuations; advertising and transportation; lack of markets; environmental and climate-related dangers; competitors; innovation and cybersecurity dangers associated to our techniques, together with our prices of addressing or mitigating such dangers; the power to draw, have interaction and retain expert staff; incorrect evaluation of the worth of acquisitions; failure to finish or notice the anticipated advantages of acquisitions or inclinations; the power to entry enough capital from inner and exterior sources; failure to acquire required regulatory and different approvals; geopolitical conflicts, together with the warfare between Ukraine and Russia and the battle within the Center East, and their potential influence on, amongst different issues, international market circumstances; and modifications in laws, together with however not restricted to tax legal guidelines, royalties and environmental laws. Readers are cautioned that the foregoing record of things just isn’t exhaustive.

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Extra info on these and different components that might have an effect on IPC, or its operations or monetary outcomes, are included in IPC’s annual info type for the 12 months ended December 31, 2023 (See “Cautionary Assertion Concerning Ahead-Wanting Data”, “Dangers Components” and “Reserves and Assets Advisory” therein), within the administration’s dialogue and evaluation (MD&A) for the three months ended March 31, 2024 (See “Cautionary Assertion Concerning Ahead-Wanting Data”, “Dangers Components” and “Reserves and Assets Advisory” therein) and different studies on file with relevant securities regulatory authorities, together with earlier monetary studies, administration’s dialogue and evaluation and materials change studies, which can be accessed by the SEDAR+ web site (www.sedarplus.ca) or IPC’s web site (www.international-petroleum.com).

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