International Petroleum (IPCO) Corporate presentation summary

Reserves and resources

• Achieved 17x reserves growth since inception, reaching 493 MMboe 2P reserves as of December 31, 2024, with a reserve life index of 31 years and a 2024 reserves replacement ratio of 251%.

• Over 1.1 billion boe in contingent resources, with significant upside potential, especially at Blackrod, where more than 1 billion boe remain to be matured.

• Combined reserves and resources total 1.6 billion boe, supporting long-term organic growth.

Production and growth outlook

• 2025 production guidance is 43,000–45,000 boepd, with a five-year business plan targeting ~57 Mboepd and >50% production growth by 2028.

• Blackrod Phase 1 is a key driver, with first steam expected by year-end 2025 and first oil by Q3 2026; regulatory approval for up to 80 Mbopd.

• Over 75% of 2P reserves expected to remain after 2029, and over 55% after 2034, with a 10-year business plan OPEX of $18–19/boe.

Financial performance and capital allocation

• Five accretive acquisitions have added $2.7 billion in value, with free cash flow from acquisitions equaling 113% of total acquisition price before Blackrod funding.

• 2025 capital expenditure guidance is $340 million, with $281 million spent in the first nine months, mainly on Blackrod Phase 1.

• 2025 operating costs are guided at $18–19/boe, with free cash flow (excluding Blackrod) forecast at $90 million at $65/bbl Brent.