International Petroleum begins steam injection at Blackrod

Executive Summary

• International Petroleum Corp. commenced first steam injection at the Blackrod Phase 1 project in Canada on Dec 20, 2025.
• The company now expects first oil production from Blackrod Phase 1 in Q3 2026, a quarter earlier than previously guided.
• Phase 1 remains on budget, with $785 million (≈92 % of the $850 million growth‑cap guidance) already spent; total forecast capex to first oil is $850 million.

Key Details

• Steam Injection Start: First steam injected into Blackrod Phase 1 on Dec 20, 2025, initiating warm‑up circulation for the initial well set.
• First Oil Forecast: Updated guidance now projects first oil in Q3 2026 (vs. Q4 2026 previously).
• Capital Expenditure to Date: $785 million incurred from sanction to end of Q3 2025, representing ~92 % of the $850 million growth‑cap budget.
• Total Growth Capital Guidance: $850 million required to reach first oil for Phase 1.
• Asset Overview: Blackrod is 100 % owned; contains 259 MMboe of 2P reserves and 1,025 MMboe of contingent resources (unrisked) as of Dec 31, 2024. Regulatory approval permits up to 80,000 bbl/d production.
• Production Target: Phase 1 sanction targets plateau production of 30,000 bbl/d.
• Future Disclosure: IPC will provide further updates on forecast production and cash flows at its Capital Markets Day on Feb 10, 2026.

Notable Quotes

“We are extremely excited to announce that first steam at the transformational Blackrod phase 1 development occurred in December 2025… The Blackrod phase 1 development remains on budget with a forecast growth capital expenditure of $850‑million to first oil.” – William Lundin, President & CEO

Safe Harbor statement included in original release.