Pareto High Yield Daily - International Petroleum Corp. – First oil at Blackrod Phase 1 ahead of schedule-06/16/2026

Research evidence excerpt

Pareto High Yield Daily - International Petroleum Corp. – First oil at Blackrod Phase 1 ahead of schedule-06/16/2026

Pareto High Yield Daily

16 JUN 2026

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Sector Credit Research International Petroleum Corp. – First oil at Blackrod Phase 1 ahead of

schedule Key numbers 6 day change Last 1D 1M 6M 12M

• IPC announced first oil at Blackrod Phase 1, with production having OsloOMXSPIBørs Benchmark 11 962,5096,3 0,10,5 %% -2,73,3 %% 20,07,3 %% 20,116,2 %%

commenced on 31 May 2026, ahead of the improved Q3 2026 target (updated OSX 98,6 -3,2 % -6,6 % 37,5 % 57,1 %

in Nov’25) and the original guidance for Q4 2026 (at project sanction in 2023) Oil price 82,5 -0,8 % -24,5 % 40,0 % 12,6 %

• The project was delivered on budget with capex at USD 855m, vs. the original iTraxx 5Y (generic) 249,2 1 bps -11 bps 0 bps -14 bps

estimate of USD 850m. With Phase 1 growth capex now behind, sustaining NIBOR 3m 4,56 -2 bps 1 bps 44 bps -4 bps

capex is expected to be below USD 5/bbl going forward NIBOR 3Y swap 4,71 -5 bps -26 bps 66 bps 58 bps

• Plateau production of 30,000 bpd is now expected to be reached by late 2027, NIBOR 5Y swap 4,50 -5 bps -28 bps 45 bps 44 bps

a quarter earlier than originally guided. Phase 1 is expected to sustain 30,000 STIBORSTIBOR 3m3Y swap 2,042,47 -60 bpsbps -144 bpsbps 158 bpsbps -1631 bpsbps

bpd for more than 25 years, excluding any contingent resource recognition STIBOR 5Y swap 2,61 -7 bps -16 bps 0 bps 29 bps

or future phase developments US SOFR 3,65 6 bps 5 bps -2 bps -63 bps

• Phase 1 has 2P reserves of 311 mmboe, and Blackrod holds a further 1.1 US SOFR 3Y swap 3,90 -3 bps -1 bps 58 bps 24 bps

billion boe of contingent resources (best estimate, unrisked). IPC holds 100% US SOFR 5Y swap 3,90 -3 bps -5 bps 48 bps 23 bps