IPCO: Blackrod Phase 1 Achieves First Oil

研报英文原文证据摘录

IPCO: Blackrod Phase 1 Achieves First Oil

EQUITY RESEARCH QUICK TAKE

RBC Dominion Securities Inc.

Greg Pardy, CFA (Head of Global Energy

Research)

Chris Neibert (Associate)

June 15, 2026

International Petroleum Corporation

Blackrod Phase 1 Achieves First Oil

TSX: IPCO | CAD 33.37 | Sector Perform | Price Target CAD 38.00

Sentiment: Neutral

International Petroleum Corporation announced today that it has achieved first oil at its Blackrod Phase 1 SAGD project ahead of

schedule, with the initial well pairs commencing conversion from steam circulation to production on May 31, 2026. The company

expects Phase 1 to reach its nameplate production capacity of 30,000 bbl/d by late 2027, a quarter earlier than originally guided.

Highlights

• Phase 1 was delivered essentially on budget, with final forecast capital of $855 million compared to the original $850 million

estimate at sanction. With growth capital now in the rearview, the company expects go-forward sustaining capital to be less

than $5/bbl.

• As a reminder, IPC controls a 100% working interest in the Blackrod asset with regulatory approval for production capacity of

up to 80,000 bbl/d, providing the opportunity for future expansion phases beyond the initial 30,000 bbl/d. Phase 1 carries 2P

reserves of 311 million boe, with the company estimating a further 1.1 billion boe (unrisked) of contingent resources across

the broader Blackrod asset.

• Excluding any contingent resource recognition or future phase expansions, IPC expects Phase 1 alone to sustain 30,000 bbl/d

of production for in excess of 25 years.

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Disseminated: Jun 15, 2026 16:52EDT; Produced: Jun 15, 2026 16:52EDT

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