NEMESIA S.à.r.l. EXPERIENCES PASSIVE CONCENTRATION ON ITS HOLDINGS OF SHARES OF INTERNATIONAL PETROLEUM CORPORATION

LUXEMBOURG, March 6, 2023 /CNW/ - Nemesia Holdings S.à.r.l. ("Nemesia)", a company controlled by Trusts settled by the late Adolf H. Lundin, incorporated under the laws of Luxembourg, 40 Boulevard Grande Duchesse Charlotte, L-1330 Luxembourg, announced today that it continues to hold  40'697,533 common shares of International Petroleum Corporation ("IPCO") or the ("Company) – (TSX: IPCO) (NASDAQ OMX: IPCO).

However, because of the reduction of outstanding shares through repurchases and cancellations by IPCO under their normal course issuer bids / share purchase programs, Nemesia's ownership of common shares has increased from 26.82% to 30.45% of the issued and outstanding common shares of IPCO notwithstanding that the number of common shares owned by Nemesia has not changed.  

Nemesia holds these shares for investment purposes and may from time to time increase or decrease the investment in the common shares of IPCO depending upon the business and prospects of IPCO and depending upon future market conditions.

A copy of the Early Warning Report filed pursuant to National Instrument 62-103 may be obtained from Sandy Kansky, [phone].

SOURCE Nemesia

Aksel Azrac, Telephone Number: [phone], Fascimile Number: [phone]