Strategy and Goals

Environmental Policy

Protection of the environment and robust environmental management are of primary importance to the board of the Company.

It is essential that the Company conducts its operations in such a manner as to minimise the potential impact on the environment from our activities.

Our key goals are to:

• Provide the necessary resources in the form of finance, equipment, personnel, training and time to implement our policy and to further develop and actively promote our environmental and biodiversity commitments.
• Identify and evaluate and manage environmental aspects and associated risks applying a precautionary approach using best industry practices without compromising safety.
• Apply a mitigation hierarchy when identifying environmental control measures, from avoidance, mitigation and restoration, to the offset of residual impacts.
• Consider opportunities for bio-diversity net gain by having a positive ecological impact through habitat creation or enhancement.
• Comply with applicable environmental laws, regulations and standards of the countries in which we operate.
• Engage with local communities and call upon community knowledge of the local environment to assist in protecting and conserving ec0-systems and environmental resources.
• Incorporate pollution prevention in our project planning and actively work to reduce and minimise the greenhouse gas emissions and carbon intensity of our projects from the conception phase onwards.
• Promote efficiency in our use of energy and water with the aim of conserving natural resources and reducing atmospheric emissions.
• Operate in a safe manner to avoid spills, leaks or accidental discharges of polluting materials.
• Ensure that an effective response capability is in place and regularly tested, so that environmental incidents can be responded to a timely and effective manner should they occur.
• Identify and work towards environmental objectives and targets that are regularly reviewed and reported on to promote continual improvement against those targets and objectives.
• Ensure that contractors are aware of and comply with our environmental policies and standards and where necessary work with our contractors to raise standards to meet our requirements.
• Use our leverage and influence with business partners to promote high standards of environmental management.
• Where appropriate support local conservation projects.
• Ensure that environmental accidents, incidents, near misses and non-compliances are reported promptly and investigated, that corrective and preventive actions are implemented and that the lessons learned are shared.
• Monitor and evaluate our own and contractor competence and capabilities, and conduct periodic audits to ensure our controls are effective and that our environmental standards are being achieved; and
• Report openly on our environmental performance and the status of our environmental objectives and targets.

Social Policy

Contribution to the societies in which we work is of primary importance to the Board of the Company.

It is essential that the Company conducts its operations in such a way as to minimise the potential impact from our activities and deliver positive outcomes in the communities in which we operate.

Our goals are as follows:

• Provide the necessary resources in the form of finance, equipment, personnel, training and time to implement our policy and to further develop and actively promote our social commitments through visible leadership.
• Comply with applicable social laws, regulations and good international industry practice.
• Ensure that all potential adverse social impacts are identified, assessed and avoided and when they cannot be avoided, minimise or duly compensated. Avoid or minimise any requirements for physical or economic displacement resulting from our projects. Develop appropriate mitigation, compensation and resettlement plans for loss of assets.
• Avoid causing or contributing to adverse human rights impacts and take all feasible steps so that our operations are not directly linked through our business relationships to adverse impacts on human rights.
• Establish suitable platforms to share or requisite information regarding our operations with different stakeholders, including local communities, and promote dialogue and constructive engagement.
• Devise and implement transparent and fair grievance mechanisms for the communities in which we operate. Ensure that grievances are recorded, investigated and responded to in a timely manner.
• Honour internationally accepted labour standards as defined by the International Labour Organisation, ensuring non-discriminatory and equal opportunity employment practices.
• Engage with local communities, their representatives and other stakeholders to support projects and initiatives and benefit the communities and countries in which we operate.
• Strive to preserve cultural heritage in every jurisdiction in which we operate and manage all impacts, where they occur, in close consultation with national cultural heritage specialists.
• Support and respect the rights of indigenous communities within the scope of our operations.
• Manage the social, health, environmental and economic impacts associated with project related influx of people.
• Use our leverage and influence with business partners to promote high standards of social performance; ensure that contractors are aware of and comply with our social policies and standards and, where necessary, work with our contractors to raise their standards to meet our requirements; and
• Identify and work towards social performance objectives and targets that are regularly reviewed to promote continual improvements.

Our policy will be reviewed at least annually.

The Company has a commitment to sustainable operations through placing robust management of ESG concerns at the core of what we do and how we work.

ESG is an important consideration in the growth of our business and is based on both expanding the pragmatic role of gas as a “sustainable” source of energy for reducing CO₂ emissions, future collaboration with renewable energy project developers if and where appropriate, and the utilisation of existing infrastructure and subsurface reservoirs for cost-effective CO₂ sequestration. Through this strategy we can determine a common route to achieve a timely and socially just, fair and equitable energy transition.

Currently 100% of our assets are focussed on either gas, which has a much lower carbon intensity compared to oil, or CO₂ EOR, where sequestration of anthropogenic CO₂ can be shown to be safe and effective and can result in a net reduction in CO₂ emissions after using CO₂ from industrial plants currently venting CO₂ into the atmosphere.