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88 Energy ESG Reporting

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ESG Reporting

From 30th June 2021, 88 Energy has started measuring its progress on meeting best practice on the important “ESG” (Environmental Social Governance) front, which key stakeholders such as investors and Governments are increasingly demanding.

This progress will be reported in our quarterly reports on AIM and the ASX, and on our website, and the first baseline report is available here:

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Environment

88 Energy’s current primary environmental impact is caused by its exploration and appraisal operations on the North Slope of Alaska.

The Company has recently completed the drilling of the Merlin-1 Well, and will assess the diesel usage from operation with it’s contractors. This is the main source of emissions from 88 Energy’s operations.

88 Energy is currently reviewing carbon offset opportunities, and plan to implement a carbon offset program before the end of 2021.

The recent drilling operation also used water, however the Company has assessed this as minimal.

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Social

As part of its operations in Alaska and Australia, 88 Energy seeks to apply best practices in its various interfaces with local stakeholders. The following areas of impact will be reported on in the future: in the company’s Quarterly reports and it’s Half year and Annual reports:

  • Cash contributions to various levels of Government in the of annual fees, bonuses and rents that are payable to state and federal agencies.
  • Capital investments made in the country in which exploration and appraisal activities occur. 88 Energy strives to use local Alaskan contractors in its operations.
  • Support provided to the local organisations and agencies.

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Governance

88 Energy has adopted a range of corporate policies and procedures as part of its Corporate Governance management systems. Links to the policies are set out in the Corporate Governance section of this website. The primary policies related to best ESG practice are set out below:

The Company is constantly reviewing this area with a view to improving its corporate governance processes. Relevant new or updated policies adopted will be placed on the website.