88 Energy Limited is committed to the principles of ESG as the most effective means of creating long-term enterprise value and addressing the societal priorities enshrined in the United Nations’ Sustainable Development Goals. Since June 2021, we made a commitment to adopt and commence reporting on the Environmental, Social, and Governance (ESG) disclosures of the World Economic Forum (WEF).

We are in the process of making ESG disclosures in the form of a set of universal, comparable ESG metrics focused on people, planet, prosperity, and governance.

"We bridge the gap between disturbances and emissions caused through our drilling operations and the use of today's resources and tomorrow's zero-emissions future, by being carbon neutral on direct emissions and indirect emissions from fuel consumed”

The diagram below, shows the 21 core indicators of the WEF ESG Framework.

We recognise the benefits arising from employee and Board diversity, including a broader pool of high-quality employees, improving retention, accessing different perspectives and ideas. While we don’t have firm gender diversity goals, we seek to ensure a balanced workforce and workplace diversity in our Corporate office and our operations on the North Slope of Alaska and Texas, while appreciating the gender pool of resources available in those areas.

We employ a corporate workforce of 10 employees, including three non-executive directors with 30% female inclusion. On our recent drilling program, Merlin-2, from our major contractors we had an average of 7% female inclusion.

In 2021, the Board set a net-zero target for Scope 1 and 2 GHG emissions across its operations and corporate office and we are pleased to report that in both 2021 and 2022 we achieved those targets with the majority of emissions coming from our Alaska onshore drilling operations. We partnered with Climeco to review and donate towards carbon offset projects which in 2022 included investment in windfarm and hyrdropower.

88 Energy’s business partners as part of their responsibilities conduct conservation and Environmental Impact assessments to put procedures and protocols in place to minimise and monitor the impact we may have in the regions in which we operate.

We closely monitor water availability and use during our drilling operations and both Merlin operations had significantly lower consumption than the permitted lake withdrawals.

88 Energy has held leases in Alaska since 2015 and has made significant project investment exploring for oil & gas on the North Slope. Exploration and evaluation expenditure is included in our financial reports, along with capital contributions through acquisition. Global tax contribution supports government functions and societal benefits. 88 Energy’s tax payments are reported in the audited Half Year and Annual Reports.

88 Energy recognises the need to establish, maintain and continually assess corporate governance policies and practices to ensure best practice standards. As part of strong corporate governance practices, the Company recognises the significance attributable to the quality of governing body. The functions and responsibilities of the Board of Directors are set out in our Board Charter and key functions include strategic direction, risk management, investment and financial control, retention and remuneration of staff, gender diversity and shareholder communications.

88 Energy utilises the sustainability frameworks and reporting standards set by the World Economic Forum and partners with, ClimeCo brand to offset carbon emissions due to its operational activities.

Board Charter

The Board Charter summarises the role, responsibilities, policies and processes of the Board of 88 Energy Limited and comments on the Board’s approach to corporate governance.

It is supplemented by the Board Code of Conduct.

Board Code of Conduct

The Board has a responsibility to set the ethical tone and standards of the company.

A Code of Conduct, supported by appropriate training and monitoring of compliance with the Code, is effective in guiding the behaviour of Directors, senior executives and employees and demonstrating the commitment of the company to ethical practices.

Audit Committee Charter

The existence of an independent Audit Committee is recognised internationally as a vital feature of good corporate governance.

An Audit Committee is effectual for focusing on issues relevant to the integrity of the company’s financial reporting. Given the size of the Company, the Company does not have a separate Audit Committee and the role is completed by the full Board.

Remuneration and Nomination Committee Charter

A formal and transparent process for the selection and appointment of Directors as well as a clear relationship between performance and remuneration, helps promote investor understanding and confidence.

A Remuneration and Nomination Committee is an efficient mechanism for examination of the selection and appointment procedures of the company and focusing the company on appropriate remuneration policies. The Company does not have formal Remuneration or Nomination Committees. The full Board attends to the matters normally attended to by a Remuneration Committee and a Nomination Committee. Given the composition of the Board and the size of the Company, it is felt that individual committees are not yet warranted, however, it is expected that as the Company’s operations expand that each of these committees will be established. Remuneration levels are set by the Company in accordance with industry standards to attract suitable qualified and experienced Directors and senior executives.

Reserves Committee Charter

The Reserves Committee is a Committee of the Board. Due to current size and stage of development the company doesn’t currently have a reserve committee however the duties which would normally be managed by the reserve committee are managed by the full Board.

The Charter may be subject to review by the Board at any time.

The primary purpose of the Reserves Committee is to support and advise the Board in:

Reviewing the Company’s procedures relating to the disclosure of information with respect to oil and gas activities; and

Meeting with management and the qualified reserves evaluator or auditor to review the reserves data or report of the qualified reserves evaluator or auditor.

Key Policies

Risk Management Policy

An important facet of prudent corporate management is the identification of risks facing the operations of the company and the management strategy to limit the extent of those risks.

Various risks have been identified by 88 Energy Limited and strategies to combat these risks are outlined in the Risk Management Policy.

Securities Trading Policy

88 Energy Limited is committed to ensuring that public confidence is maintained in 88 Energy, its personnel and the trading of its securities.

The purpose of this policy is to assist the Directors and employees of 88 Energy to comply with their legal obligations relating to dealings in securities while they are in possession of non-public, price sensitive information.

Continuous Disclosure Policy

The purpose of the Continuous Disclosure Policy is to summarise the policies and the processes of the Board of 88 Energy Limited in relation to the release of ASX announcements (and media releases) to ensure compliance with the ASX Listing Rule disclosure requirements and to ensure accountability for that compliance.

In particular this policy includes vetting and authorisation processes designed to ensure company announcements are timely, factual, complete, and expressed in a clear and objective manner.

Diversity Policy

The Company’s Diversity Policy sets out the Company’s goals and approach to improving diversity within the Company and the anticipated benefits that such diversity brings to the Company’s business.

Shareholder Communications Policy

The Board of the Company aims to ensure that the shareholders are informed of all major developments affecting the Company’s state of affairs.

Corporate Governance Statement

The Company complies with each of the recommendations set out in the Australian Securities Exchange Corporate Governance Council’s Corporate Governance Principles and Recommendations 3rd edition.

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Contact Details

Ground Floor, 516 Hay Street
Subiaco WA 6008

Tel: +61 (0)8 9485 0990
Fax: +61 (0)8 9321 8990

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