Sustainability

Charters


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.

In June 2021, 88 Energy made a commitment to adopt and commence reporting on the Environmental, Social, and Governance (ESG) disclosures of the World Economic Forum (WEF). The four ESG pillars provide a holistic view of a Company’s overall impact on the environment, society, and its operational integrity. 

We make ESG disclosures focused on people, planet, prosperity, and governance. 

"We seek to 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.

  • 88 Energy is committed to its strategy of building a successful exploration and production company that delivers material returns to its shareholders and contributes to stakeholders and the development of the regions in which we operated in.
  • 88 Energy continually assesses corporate governance policies and practices to ensure best practice standards.
  • Utilizing sustainability frameworks and reporting standards set by the World Economic Forum are continually assessed.
  • 88 Energy has held leases in Alaska since 2015 with significant investment in Alaska supporting state functions, businesses, and communities.
  • Global tax contribution supports government functions and societal benefits.
  • Total revenue and tax paid are recognised in the audited annual and half-year reports.
  • 88 Energy recognises the benefits 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.
  • 88 Energy closely monitors the strict usage of water with less than 20% of the permitted water quota being actually used on its drilling operations.
  • 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.
  • 88 Energy partnered with Climeco to review and make voluntary donations towards carbon offset projects in Forestry Conservation, Windfarm and Hydropower.

88 Energy refers to the sustainability frameworks and reporting standards set by the World Economic Forum and has partnered with Carbonfund.org, 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
AUSTRALIA

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

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