Climate Change Data

Environmental Metrics

ESG Focus Areas

• Sustainable Development Goals
• Sustainable Transformation of Guyana
• Education
• Research
• Watershed Ecosystems and Water Quality
• Sustainable Food and Agriculture
• Indigenous Studies
• Natural Products, Materials Physics and Chemistry

Environmental Achievements

• Not disclosed

Social Achievements

• Launched an advanced academic and research program in sustainable transformation of Guyana, investing Canadian $5 million to train 12 academics at the University of Guyana.

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Guyana faces a serious challenge with respect to absorptivity for economic growth among the local population and in the non-petroleum sectors due to significant petroleum discoveries.

Mitigation Strategies

• CGX and FEC responded with a transformative program partnering with the University of Guyana and Trent University to address major national deficits in training and research related to the development of sustainable sectors of the Guyanese economy.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: Null

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

The program is targeted at addressing the UN’s Sustainable Development Goals as they apply to Guyana.

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Sustainable growth
• Support to local communities in Guyana
• Education in Guyana

Social Achievements

• Implementation of early-stage social responsibility programs focused on education in Guyana

Climate Goals & Targets

Environmental Challenges

• Global uncertainties in financial markets and supply chain systems due to the Russia-Ukraine war, leading to volatility in oil prices, inflation, interest rates, financing costs, and potential shortages or delays for goods and services.
• Ongoing COVID-19 pandemic impacting global economy and energy industry, causing volatility in oil prices, supply and demand for oil and gas, currency exchange rates, inflation rates, and availability of goods and services.
• Difficulties in raising equity for exploration and development activities without excessive dilution of present shareholders.
• Contingent liabilities from pending litigation with Prospector and regulatory issues with ON Energy.

Mitigation Strategies

• Continued assessment of exposure to risks from the Russia-Ukraine war.
• Monitoring COVID-19 situation and acting in accordance with advice from regulatory authorities.
• Securing financing through joint ventures, property sales, or equity issuance.
• Addressing litigation with Prospector and regulatory issues with ON Energy through legal and regulatory processes.

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

ESG Focus Areas

• Environmental, Social, and Governance (ESG)
• Sustainable growth
• Support to local communities in Guyana
• Education in Guyana

Social Achievements

• Implementation of early-stage social responsibility programs focused on education in Guyana.

Climate Goals & Targets

Environmental Challenges

• COVID-19 pandemic impacting global economy and energy industry, leading to market volatility, supply chain disruptions, and financing difficulties.
• Russia-Ukraine war inducing further uncertainties in global financial markets and supply chains.
• Difficulties raising equity for exploration and development activities without excessive dilution of existing shareholders.

Mitigation Strategies

• Continued monitoring of COVID-19 situation and adherence to regulatory advice.
• Assessment of exposure to risks from the Russia-Ukraine war.
• Securing financing through joint ventures, property sales, or equity issuance.

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

ESG Focus Areas

• Education
• Sustainable Growth
• Local Community Support

Social Achievements

• Funds the Sustainable Guyana program, supporting education of future leaders in sustainable sectors of the Guyanese economy.

Climate Goals & Targets

Environmental Challenges

• Securing additional financing to complete exploration and development of oil and gas concessions and the completion of its Berbice Deep Water Port project.
• Going concern uncertainty due to operating losses and capital commitment requirements.

Mitigation Strategies

• Seeking further financing through a joint venture, property sale or issuance of equity.
• Successful completion of the 2023 JOA Amendment.

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Social Achievements

• Funds the Sustainable Guyana program established between Trent University and The University of Guyana which supports the education of Guyana's future leaders in fields crucial for the development of sustainable sectors of the Guyanese economy.

Governance Achievements

• Change in Directors: Veronique Giry stepped down, and Mr. Orlando Cabrales Segovia was appointed to the CGX Board.

Climate Goals & Targets

Environmental Challenges

• Wei-1 well drilling cost overruns and delays due to a stuck wireline tool, requiring a sidetrack.
• Need to secure additional financing to fund its share of the Wei-1 well costs ($11-$15 million).
• Accumulated deficit of $320,817,166 and working capital deficiency.
• Material uncertainties cast significant doubt on the Company’s ability to continue as a going concern.

Mitigation Strategies

• Assessing strategies to fulfill its Wei-1 well funding obligation.
• Seeking further financing through joint ventures, property sales, or equity issuance.
• Successfully completed a $35 million loan with Frontera in 2022 and the 2022 JOA Amendment securing funding for drilling the Wei-1 well.

Supply Chain Management

Climate-Related Risks & Opportunities