New Times Energy Corporation Limited

Climate Impact & Sustainability Data (2023-01 to 2023-06)

Plans to transform Discovery Park into a green ecosystem hub to create a circular economy by bringing together businesses such as aquaculture, renewable natural gas production, vertical farming, modular construction, and liquid hydrogen production.
Initiating demolition of buildings from the abandoned paper pulp site at Discovery Park to commence in the third quarter of 2023.
Negotiations with four prospective Norwegian fish farming companies to develop inland aquaculture facilities at Discovery Park.

Collaborating with local authorities and governing bodies to achieve net zero emissions.
Working with the First Nation of Campbell River on the redevelopment of Discovery Park.

The Company has adopted and applied the principles of the code provisions of the Corporate Governance Code (the “CG Code ”) as set out in Appendix 14 of the Listing Rules.
The Company periodically reviews its corporate governance practices to ensure its continuous compliance with the CG Code.

Long-term Goals:

Short-term Goals:

Challenging political and economic environments in Argentina.
Low domestic oil prices in Argentina (historically around 30% below prevailing Brent).
Hyperinflation in Argentina (50.7% for the six months ended 30 June 2023, forecasted to be over 100% by end of 2023).
Capital controls in Argentina (repatriations to the Group suffer a deep discount of approximately 50% of the official foreign exchange rates).
Social unrest in Argentina impacting High Luck’s operations (road blocks to oil deliveries and labor strikes).
High taxation and bureaucracy in Argentina.
Significant decline in Canada’s natural gas commodity prices in the first half of 2023 compared to 2022.
Wildfires in Canada disrupting oil and gas production (temporary shut-in at Horn River Basin facility from 1 July 2023).
High carbon tax costs in Canada (approximately C$0.9 million per month).

Seeking options with its Argentina investment.
Seeking process efficiency improvements and cost rationalisation opportunities in Canada (renegotiating fees levied by natural gas pipeline and processing intermediaries and cutting NTEC’s carbon emissions).
Exploring carbon offsetting schemes from the British Colombia Government.
Conducting energy audits on all NTEC operated facilities and a feasibility study to modify the configuration of GSA’s gas plant.
Hedging all physical gold trades and physical gold inventories with financial hedging instruments.