Climate Change Data

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Environmental Achievements

• Committed to having zero produced water released into the environment from 2023 onward
• Established a greenhouse gas emissions baseline
• Achieved zero employee incidents

Social Achievements

• Adapted operations quickly during the COVID-19 pandemic while ensuring employee well-being and supporting communities
• Initiated HSSE Committee of the Board mandating specific ESG and sustainability responsibilities
• Updated director skill matrix to include ESG and sustainability experience

Governance Achievements

• Established a Health, Safety, Social and Environmental Committee (HSSE Committee) of the Board
• Published inaugural 2020 sustainability report

Climate Goals & Targets

Environmental Challenges

• Supply chain disruptions due to the COVID-19 pandemic
• Lower forecasted crude oil pricing
• Environmental regulations and procurement of necessary approvals resulting in capital project delays

Mitigation Strategies

• Successfully accessed capital markets to continue exploration program
• Entered into revised ten-year lease operating agreements
• Implemented a risk management strategy to protect funds flow from operations from commodity price volatility
• Continuously review capital program and implement initiatives to adapt to price changes

Supply Chain Management

Climate-Related Risks & Opportunities

Physical Risks

• Severe weather
• Damage to pipelines and gathering systems
• Wildfires
• Flooding

Transition Risks

• GHG emissions legislation
• Changes in investment patterns
• Modifications in energy consumption habits
• Climate change litigation

Reporting Standards

Frameworks Used: Sustainability Accounting Standards Board, Task Force on Climate-related Financial Disclosures, Global Reporting Initiative Sustainability Reporting Standards

Environmental Metrics

ESG Focus Areas

• climate change
• safety
• community relations
• gender diversity and inclusion
• environmental stewardship

Environmental Achievements

• Installed solar panels at the Coho natural gas facility, providing a renewable energy source and reducing greenhouse gas emissions.
• Implemented a reforestation program to replace trees removed for operations.
• Planted community gardens to increase locally produced goods and reduce reliance on imported food supply chains.

Social Achievements

• Appointed a community relations officer in Trinidad to foster good relations and positive socioeconomic impact.
• Achieved no lost-time injuries in 2021 and 2022.
• Increased female representation on the Board from 12.5% to 33.3% in 2022.

Governance Achievements

• Established a Health, Safety, Social and Environmental Committee (HSSE Committee) of the Board to oversee climate-related and other sustainability-based risks and opportunities.
• Published two sustainability reports (2020 and 2021) outlining ESG progress and initiatives.

Climate Goals & Targets

Environmental Challenges

• Vandalism incident resulting in a crude oil spill (resolved in September 2022).
• Delays in obtaining regulatory approvals for the Cascadura natural gas facility.
• Challenges in attracting and retaining employees, consultants, and advisors.

Mitigation Strategies

• Proactive response to the vandalism incident, completing all reclamation efforts.
• Ongoing efforts to obtain necessary regulatory approvals.
• Implementation of competitive compensation and benefits packages.

Supply Chain Management

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather events (heavy rainfall, wildfires, flooding)
• Damage to pipelines and gathering systems

Transition Risks

• Regulatory changes
• Changes in investor sentiment
• Decreased demand for petroleum products

Opportunities

• Development of energy-efficient products
• Implementation of renewable energy sources

Reporting Standards

Frameworks Used: Sustainability Accounting Standards Board (SASB), Task Force on Climate-related Financial Disclosures (TCFD), Global Reporting Initiative (GRI)

Environmental Metrics

ESG Focus Areas

• environmental stewardship
• community involvement
• governance standards

Environmental Achievements

• No lost time injuries in 2022 and 2023
• All reclamation efforts completed in September 2022 following a June 2022 vandalism incident that resulted in a crude oil spill.
• Cascadura facility sustains its own power requirements through onsite solar systems and natural gas generators and is entirely independent of the Trinidad power grid.

Social Achievements

• Established a Health, Safety, Social and Environmental Committee (HSSE Committee) in 2021.
• Published three ESG reports (2020, 2021, 2022) outlining progress and initiatives on ESG practices.
• Increased female representation on the Board from 12.5 percent to 33.3 percent in 2022.
• Established a second Trinidad office in Rio Claro in 2021.

Governance Achievements

• Adopted an omnibus incentive compensation plan in 2023.
• Appointed Ms. Jenny Alfandary and Dr. Priya Marajh to the Board in 2022, enhancing Board oversight.

Climate Goals & Targets

Environmental Challenges

• Vandalism incident resulting in a crude oil spill in 2022.
• Delays in obtaining regulatory approvals for the Cascadura facility.
• Mechanical challenges preventing meaningful production from the Royston-1 well.
• Higher than average operating expenses on the CO-2 block.
• Extensive work obligations required through the CO-2 licence term.

Mitigation Strategies

• Completed all reclamation efforts following the oil spill.
• Implemented a comprehensive integrity monitoring and management program for wells, piping, facilities, and storage tanks.
• Developed contingency plans for environmental events.
• Disposed of interest in the CO-2 block.

Supply Chain Management

Climate-Related Risks & Opportunities

Physical Risks

• extreme weather
• flooding
• wildfires

Transition Risks

• regulatory changes
• market shifts
• decreasing demand for fossil fuels

Opportunities

• development of energy-efficient products

Reporting Standards

Frameworks Used: Sustainability Accounting Standards Board, Task Force on Climate-related Financial Disclosures, Global Reporting Initiative Sustainability Reporting Standards