Climate Change Data

Environmental Metrics

ESG Focus Areas

• Safety
• Environmental Management
• Community Engagement

Environmental Achievements

• Maintained a zero environmental incidents record

Social Achievements

• No safety incidents recorded during the year
• Strong focus on the pre-qualification, training and management of its contractors
• Community engagement focused on maintaining long-term, collaborative and trusting relationships

Governance Achievements

• 20% reduction in fees for Non-Executive Directors from 1 January 2018
• Formal performance evaluation of the Board, each Committee of the Board, the Chairman and individual Directors undertaken on 23 August 2016
• Annual review of the key identified risks for the Company

Climate Goals & Targets

Environmental Challenges

• Lack of policy commitments by Australian governments causing deferral of final investment decisions on energy projects
• Difficulty sourcing funds from joint venturers due to their own investment and cash flow priorities
• Victorian Government's ban on onshore petroleum activities and moratorium on conventional petroleum exploration and production

Mitigation Strategies

• Conserved cash
• Reduced director’s fees by 20%
• Did not pay staff bonuses
• Continued to keep tenements in good standing by paying all necessary statutory fees
• Seeking domestic and international funding for appraisal and development programs
• Engaging in discussions with potential farm-in partners

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Environmental Achievements

• Maintained a zero environmental incidents record.
• Developed new strategies to reduce carbon emissions with gas production from ATP 855 in the Cooper Basin, aiming for zero emissions by 2050.

Social Achievements

• No safety incidents recorded during the year.
• Maintained long-term, collaborative and trusting relationships with communities and landholders.
• Achieved diversity objectives related to gender representation and turnover.

Governance Achievements

• Implemented a comprehensive Safety Management System.
• Established a Whistleblower Policy.
• Developed a Code of Conduct and Ethics.
• Implemented a Diversity Policy.

Climate Goals & Targets

Environmental Challenges

• Ongoing delays in securing funding due to the continuing effects of Covid-19 and unfavorable market conditions for fossil fuels.
• COVID-19 delays in sourcing equipment for well rehabilitation.
• Uncertainty in the market for hydrogen.

Mitigation Strategies

• Conserved cash by reducing director fees, not paying staff bonuses, and not renewing the Performance Rights Plan.
• Continued discussions with potential joint venturers.
• Obtained an extension of the Later Work Program (LWP) in ATP 855.
• Submitted a relinquishment notice for ATP 594.
• Deferred rehabilitation work on wells in ATP 855.
• Secured a placement of 60,000,000 ordinary shares to raise $600,000 for working capital.

Supply Chain Management

Climate-Related Risks & Opportunities

Opportunities

• Blue hydrogen and carbon zero outcomes.

Environmental Metrics

ESG Focus Areas

• Safety
• Environmental Management
• Community Engagement
• Diversity

Environmental Achievements

• Maintained a zero environmental incidents record
• Established a policy aimed at zero emissions by 2050

Social Achievements

• No safety incidents recorded during the year
• Maintained long-term, collaborative and trusting relationships with communities
• Consulted landholders and traditional owners prior to conducting activities
• Achieved diversity objectives related to gender representation and turnover

Governance Achievements

• Solid corporate governance practices in place
• Independent professional advice available to directors
• Formal performance evaluation of the Board and senior executives
• Adopted a Diversity Policy

Climate Goals & Targets

Environmental Challenges

• Delays in field operations due to La Nina weather, COVID-19, and equipment availability
• Uncertainty in the hydrogen market
• Breach of environmental regulations resulting in penalty infringement notices

Mitigation Strategies

• Seismic survey planned for the first half of 2023
• Developing strategies to reduce carbon emissions with gas production
• Utilizing cryocap technology for carbon dioxide separation
• Paid penalty infringement notices

Supply Chain Management

Climate-Related Risks & Opportunities

Opportunities

• Production of blue hydrogen with carbon zero outcomes

Environmental Metrics

ESG Focus Areas

• Safety
• Environmental Management
• Community Engagement

Environmental Achievements

• Maintained a zero environmental incidents record
• Established a policy aimed at zero emissions by 2050

Social Achievements

• Focused on maintaining long-term, collaborative and trusting relationships with communities
• Consulted all landholders and traditional owners before conducting activities
• No safety incidents recorded during the year

Governance Achievements

• Appointed new non-executive directors with experience in exploration and development
• Completed a formal assessment of each director against a Board Skills Matrix
• Implemented a Diversity Policy

Climate Goals & Targets

Environmental Challenges

• Queensland Department of Resources declined renewal application for ATP 855 due to insufficient financial capability
• Uncertainty surrounding the market for hydrogen

Mitigation Strategies

• Filed an appeal in the Queensland Supreme Court
• Exploring new oil and gas prospects outside of Australia
• Developing strategies to reduce carbon emissions with cryocap technology for CO2 separation

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

ESG Focus Areas

• Safety
• Environmental Management
• Community Engagement

Environmental Achievements

• Maintained a zero environmental incidents record

Social Achievements

• Maintained strong relationships with landholders and traditional owners
• No safety incidents during the year

Governance Achievements

• Periodic review of the structure and composition of its governance framework
• Annual review of the effectiveness of the Company’s management of material operational and business risks

Climate Goals & Targets

Environmental Challenges

• Regulatory Risk: Obtaining necessary approvals and permits depends on government authorities.
• Future Capital Raisings and Financial Risk: Ongoing operations may necessitate significant additional financing.
• Uncertainty surrounding the decision for the renewal of ATP 855

Mitigation Strategies

• Appealed the Department of Resources' refusal to renew ATP 855 to the Supreme Court of Queensland and won.
• Applied for a Petroleum Lease over ATP 855.
• Exploring several options to address financial backing for the Keppel Gas Project
• Chairman indicated he will offer additional support as a non-interest bearing, unsecured loan

Supply Chain Management

Climate-Related Risks & Opportunities