Corcel Plc
Climate Impact & Sustainability Data (2023-07 to 2024-06)
Reporting Period: 2023-07 to 2024-06
Environmental Metrics
ESG Focus Areas
- Health, Safety, and Environment (HSE)
- Diversity and Inclusion
- Environmental Responsibility
- Sustainable Natural Resource Investment
- Anti-Bribery and Corruption
Environmental Achievements
- Undertook eFTG survey for KON-16, focusing on minimal environmental impact with seismic acquisition.
- Site visit with National Biodiversity Institute to determine how demining and seismic can be conducted on KON-16 without environmental impact. Planning kicked off for Environment Impact Assessment.
- Adopted revised comprehensive HSE Policy, appropriate for expanded portfolio, including environmental consideration.
- Environmental due diligence incorporated in Business Development process. Site visit conducted to onshore Brazil acreage to complete DD.
Social Achievements
- Continued investment in workforce, providing comprehensive training programs and promoting diversity and inclusion.
- Expanded community engagement initiatives. First company meeting with local community and community leaders completed on KON-16. Expected Company contribution in 2024-2025 is additional demining of block KON-16 area.
Governance Achievements
- Reinforced governance framework to ensure transparency, accountability, and ethical conduct.
- Implementation of robust internal controls and compliance measures.
- Comprehensive review of all internal policies commenced.
Climate Goals & Targets
Long-term Goals:
- Develop value of battery metals projects
Medium-term Goals:
- Consider additional transactions in Brazil focused on adding production
- Consolidate position in onshore Angola
- Work with block partners to further develop KON-11 and KON-12
Short-term Goals:
- Complete IRAI field workovers in Brazil and determine option execution
- Advance KON-16 development program to bring prospects to drill ready status
Environmental Challenges
- High-risk nature of oil and gas exploration and development.
- HSE risks including major accidents and environmental harm.
- Portfolio concentration in Kwanza Basin, onshore Angola.
- Technical challenges such as drilling complications and subsurface uncertainties.
- Regulatory and legal risks from changes in laws and licensing requirements.
- Capital-intensive nature of oil and gas operations requiring ongoing access to funding.
- Supply chain and logistical risks, especially in remote locations.
- Climate change and transition risks reducing demand for fossil fuels.
- Bribery and corruption risks in Angola.
- Commodity price risk.
- Fiscal and political risks in Angola, Brazil, and Australia.
Mitigation Strategies
- Commitment to ensuring safety of employees and minimizing environmental impact.
- Strengthening health and safety protocols and promoting a safety-first culture.
- Actively seeking to diversify asset base, including opportunities in Brazil.
- Leveraging internal and external technical expertise.
- Employing regulatory monitoring, training, and communication with authorities.
- Cultivating high-quality industry-specific investors for long-term capital.
- Diversification of suppliers and performance monitoring.
- Investing in transitional energy sources such as natural gas.
- Enforcing a zero-tolerance policy towards bribery and corruption with anti-bribery training.
- Monitoring political risks and engaging with relevant authorities.
- Monitoring costs denominated in Australian Dollars and mitigating risks through pre-purchase of AUD.
Supply Chain Management
Climate-Related Risks & Opportunities
Transition Risks
- Global focus shifting towards renewable energy, reducing demand for fossil fuels.
Opportunities
- Investing in transitional energy sources such as natural gas.
Reporting Standards
Frameworks Used: QCA Code 2018