Climate Change Data

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Environmental Achievements

• Environmental Impact Assessment (EIA) released to the public; Significant advancement made towards an Environmental Management Plan, Oil Spill Contingency Plan and Emergency Response Plan; Joined the Oil Spill Response Group; The Company welcomes intended strengthened and modernised environmental and safety standards and regulations.

Social Achievements

• Appointment of Bahamian resident Ross McDonald as Non-Executive Director; Extensive community engagement including presentations to various stakeholder groups; Focus group testing to determine Bahamian attitudes towards exploration.

Governance Achievements

• Appointment of Bahamian resident Ross McDonald as Non-Executive Director; Additional policies and procedures to further strengthen corporate governance; Increased compliance and assurance experience.

Climate Goals & Targets

Environmental Challenges

• Delays due to the ever-changing political landscape of The Bahamas and a General Election; Lack of clarity over the Government’s intentions to hold a referendum on oil and gas exploration; Commercial uncertainties impacting farm-in negotiations.

Mitigation Strategies

• Working closely with the people and Government of The Bahamas; Government confirmation that exploratory drilling will proceed under strengthened and modernised regulations; Continued de-risking activities and farm-in negotiations.

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

ESG Focus Areas

• Environmental
• Safety
• Community Relations

Environmental Achievements

• Developed and implemented an Environmental Management Plan (EMP) incorporating best practices from Norway, the US (GoM), and the UK; Conducted an Environmental Impact Assessment (EIA) showing no sensitive environments in the immediate vicinity of the proposed drill site and deemed identified impacts as normal/acceptable.
• Oil spill movement simulation modeling concluded very little oil would reach Bahamian shorelines due to prevailing environmental conditions.

Social Achievements

• Proactive outreach to Cuban authorities on emergency preparedness.
• Potential for job creation, both directly and indirectly, in new or expanded industry sectors.
• Potential creation of a Marine Protected Area, deterring poachers and attracting marine life.

Governance Achievements

• Adoption of new oil & gas regulations based on international best practices.
• Qualified Management Team and Qualified International Operator.
• 12 Months of Well Planning, Blow-out Prevention, and adherence to safety standards.

Climate Goals & Targets

Environmental Challenges

• Potential for oil spills
• Potential impacts on marine mammals, fishing, and shipping
• Managing waste streams and fluid usage

Mitigation Strategies

• Blow-out preventer (BOP), capping stack, and top hat technologies.
• Oil Spill Response Plan and Oil Spill Contingency Plan.
• Environmental Management Plan (EMP) addressing air emissions, vessel movement, waste streams, and fluid usage.
• Minimization of noise, use of observers for marine mammal monitoring, and compliance with regulations.

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

ESG Focus Areas

• GHG Emissions
• Water & Wastewater Mgmt
• Ecological Impacts
• Governance/ Business Ethics

Environmental Achievements

• 30% reduction in GHG direct emissions' intensity by 2026 vs 2017
• 30% reduction in methane emissions intensity by 2030 vs 2021
• Reduce freshwater withdrawal intensity by 2026 vs 2019

Social Achievements

• 25% of leadership positions held by women by 2025

Governance Achievements

• Managing business ethics and maintaining an appropriate level of transparency

Climate Goals & Targets

Environmental Challenges

• Transforming the company’s business model for a lower-carbon world while keeping acceptable returns.

Mitigation Strategies

• Addresses Scope 1 & 2 (direct) emissions associated with company's operations
• Addresses company's water use and disposal and its potential impact on the watershed
• Addresses issues relating to ecosystem impacts directly or indirectly related to operations or products

Supply Chain Management

Climate-Related Risks & Opportunities