Human progress and economic demand drive the world’s growing energy needs and fossils fuels will continue to play an important part in meeting these needs. The provision of affordable and ever-cleaner energy is essential for tackling poverty and inequality, safeguarding the natural environment and promoting human prosperity. The provision of clean and affordable energy is a key element in meeting the United Nations Sustainable Development Goals.

Global action as set out in the Paris Agreement, and the overall shift towards other energy sources, presents the oil industry, and the wider world, with fundamental new challenges. Demand for oil and gas will require continued investment even under aggressive low-carbon scenarios. The challenge is how to meet the world’s demand for energy whilst minimizing impacts to the global environment.

Africa Oil Corp. (“Africa Oil”) is committed to undertake its business in a safe and environmentally responsible manner. We recognize that oil and gas activities can impact the global environment due to the emission of greenhouse gases. We are committed to protecting and sustaining the environment and seek to minimize our impacts in line with the Paris Agreement.

Our goal is to integrate the monitoring, management and reporting of greenhouse gas emissions into our activities, strategy and decision-making.

• We will integrate responses to evolving climate-related risks into our corporate business strategy and the development of individual assets.

• We will develop a management strategy to ensure we retain a long term sustainable value proposition.

• We will implement and monitor initiatives to reduce our own direct greenhouse gas emissions, including the offsetting of residual greenhouse gas emissions.

• We will build the consideration of climate change risks and opportunities into our strategy, planning and business decision-making.

• We will minimise emissions, where practicable and in line with host government policy, in both operations and design.

• We will look for innovative impact investment solutions to use excess gas that might otherwise have been flared, as an alternative source of clean energy

• We will assess greenhouse gas emissions as part of our evaluation and due diligence of investment opportunities.

• We will undertake an annual review of our portfolio to assess its resilience to climate change scenarios.

• We will monitor, manage and report on climate-related risks and opportunities across our business, including our direct greenhouse gas emissions in line with good industry practice.

• We will develop performance reporting, in line with the recommendations of the Taskforce on Climate-Related Financial Disclosures and other key guidelines.

Where we are an Operator, we assume directly the responsibilities set out in this Policy.

Where we do not have operational control, we encourage, support and work with our operating partners to minimize, and where possible eliminate, regular gas flaring in line with the World Bank “Zero Routine Flaring by 2030” initiative.

This Policy will be reviewed on a regular basis to ensure that it continues to support and encourage a high standard of environmental performance on our projects.

Africa Oil’s Chief Operating Officer has overall responsibility for the implementation and enforcement of this Policy.

Senior leadership within Africa Oil and its subsidiaries are accountable for the implementation of and adherence to this Policy.

Adopted by the Board on May 6, 2021