Introduction

Africa Oil Corp. (“AOI” or the “Company”) is committed to undertake its business in a safe and environmentally responsible manner. The Company recognizes that oil and gas activities result in impacts to the global environment due to the emission of greenhouse gases.

Human progress and economic demand drive the world’s growing energy needs and fossils fuels will continue to play an important part in meeting global energy 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 move towards other energy sources present 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.

We are committed to protecting and sustaining the environment and seek to minimize our impacts in line with the Paris Agreement.

Objectives

In order to contribute towards the goals of the Paris Agreement, our aim is to ensure that we integrate the monitoring management and reporting of greenhouse gas emissions into our activities, strategy and decision-making.

Where we are a non-Operator, we aim to work with our Operating Partners to minimise, and where possible eliminate, regular gas flaring in line with the World Bank “Zero Routine Flaring by 2030” initiative. 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. Where we are an Operator, we will assume directly the responsibilities set out in this Policy.

Principles

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

  • Building the consideration of climate change risks and opportunities into our strategy, planning and business decision-making;
  • Including assessment of greenhouse gas emissions in the evaluation and due diligence of investment opportunities;
  • Working to influence Operating Partners to minimise emissions, where practicable and in line with host government policy, in both operations and design;
  • Integrating responses to evolving climate-related risks into our corporate business strategy and the development of individual assets;
  • Undertaking an annual review of our portfolio to assess its resilience to climate change scenarios;
  • Developing a management strategy to ensure Africa Oil retains a long term sustainable value proposition;
  • Implementation and monitoring of initiatives to reduce Africa Oil’s own direct greenhouse gas emissions, including the offsetting of residual greenhouse gas emissions;
  • Developing performance reporting, in line with the recommendations of the Taskforce on Climate-
  • Related Financial Disclosures and other key guidelines.

Application & Accountability

This Policy applies to Africa Oil Corp. and its subsidiary companies. The Company’s Chief Operating Officer has overall responsibility for the implementation and enforcement of this policy.

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

The Company will develop an appropriate management system to implement this Policy and measure performance as part of a process of continuous improvement.

The Company will work with its Operating Partners to support their use of environmental management systems that are consistent with this Policy.

The Chief Operating Officer is responsible for providing leadership and direction to achieve greenhouse gas management goals, targets and objectives and for implementation of the performance review process.

The Board of Directors will provide oversight of implementation of this Policy.

This Policy will be communicated to our employees, Operating Partners, contractors and relevant stakeholders. All employees and contractors are responsible for conducting their work in conformance with this Policy.