(TSX: AAV)
CALGARY, AB, Nov. 18, 2021 /CNW/ - Advantage Energy Ltd.
("Advantage" or the "Corporation") is pleased to announce the
publication of its 2021 Sustainability Report (the "Report") which
is available on our website at www.advantageog.com. The
Report outlines key sustainability metrics and achievements to
year-end 2020, as well as ongoing initiatives and targets.
Advantage has been focused on business sustainability since
inception in 2001. We are proud to share the progress we've
made on advancing our environmental, social and governance
priorities.
Advantage is now targeting 'net-zero' Scope 1 and 2 emissions
as early as 2025. We plan to achieve this target using our
state-of-the-art carbon capture and storage ("CCS") project at the
Glacier Gas Plant and by developing further third-party CCS
projects through Advantage's subsidiary, Entropy Inc.
("Entropy"). Success in achieving net-zero on this
timeline is predicated on functional CCS regulatory frameworks at
both the federal and provincial levels.
Additional highlights from the Report include:
- Combined Scope 1 and 2 carbon emissions of 0.017
tCO2e/boe with insignificant fugitives, venting and
flaring
- Reduced water usage with total water intensity of 0.01 m3/boe
- Proactive liability management as demonstrated by a Liability
Management Rating ("LMR") of 24.7
- Continued excellence in our health and safety programs whereby
exceptional staff engagement and diligence has resulted in industry
leading low incidents and injuries
- Establishment of an Indigenous Scholarship Program with
implementation targeted by early 2022
- Established a new Governance Committee to augment focus on
corporate governance, health, safety and environmental matters,
corporate social responsibility, and sustainability matters
Looking Forward
As we advance our business strategy and sustainability
objectives, we look forward to reporting back to stakeholders on
our achievements. Advantage appreciates the contributions and
engagement of our staff and the support of our board of directors
as we are proud to improve our world with clean Canadian
energy.
Advisory
The information in this press release contains certain
forward-looking statements, including within the meaning of
applicable securities laws. These statements relate to future
events or our future intentions or performance. All statements
other than statements of historical fact may be forward-looking
statements. Forward-looking statements are often, but not always,
identified by the use of words such as "guidance", "anticipate",
"target", "objectives", "estimates", "continue", "demonstrate",
"expect", "may", "can", "will", "believe", "would" and similar
expressions and include statements relating to, among other things,
Advantage's focus, strategy, priorities and development plans;
Advantage's plans to achieve net-zero scope 1 and 2 emissions by
2025 and Advantage's intended means of achieving such target; that
Entropy will develop third-party CCS projects; the anticipated
implementation date of Advantage's indigenous scholarship program;
and other matters.
With respect to forward-looking statements contained in this
press release, Advantage has made assumptions regarding, but not
limited to: future commodity prices including oil and natural gas;
conditions in general economic and financial markets; effects of
regulation by governmental agencies; receipt of required
stakeholder and regulatory approvals; royalty regimes; future
exchange rates; royalty rates; future operating costs; availability
of skilled labour; availability of drilling and related equipment;
timing and amount of capital expenditures; the impact of increasing
competition; that Advantage will have sufficient cash flow, debt or
equity sources or other financial resources required to fund its
capital and operating expenditures and requirements as needed; that
Advantage's conduct and results of operations will be consistent
with its expectations; that Advantage will have the ability to
develop Advantage's crude oil and natural gas properties in the
manner currently contemplated; availability of pipeline capacity;
that current or, where applicable, proposed assumed industry
conditions, laws and regulations will continue in effect or as
anticipated as described herein; the availability of government
initiatives to Entropy; the timing and amount of capital
expenditures; that Entropy will have the ability to develop
projects in the manner currently contemplated; the performance of
Entropy's proprietary novel carbon capture solvent; that the
estimates of Entropy's cost structure and the assumptions related
thereto are accurate in all material respects; that Entropy will be
able to develop third party CCS projects; that there will be a
functional CCS regulatory framework at the both the federal and
provincial level; and that the estimates of Advantage's production,
reserves and resources volumes and the assumptions related thereto
(including commodity prices and development costs) are accurate in
all material respects.
These statements involve substantial known and unknown risks
and uncertainties, certain of which are beyond Advantage's control,
including, but not limited to: risks related to changes in general
economic, market and business conditions; industry conditions,
including as a result of demand and supply effects resulting from
the COVID-19 pandemic; the impact of significant declines in market
prices for oil and natural gas; actions by governmental or
regulatory authorities including increasing taxes, regulatory
approvals, changes in investment or other regulations; changes in
tax laws, royalty regimes and incentive programs relating to the
oil and gas industry; the effect of acquisitions; our success at
acquisition, exploitation and development of reserves; unexpected
drilling results; failure to achieve production targets on
timelines anticipated or at all; changes in commodity prices,
currency exchange rates, capital expenditures, reserves or reserves
estimates and debt service requirements; the occurrence of
unexpected events involved in the exploration for, and the
operation and development of, oil and gas properties; hazards such
as fire, explosion, blowouts, cratering, and spills, each of which
could result in substantial damage to wells, production facilities,
other property and the environment or in personal injury; changes
or fluctuations in production levels; individual well productivity;
delays in anticipated timing of drilling and completion of wells;
competition from other producers; the lack of availability of
qualified personnel or management; credit risk; changes in
laws and regulations including the adoption of new environmental
laws and regulations and changes in how they are interpreted and
enforced; Advantage's ability to comply with current and future
environmental or other laws; stock market volatility and market
valuations; liabilities inherent in oil and natural gas operations;
competition for, among other things, capital, acquisitions of
reserves, undeveloped lands and skilled personnel; incorrect
assessments of the value of acquisitions; geological, technical,
drilling and processing problems and other difficulties in
producing petroleum reserves; ability to obtain required approvals
of regulatory authorities; Advantage's ability to access sufficient
capital from internal and external sources; current and future
carbon prices and royalty regimes; the price of and market for
carbon credits and offsets; that Entropy's conduct and results of
operations will not be consistent with its expectations; that
Entropy will not have the ability to develop and deploy its
projects in the manner currently contemplated; that Entropy will
not be able to develop third-party CCS projects; that there will
not be a functional CCS regulatory framework at both the federal
and provincial level; and the risks and uncertainties described in
the Corporation's Annual Information Form which is available at
www.sedar.com and www.advantageog.com. Readers are also referred to
risk factors described in other documents Advantage files with
Canadian securities authorities.
Management has included the above summary of assumptions and
risks related to forward-looking information in order to provide
shareholders with a more complete perspective on Advantage's future
operations and such information may not be appropriate for other
purposes. Advantage's actual results, performance or achievement
could differ materially from those expressed in, or implied by,
these forward-looking statements and, accordingly, no assurance can
be given that any of the events anticipated by the forward-looking
statements will transpire or occur, or if any of them do so, what
benefits that Advantage will derive therefrom. Readers are
cautioned that the foregoing lists of factors are not exhaustive.
These forward-looking statements are made as of the date of this
press release and Advantage disclaims any intent or obligation to
update publicly any forward-looking statements, whether as a result
of new information, future events or results or otherwise, other
than as required by applicable securities laws.
Barrels of oil equivalent (boe) may be misleading,
particularly if used in isolation. A boe conversion ratio of six
thousand cubic feet of natural gas to one barrel of oil equivalent
(6 mcf: 1 bbl) is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a
value equivalency at the wellhead. Given that the value ratio based
on the current price of crude oil as compared to natural gas is
significantly different from the energy equivalency of 6:1,
utilizing a conversion on a 6:1 basis may be misleading as an
indication of value.
The following
terms and abbreviations used in this press release have the
meanings set forth below:
|
|
bbl
|
one
barrel
|
boe
|
barrels of oil
equivalent of natural gas, on the basis of one barrel of oil or
NGLs for six thousand cubic feet of natural gas
|
Crude oil
and
condensate
|
Light crude oil
and medium crude oil as defined in National Instrument
51-101
|
NGLs
|
Natural Gas
Liquids as defined in National Instrument 51-101
|
Natural
gas
|
Conventional
Natural Gas as defined in National Instrument 51-101
|
M3/boe
|
Cubic meters of
total water usage per barrel of oil equivalent
|
tCO2e/boe
|
Tonnes of carbon
dioxide equivalent per barrel of oil equivalent
|
SOURCE Advantage Energy Ltd.