VANCOUVER, BC, March 31,
2023 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) –
Africa Oil Corp. ("Africa Oil", "AOC" or the "Company") is
pleased to announce that it has published its 2022 Sustainability
Report. This report outlines the Company's approach to ESG
management and provides an overview of the ESG-related performance
for the period 1st January to 31st
December 2022. View PDF version
Highlights
- Net equity emissions of 117 kilo tonnes carbon dioxide
equivalent ("ktCO2e") during 2022, representing an 8% decrease
compared to 2021.
- Gas flaring at the Company's Nigerian assets reduced 27%
year-over-year.
- More than 20% of emissions offset via purchase of Verra
certified carbon credits on road to achieving carbon neutrality in
2025.
- Zero fatalities and Lost Time Injuries in Nigeria.
- Adopted new Diversity, Equity and Inclusion policy, including
aspirational diversity targets at the Board and Management
level.
- Continue to expand ESG disclosures, with Taskforce on
Nature-related Financial Disclosures ("TNFD") pilot and addition of
Global Reporting Initiative ("GRI").
Africa Oil Chief Executive Officer, Keith Hill, commented: "To meet our goal of
carbon neutrality by 2025, we have actively advocated through our
interest in Prime for emissions reduction opportunities at our
assets in Nigeria, with a
particular focus on flaring and asset optimization. I am delighted
these efforts contributed to a 27% year-over-year decrease in
flaring in 2022 and contributed to an 8% reduction in overall
emissions. Flaring is now half the rate it was in 2019, before we
acquired the assets, and we continue to see improvements, with
average flaring levels year-to-date in 2023 roughly a third of
those in 2022.
We have also continued to strengthen our approach to social and
governance matters internally, including the introduction of a new
Diversity, Equity and Inclusion Policy, which enshrines our
commitment to promoting diversity across the organization. I am
also pleased to report that Africa Oil renewed its membership in
the Extractive Industries Transparency Initiative ("EITI") and the
United Nations Global Compact. As such, I am pleased to reaffirm
our support for the EITI Principles and the Ten Principles of the
UNGC in the areas of Human Rights, Labour, Environment and
Anti-Corruption."
Africa Oil's Sustainability Report 2022 can be accessed on the
Company's website:
https://africaoilcorp.com/site/assets/files/1106/africa_oil_corp_2022_sustainability_report.pdf
About Africa Oil
Africa Oil Corp. is a Canadian oil and gas company with
producing and development assets in deepwater Nigeria; development assets in Kenya; and an exploration/appraisal portfolio
in west and south of Africa, as
well as Guyana. The Company is
listed on the Toronto Stock Exchange and on Nasdaq Stockholm under
the symbol "AOI".
Additional Information
This information is information that Africa Oil is obliged to
make public pursuant to the EU Market Abuse Regulation. The
information was submitted for publication, through the agency of
the contact persons set out above, at 02:00
a.m. EDT on March 31,
2023.
Forward Looking
Information
Certain statements and information contained herein constitute
"forward-looking information" (within the meaning of applicable
Canadian securities legislation). Such statements and information
(together, "forward looking statements") relate to future events or
the Company's future performance, business prospects or
opportunities.
All statements other than statements of historical fact may be
forward-looking statements. Statements concerning prospective
resource estimates may also be deemed to constitute forward-looking
statements and reflect conclusions that are based on certain
assumptions that the prospective resources can be economically
exploited. Any statements that express or involve discussions with
respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance (often, but
not always, using words or phrases such as "seek", "anticipate",
"plan", "continue", "estimate", "expect, "may", "will", "project",
"predict", "potential", "targeting", "intend", "could", "might",
"should", "believe" and similar expressions) are not statements of
historical fact and may be "forward-looking statements".
Forward-looking statements involve known and unknown risks, ongoing
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking statements.
Although the Company believes that the expectations reflected by
the forward-looking statements presented in this document are
reasonable, the Company's forward-looking statements have been
based on assumptions and factors concerning future events that may
prove to be inaccurate. Those assumptions and factors are based on
information currently available to the Company about itself and the
businesses in which it operates. Information used in developing
forward-looking statements has been acquired from various sources,
including third party consultants, suppliers and regulators, among
others. Because actual results or outcomes could differ materially
from those expressed in any forward-looking statements, investors
should not place undue reliance on any such forward-looking
statements. By their nature, forward-looking statements involve
numerous assumptions, inherent risks and uncertainties, both
general and specific, which contribute to the possibility that the
predicted outcomes will not occur. Some of these risks,
uncertainties and other factors are similar to those faced by other
oil and gas companies and some are unique to the Company.
No assurance can be given that these expectations will prove to
be correct and such forward-looking statements should not be unduly
relied upon. The Company does not intend, and does not assume any
obligation, to update these forward-looking statements, except as
required by applicable laws. These forward-looking statements
involve risks and uncertainties relating to, among other things,
changes in macro-economic conditions and their impact on
operations, changes in oil prices, reservoir and production
facility performance, hedging counterparty contractual performance,
results of exploration and development activities, cost overruns,
uninsured risks, regulatory and fiscal changes, defects in title,
claims and legal proceedings, availability of materials and
equipment, availability of skilled personnel, timeliness of
government or other regulatory approvals, actual performance of
facilities, joint venture partner underperformance, availability of
financing on reasonable terms, availability of third party service
providers, equipment and processes relative to specifications and
expectations and unanticipated environmental, health and safety
impacts on operations. Actual results may differ materially from
those expressed or implied by such forward-looking statements.
![AFRICA OIL ANNOUNCES THE PUBLICATION OF ITS 2022 SUSTAINABILITY REPORT (CNW Group/Africa Oil Corp.) AFRICA OIL ANNOUNCES THE PUBLICATION OF ITS 2022 SUSTAINABILITY REPORT (CNW Group/Africa Oil Corp.)](https://mma.prnewswire.com/media/2044873/Africa_Oil_Corp__AFRICA_OIL_ANNOUNCES_THE_PUBLICATION_OF_ITS_202.pdf?p=pdfthumbnail)
SOURCE Africa Oil Corp.