Europa Oil & Gas are working to contribute to local energy security and the global transition to a low carbon economy while delivering value to all stakeholders. The Company recognises that a wide range of Environmental, Social and Governance (ESG) topics form the basis of how it conducts its business and operations.

Building a Solid Foundation

As an AIM-listed company, Europa follow the QCA code for small to mid-size quoted companies, as well as all regulations, requirements and best practice guidance given by the London Stock Exchange.

With a goal of going beyond the necessary ESG-related requirements the Europa Board ESG Committee has initiated a project to review the Company’s position, formalise its ESG strategy, and develop a plan to further build on its commitments over the coming years.

This project was kicked off in Q3 of 2022 and will continue into 2023 with integration right across the business.

Material Topics

A Double Materiality Assessment has identified the topics that are material to the Company’s stakeholders and its business.

This assessment represents a snapshot in time – Europa commits to reviewing and updating this as the company activities change.

Nine key areas of focus were identified, linked to relevant UN Sustainable Development Goals and utilised to develop and focus the Group’s ESG strategy to ensure it is both representative and impactful.

ESG strategy

Europa has defined a high-level strategy centred around the three ESG pillars of Environment, Social and Governance.

Next steps for Europa

Performance
We are now planning to build on this foundation by defining a set of relevant, measurable targets and metrics that will enable it to measure, track and improve its performance in relation to its material topics.

Stakeholders
We commit to expanding our stakeholder and supply chain mapping to ensure a thorough understanding of who is included in each stakeholder group and regularly test the materiality assessment and strategy against these groups.

Initiatives
We are investigating additional initiatives that will both reduce negative impacts caused by its operations and enhance positive contributions to the environment and communities in which we operate.

This will build on the existing initiaives Europa is involved with:

• Geothermal Scoping Study: Europa is working with Causeway Geothermal (NI) Ltd. to carry out studies to assess the potential of Europa’s West Firsby field as a test site for sustainable, clean geothermal energy systems (https://www.europaoil.com/wp-content/uploads/2021/12/EOG-Geothermal-Update-211222.pdf).
• Plan Towards Zero Flaring: Europa has used its influence as a non-operating partner to secure Joint Venture agreement to work towards zero flaring.
• Community Funds: Europa contributes to community funds through its joint venture partnership with Egdon Resources, which provides funding and assistance to selected local charities, good causes and initiatives in the local East Midlands communities in which it is active in the UK (https://egdon-community.com/).

Reporting
We are working to understand the various ESG reporting frameworks and associated regulatory requirements. During the next year we will select the most appropriate schemes and begin working towards reporting against these disclosures to enable transparent and honest reporting of Europa’s activities to its stakeholders.

KeyFacts Energy: Europa Oil & Gas UK country profile