Europa Oil is focused on being a good corporate citizen, positively impacting all our stakeholders, and seeks to play an active role in providing energy security and supporting the energy transition.

Europa has undertaken a materiality assessment in order to identify the key material topics relevant to Europa’s business. These topics were then aligned with the relevant United Nations Sustainable Development Goals. From this, high-level goals were developed which continue to be refined and built upon as we seek to support energy transition goals.

We focus on the areas where we can have the greatest positive impact – providing energy security, and the way in which we run our business and operate our sites: treating both the environment and our stakeholders with care and respect.

We recognise that the Company’s long-term success depends not only delivering value for shareholders but also on building and maintaining constructive relationships with its wider stakeholders and responsibly managing the resources and relationships on which the business depends.

Key resources and relationships

The Board identifies key resources and relationships through its regular review of the Company’s strategy, business plans, principal risks and operational performance. In doing so, it considers both the resources required to operate, develop and realise value from the Group’s assets, together with the relationships that are critical to successful delivery of our strategic goals.

The Company’s key resources include its portfolio of oil and gas licences, exploration and development assets and associated technical and geological information; the skills and experience of its employees, directors, consultants and specialist contractors; its financial resources and access to capital; and the infrastructure and specialist services required to assess, develop and, where applicable, produce its assets.

Key relationships include those with joint venture and other business partners, host governments and regulatory and licensing authorities, suppliers and specialist service providers, employees and contractors, and local communities and other stakeholders in the jurisdictions in which the Group operates.

Stakeholder engagement

The Chief Executive Officer has primary responsibility for stakeholder engagement, supported by the other Executive Directors, senior management and the Company Secretary. The Chair and Non-Executive Directors engage directly with stakeholders where appropriate to their roles.

Engagement takes place through a combination of regular meetings, operational and management communications, formal reporting processes and, where appropriate, direct engagement with individual stakeholder groups. The nature and frequency of engagement reflects the importance of the stakeholder relationship and the Company’s activities in each jurisdiction.

The Company seeks to maintain open and constructive relationships with its stakeholders and to understand matters that may affect their interests or the Company’s ability to deliver its strategy. Employees and contractors are encouraged to raise matters of concern through appropriate management channels.

Board review

Material feedback received through stakeholder engagement is communicated to the Board through regular management reports, Board meetings and, where appropriate, specific updates on significant matters.

The Board considers stakeholder interests when reviewing the Company’s strategy, operational plans, principal risks and significant business decisions. In particular, the Board considers the potential implications for health and safety, environmental matters, regulatory compliance, local communities, employees and contractors, business partners and the Company’s reputation and ability to operate.

The Board seeks to balance the interests of its different stakeholder groups with its overarching responsibility to promote the success of the Company for the benefit of shareholders as a whole. Where stakeholder feedback identifies a material issue or opportunity, the Board considers whether changes to the Company’s strategy, operations, risk management or stakeholder engagement approach are appropriate.

Where a key resource or relationship is identified as being subject to material risk, the Board considers appropriate measures to protect or enhance it as part of the Company’s risk management and strategic planning processes.