The company has outlined its environmental, social, and governance (ESG) risks and compliance requirements for its operations in Louisiana, USA, and Australia. The company’s Zydeco Project in Louisiana is subject to US federal and Louisiana state legislation and regulation governing oil and gas exploration, drilling, production, environmental protection, well abandonment, and remediation. The company must comply with permits and approvals issued by Louisiana state regulatory authorities, including the Louisiana Department of Natural Resources.
Material actions and disclosures
The company’s operations and projects are subject to state and federal laws and regulations regarding the environment. These laws and regulations set various standards regulating certain aspects of health and environmental quality and provide for penalties and other liabilities for the violation of such standards. The company proposes to conduct its activities in an environmentally responsible manner, in accordance with applicable laws and regulations, and where possible, by carrying appropriate insurance coverage.
The company’s Zydeco Oil & Gas Project comprises mineral leases over 325.3 acres in Acadia Parish, Louisiana. These leases are subject to the terms and conditions imposed by the lessors and applicable Louisiana state law. The company holds a 100% working interest and a 70% net revenue interest in the project, with the balance representing royalty obligations to the lessors.
Forward commitments
The company aims to manage climate-related risks by conducting its activities in an environmentally responsible manner and complying with applicable laws and regulations. The company will endeavour to manage these risks and limit any consequential impacts, but there can be no guarantee that the company will not be impacted by changes to local or international compliance regulations related to climate change mitigation efforts.
The company’s Zydeco-1 well utilises directional drilling techniques and, following the mechanical interruption of the original wellbore, will require a sidetrack involving a kick-off from the existing casing at approximately 2,760 feet. Sidetrack drilling involves specific technical risks including cementing and casing integrity at the kick-off point, directional control through new formation, and the risk of encountering lost-circulation zones similar to those experienced in the original hole. The revised well design includes a shallower casing point intended to mitigate the lost-circulation issues previously encountered, however, there is no assurance this will be effective.
The company’s Zydeco Project in Louisiana, USA is targeting conventional gas and condensate. Revenue from US operations, if achieved, will be subject to US federal and Louisiana state laws, regulations, or their interpretation, which could adversely affect the company’s US operations and financial performance.
The company’s operations are also subject to the risk of community disapproval of oil and gas activities, which may lead to direct action impeding the company’s ability to carry out its lawful operations, resulting in project delay, reputational damage, and increased costs.
Attributed to the company’s announcement dated 25 August 2026.