Sustainability

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Conrad is committed to engaging in sustainable exploration and development together with the people and communities where it operates, ensuring that our presence has beneficial impacts. While oil and gas reserves are finite, they are a crucially important development resource to the countries in which they are found. They will also play a large role in the world’s energy mix for many decades to come.

There are significant initiatives across our industry to improve the social welfare of the communities we work in and environmental performance. At Conrad we start with the implementation of best-in-class environmental practices and policies from the exploration phase right through to the development phases of drilling and management. We understand the importance of being able to meet the needs of today’s society, whilst securing the needs of future generations. Thus, in all our actions and decisions we are committed to minimizing our environmental footprint.

Health Safety & Environment

Our HSE policy statement sets out Conrad Petroleum’s obligations to employees and others involved in, or affected by, our operations. It applies at all operated sites and offices including those of wholly owned subsidiaries. It will be used to influence non-operated joint ventures to adopt Conrad’s goals.

At Conrad our HSE goals are:

To strive to guarantee and improve the health and well-being of all our staff and contractors. Healthy working conditions is an important factor for us to provide a safe and productive working environment. No harm shall come to our employees, contractors, the communities we work in or those affected by our activities. We will minimise the environmental impact of our facilities and activities where we can and use materials and energy efficiently. We will strive to create a secure business environment that minimises economic loss and business disruption, safeguarding our people, integrity and reputation. We promote a culture in which all Conrad employees, partners and stakeholders share this commitment.

We seek to achieve our goals by:

Ensuring that all our management decisions are consistent with our HSE goals and that we have a systematic approach to HSE management designed to not only be effective but to ensure compliance with the law. We set targets for continuous improvement, measuring, appraising and reporting performance to management who always insist that HSE is conducted with the utmost priority. We continually promote a strong and sustainable HSE culture through engagement and training and require contractors to manage HSE in line with this policy. By requiring business partners under Conrad’s operational control to apply this policy and use its influence to promote it in other ventures.

Where any activity cannot be undertaken in accordance with this policy, work shall not proceed until the risks have been eliminated or mitigated. Therein, everyone in Conrad is empowered to intervene and stop any unsafe acts or address any unsafe conditions they observe.

Conrad Corporate Governance

At Conrad Petroleum, the role of the Board includes ensuring that the Company acts ethically and in the best interest of shareholders in everything it does. To the extent possible, these standards of behavior are reflected in the Company’s corporate governance policies and codes.  These policies and codes are regularly reviewed and, where necessary, updated.

Corporate Governance Statement

Conrad’s Board of Directors believes there is a strong link between high standards of corporate governance and growth in shareholder value. We are committed to operating in accordance with Conrad’s corporate governance policies in all aspects of our business.

We believe that good corporate governance is about conducting business in a transparent and ethical way that enhances value for all of our stakeholders. We expect all Conrad personnel to demonstrate high ethical standards and respect for others. We operate in an open, honest and collaborative fashion with all stakeholders and our corporate integrity is of the greatest importance.The Board is responsible for the corporate governance of the group.

The Board’s guiding principle is that it acts honestly, conscientiously and fairly, in accordance with the law and in the interests of Conrad’s shareholders, personnel and other stakeholders.

Anti-Corruption Policy

Conrad is committed to conducting its business with honesty and integrity in compliance with the laws of all the countries in which it is active. This includes compliance with all laws, domestic and foreign, prohibiting improper payments or inducements to any person. Employees, contractors and Company agents shall not permit any use of the funds or other assets of the Company for any unlawful or improper purpose.

Company personnel shall not make or authorize anyone to make on behalf of the Company any payments or gifts or offers or promises to pay money or give anything of value to or for the benefit of any person, including any public official, that is or may appear to be related to obtaining or retaining business with any person, directing business to any person, obtaining any other advantage in the conduct of business, or inducing or rewarding the “improper” performance by any person of any function or activity; or consent to, or connive in, any of the above.

Risk Management Policy

The Board is responsible for, amongst other things, ensuring that effective risk management programs are in place to protect Conrad’s assets and shareholder value. The Board is responsible for setting the risk philosophy and risk appetite for Conrad and approving the overall risk management policy. The Board is also responsible for reviewing and approving material insurances as part of risk management strategies.

The Board is to recognize and monitor all material risks of an operational nature relating to oil and gas exploration and production which arise out of the activities of Conrad. Executive Directors and Management recommend insurance, where appropriate as part of risk management strategies, and submit any material insurance to the Board for review and approval. Individuals manage risks within their sphere of control in accordance with the Company policies and business-specific processes.

Code of Conduct and Ethics

Conrad, its subsidiaries and associated entities and personnel are expected to comply, at all times, with all applicable laws. They are also expected to conduct Conrad operations in keeping with the highest legal, moral and ethical standards.

All Personnel of Conrad, its subsidiaries and associated entities must conduct the business of Conrad with the highest level of ethics and integrity in relation to each other and all others with whom they deal.

Any breach of applicable laws or regulations may also result in prosecution by the appropriate authorities. Conrad will not pay, directly or indirectly, any penalties imposed on any Personnel as a result of a breach of law or regulation. All Personnel are requested to report immediately any circumstances which may involve a breach of this Code to the COO, CEO or any Board member.

Social Development Policy

Conrad seeks to build long-lasting relationships with the communities in which we are active and to demonstrate respect for the culture and values of our host communities. This requires that effective transparent open-communications and consultation are maintained with stakeholders and communities associated with Conrad Petroleum’s activities.

At Conrad, our approach to Social Development will involve proactively engaging with our Stakeholders and understanding and managing the social impacts and opportunities associated with our activities. We look to contribute to host communities in ways that are of mutual benefit to Conrad and the community. Delivering on our commitments to build community capacity and capability. Responsibility for the application of this policy rests with all Conrad employees, contractors and joint venturers engaged in activities under Conrad.

Board Charter

The Board of Directors is primarily responsible for ensuring that the Company has an appropriate corporate governance structure to ensure the creation and protection of shareholdervalue.

The Board is also responsible for ensuring that Conrad recognizes its legal and other obligations to all legitimate stakeholders where and to the extent appropriate. “Stakeholders” are groups that are likely to feel a social, environmental or economic impact from Conrad’s actions. They include shareholders, employees, contractors, regulatory bodies, suppliers, customers, joint venture partners and members of the communities where Conrad operates and are affected by Conrad’s activities.