(TSX: AAV)
CALGARY,
AB, Nov. 7, 2023 /CNW/ - Advantage Energy Ltd.
("Advantage", the "Corporation", "us", "we" or "our") is pleased to
announce the publication of our new Sustainability Report (the
"Report") which is available on our website at www.advantageog.com.
The Report reflects key sustainability and operational metrics and
achievements for the 2022 reporting year, outlining the progress
we've made in advancing our environmental, social, and governance
priorities.
Sustainability Highlights
- Combined Scope 1 and 2 emission intensity of 0.016
tCO2e, an 8% decrease from 2021
- Methane intensity of 0.035 tCO2e, a 10% decrease
from 2021
- A total of 16,785 tCO2e captured and sequestered in
2022, with over 83,500 tCO2e captured and sequestered
since 2015
- Established Entropy Inc., a subsidiary of Advantage, as a
global leader in modular carbon capture, and secured a $300 million investment commitment from
Brookfield Renewable to expand globally. Advantage anticipates its
emissions intensity will continue to decrease with the deployment
of Entropy's proprietary carbon capture technology, with a current
focus on North American projects.
- Proactive liability management spending exceeded our mandatory
regulatory requirements by 375%
- Liability Management Rating ("LMR") of 28.4, amongst the
highest of any established companies in our industry
- Comprehensive Health and Safety Program, receiving a
Certificate of Recognition ("COR") audit score of 99% in 2022,
where we have consistently achieved a score greater than 97% over
the last six years
- Implementation of Indigenous Scholarship Program, with five
scholarships awarded
- Investment in our communities through donations to various
charities, programs, advocacy initiatives, and organizations
- Investment in our staff, increase in employment, increase in
gender balance, and continued low turnover
Advantage's sustainability reporting is aligned with the
internationally recognized reporting methodologies, including
Sustainability Accounting Standards Board ("SASB"), Global
Reporting Initiative ("GRI") Standards, and Task Force on
Climate-Related Financial Disclosures ("TCFD").
Looking Forward
As our business strategy and sustainability objectives continue
to advance, we look forward to publicly reporting our achievements
to our stakeholders. Advantage appreciates the contributions and
engagement of our staff and the support of our Board of Directors,
as we are proud to produce low-emissions, low-cost Canadian energy
for the world.
Advisory
The information in this press release contains certain
forward-looking statements, including within the meaning of
applicable securities laws. These statements relate to future
events or our future intentions or performance. All statements
other than statements of historical fact may be forward-looking
statements. Forward-looking statements are often, but not always,
identified by the use of words such as "guidance", "anticipate",
"target", "objectives", "estimates", "continue", "demonstrate",
"expect", "may", "can", "will", "believe", "would" and similar
expressions and include statements relating to, among other things,
Advantage's focus, strategy, priorities and development plans;
Advantage's expectations that its emissions intensity will continue
to decrease with the deployment of Entropy's proprietary carbon
capture technology; Advantage's expectations that Entropy will
expand its operations globally; that Advantage will publicly report
its achievements to its stakeholders; and other matters.
With respect to forward-looking statements contained in this
press release, Advantage has made assumptions regarding, but not
limited to: future commodity prices including oil and natural gas;
conditions in general economic and financial markets; effects of
regulation by governmental agencies; receipt of required
stakeholder and regulatory approvals; royalty regimes; future
exchange rates; royalty rates; future operating costs; availability
of skilled labour; availability of drilling and related equipment;
timing and amount of capital expenditures; the impact of increasing
competition; that Advantage will have sufficient cash flow, debt or
equity sources or other financial resources required to fund its
capital and operating expenditures and requirements as needed; that
Advantage's conduct and results of operations will be consistent
with its expectations; that Advantage will have the ability to
develop Advantage's crude oil and natural gas properties in the
manner currently contemplated; availability of pipeline capacity;
that current or, where applicable, proposed assumed industry
conditions, laws and regulations will continue in effect or as
anticipated as described herein; the availability of government
initiatives to Entropy; the timing and amount of capital
expenditures; that Entropy will have the ability to develop
projects in the manner currently contemplated; the performance of
Entropy's proprietary novel carbon capture solvent; that the
estimates of Entropy's cost structure and the assumptions related
thereto are accurate in all material respects; that Entropy will be
able to develop third party carbon capture and storage projects;
that there will be a functional carbon capture and storage
regulatory framework at the both the federal and provincial level;
and that the estimates of Advantage's production, reserves and
resources volumes and the assumptions related thereto (including
commodity prices and development costs) are accurate in all
material respects.
These statements involve substantial known and unknown risks
and uncertainties, certain of which are beyond Advantage's control,
including, but not limited to: risks related to changes in general
economic, market and business conditions; industry conditions,
including as a result of demand and supply effects resulting from
the COVID-19 pandemic; the impact of significant declines in market
prices for oil and natural gas; actions by governmental or
regulatory authorities including increasing taxes, regulatory
approvals, changes in investment or other regulations; changes in
tax laws, royalty regimes and incentive programs relating to the
oil and gas industry; the effect of acquisitions; our success at
acquisition, exploitation and development of reserves; unexpected
drilling results; failure to achieve production targets on
timelines anticipated or at all; changes in commodity prices,
currency exchange rates, capital expenditures, reserves or reserves
estimates and debt service requirements; the occurrence of
unexpected events involved in the exploration for, and the
operation and development of, oil and gas properties; hazards such
as fire, explosion, blowouts, cratering, and spills, each of which
could result in substantial damage to wells, production facilities,
other property and the environment or in personal injury; changes
or fluctuations in production levels; individual well productivity;
delays in anticipated timing of drilling and completion of wells;
competition from other producers; the lack of availability of
qualified personnel or management; credit risk; changes in laws and
regulations including the adoption of new environmental laws and
regulations and changes in how they are interpreted and enforced;
Advantage's ability to comply with current and future environmental
or other laws; stock market volatility and market valuations;
liabilities inherent in oil and natural gas operations; competition
for, among other things, capital, acquisitions of reserves,
undeveloped lands and skilled personnel; incorrect assessments of
the value of acquisitions; geological, technical, drilling and
processing problems and other difficulties in producing petroleum
reserves; ability to obtain required approvals of regulatory
authorities; Advantage's ability to access sufficient capital from
internal and external sources; current and future carbon prices and
royalty regimes; the price of and market for carbon credits and
offsets; that Entropy's conduct and results of operations will not
be consistent with its expectations; that Entropy will not have the
ability to develop and deploy its projects in the manner currently
contemplated; that Entropy will not be able to develop third-party
carbon capture and storage projects; that there will not be a
functional carbon capture and storage regulatory framework at both
the federal and provincial level; the risk that Advantage's
emissions intensity may not continue to decrease with the
deployment of Entropy's proprietary carbon capture technology; the
risk that Entropy may not expand its operations globally; and the
risks and uncertainties described in the Corporation's Annual
Information Form which is available at www.sedarplus.ca and
www.advantageog.com. Readers are also referred to risk factors
described in other documents Advantage files with Canadian
securities authorities.
Management has included the above summary of assumptions and
risks related to forward-looking information in order to provide
shareholders with a more complete perspective on Advantage's future
operations and such information may not be appropriate for other
purposes. Advantage's actual results, performance or achievement
could differ materially from those expressed in, or implied by,
these forward-looking statements and, accordingly, no assurance can
be given that any of the events anticipated by the forward-looking
statements will transpire or occur, or if any of them do so, what
benefits that Advantage will derive therefrom. Readers are
cautioned that the foregoing lists of factors are not exhaustive.
These forward-looking statements are made as of the date of this
press release and Advantage disclaims any intent or obligation to
update publicly any forward-looking statements, whether as a result
of new information, future events or results or otherwise, other
than as required by applicable securities laws.
The following term used in this press release has the meaning
set forth below:
tCO2e Tonnes of carbon
dioxide equivalent
SOURCE Advantage Energy Ltd.