REG - Zenith Energy Ltd - Updated TCFD Disclosures in Annual Report

Zenith Energy (CA)Announcement

17/04/2024 18:30

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RNS Number : 0410L  Zenith Energy Ltd  17 April 2024

April 17, 2024

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Updated TCFD Disclosures in Annual Report

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; OTCQB: ZENAF), the listed
international energy production and development company, announces that,
following consultation with its independent statutory auditor, RPG Crouch
Chapman LLP, it has decided to publish an updated annual audited report for
the financial year ended March 31, 2023 ( the "Annual Report") to ensure full
compliance with Listing Rule 14.3.27, specifically with reference to climate
related financial disclosures as outlined in the Financial Stability Board
report entitled "Recommendations of the Task Force on Climate-related
Financial Disclosures" published in June 2017 ( the "TCFD Disclosures").

 

The Annual Report is unchanged in respect of the audited annual results
released to the market on July 31, 2023, except for the insertion of revised
TCFD disclosures on page 25 and a continuation of post balance sheet events
that have occurred since July 31, 2023, detailed on page 84 of the Annual
Report.

 

A copy of the Annual Report can be viewed here:
http://www.rns-pdf.londonstockexchange.com/rns/0410L_1-2024-4-17.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/0410L_1-2024-4-17.pdf)

 

A copy of the Annual Report can also be viewed on the National Storage
Mechanism ("NSM") and will be made available for review on the Company's
website: www.zenithenergy.ca (http://www.zenithenergy.ca)

The updated TCFD Disclosures in compliance with LR 14.3.27 contained within
the Annual Report may be found on page 25 of the Annual Report and, for ease
of reference, are set out below.

 

TCFD Compliance Statement

 

CLIMATE RELATED FINANCIAL DISCLOSURES

 

Introduction

 

The Board recognises that transparency regarding climate-related risks and
opportunities is critical to maintaining the trust of our stakeholders and
allows our investors to understand the implications of the Company's
activities on climate change. The Board's consideration of key environmental
risks is included under the principal risks and uncertainties section of the
Director's Report. The Board also presents the following synthesis of its
adoption of the recommendations of the Task Force on Climate-related Financial
Disclosures (the "TCFD"), structured into four sections: Governance, Risk
Management, Strategy and Metrics & Targets.

 

Governance

 

The Board actively oversees The Company's investment strategy. At each Board
meeting our Board engages in robust discussions about its current investments
and any potential investment opportunities where they address any emerging
challenges and disruptions. At the same time, our Board works with senior
management to develop a comprehensive view of the Company's short and
long-term business risks. Both the Board and senior management team recognise
that operating responsibly, which includes minimizing the environmental impact
of our operations, is fundamental to the long-term success of the Company. We
believe building a better future involves embedding climate awareness
throughout our organization, starting at the top.

 

The Board oversees the management of specific risks and opportunities,
including climate-related risks and opportunities. The senior management team
provides regular updates to our Board on their activities, and, in addition,
the Board reviews the risks associated with the Company's investment strategy
throughout the year.

 

 

Risk Management

 

The Board recognises that climate change risk is a global issue that may
impact how we run our business, both today and in the future. As such, we
continue to look for ways to improve our understanding of climate-related
risks. However, although the impact of climate change is relatively low at
this stage in the Company's development, we are conscious that "doing nothing"
isn't an acceptable response to the impact climate change may have on the
business in the future. We are therefore working to integrate climate risk
variables into our overall risk management process and establish formal
multi-disciplinary processes that engage both the Board and senior management
team.

 

Strategy

 

The Company operates from a corporate head office in Canada but holds
investments in several global jurisdictions including Italy, USA, Tunisia,
Sudan, and Kazakhstan. The nature of these investments includes oil and gas
extraction and electricity production. The Board is conscious of the inherent
environmental risks associated with the extraction of natural resources and
the production of energy. However, the Board actively encourages its
investment partners to operate within international environmental guidelines
and to perform its activities using the most up-to-date equipment.

 

Metrics & Targets

 

The Board is committed to reducing its impact on the environment in all
aspects of its business activities and in all jurisdictions in which it
operates. The Board engages with all its key stakeholders and partners and
encourages the reduction of CO2 emissions throughout the value chain to
promote an environment that actively strives towards achieving 'net zero' by
2035. However, at this stage in the Company's development there are no formal
metrics or targets to measure the Company's emissions against, but the Board
continues to review the need to implement metrics & targets.

 

Further Information:

 Zenith Energy Ltd

Andrea Cattaneo, Chief Executive Officer     Tel: +1 (587) 315 1279

                                               E:       info@zenithenergy.ca (mailto:info@zenithenergy.ca)
 Allenby Capital Limited - Financial Adviser   Tel: + 44 (0) 203 328 5656

 Nick Harriss

 Daniel Dearden-Williams

 

 

 

Notes to Editors:

 

Zenith Energy Ltd. is a revenue generating, independent energy company with
energy production, exploration and development assets in North Africa, the
US, and Europe. The Company is listed on the London Stock Exchange Main
Market (LSE: ZEN), the Euronext Growth of the Oslo Stock Exchange (OSE:
ZENA) and the Venture Market of the OTCQB (OTCQB: ZENAF).

 

Zenith's strategic focus is on pursuing development opportunities through the
development of proven revenue generating energy production assets, as well as
low-risk exploration activities in assets with existing production.

 

For more information, please visit:  www.zenithenergy.ca
(http://www.zenithenergy.ca)

Twitter: @zenithenergyltd

LinkedIn:  https://bit.ly/3A5PRJb (https://bit.ly/3A5PRJb)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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