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PANORO ENERGY ASA
TRANSPARENCY ACT STATEMENT
PURSUANT TO THE NORWEGIAN TRANSPARENCY ACT
About Panoro Energy
Panoro Energy ASA is an independent exploration and production company listed on the main board of the Oslo Stock Exchange with the ticker PEN.
Panoro Energy holds production, exploration and development assets in Africa, namely interests in Block-G, Block S and Block EG-01, offshore Equatorial Guinea, the Dussafu License offshore southern Gabon, the TPS operated assets, Sfax Offshore Exploration Permit and Ras El Besh Concession, offshore Tunisia, and interests in an exploration Block 2B, and Technical Co-operation Permit 218 in South Africa.
Panoro Energy has a head office in London, UK, with country offices in Malabo, Equatorial Guinea, Libreville, Gabon and Tunis, Tunisia. The company holds a 50% interest in the TPS operating company based in Sfax, Tunisia. We employ 25 people across these locations.
We strongly believe that our success is dependent on our reputation for operating with the highest standards for integrity, transparency and trust. Panoro Energy supports the UN’s Global Compact initiative and is actively committed to promoting the basic principles relating to the topics of human rights, labour standards, the environment and anti-corruption. To ensure that all directors, officers, employees, and suppliers of goods and services to Panoro Energy are aware of our commitment to ethical business practices, we have adopted an Anti-Bribery and Corruption and Business Associates Policy, a Code of Conduct and a Safety and Sustainability Policy, which together are compatible with the UN Global Compact and the OECD’s Guidelines for Multinational Enterprises. These policies set out our expectations for the behaviour of our Board of Directors, management, employees, and contractors. Amongst other things, they require that we comply with all applicable laws and regulations in any country in which we do business.
Panoro Energy Supply Chain
Panoro Energy’s suppliers play an important role in the success of our organization. We work with more than one thousand suppliers who provide raw materials, goods and services, driving risk management and quality performance throughout the supply chain. Panoro Energy requires that each of our suppliers comply with all applicable laws, rulings and regulations in the jurisdictions where they do business. That includes laws related to equal opportunity and non-discrimination, and laws prohibiting human trafficking and slavery. Panoro Energy employees are encouraged to report to management if they suspect that any supplier is engaging in unethical behavior. If Panoro Energy verifies that any supplier is in violation of applicable laws, Panoro Energy has the right to terminate the agreement with the supplier.
Due Diligence Measures Implemented in 2022/3
As part of our initiative to identify and mitigate risk, we have taken the following steps during 2022:
- Revised and published on the company website the Anti-Bribery and Corruption and Business Associates Policy, the Code of Conduct and the Safety and Sustainability Policy.
- Established the Whistleblowing Procedure, including a channel for internal and external whistleblowers.
- Completed a human rights risk assessment for the company operations.
- Undertaken a supplier risk screening exercise for the company operated activities. This assigns high/medium/low risk categorization to our existing suppliers based on: a) their country of origin screened against the United Nations Development Programme Human Development Index; b) whether the services provided have the potential to pose a higher risk of poor human rights and labour practices or create a risk to the environment.
- Sought details from our business partners in Equatorial Guinea and Gabon of their supply chain and where possible undertaken a similar supplier risk screening exercise to the company’s direct suppliers, otherwise have requested assurance that they are guarding against UN Global Compact breaches.
- Updating of the company procurement processes to ensure that all future suppliers are compatible with the UN Global Compact.
2022 is the first year that Panoro Energy has conducted a due diligence risk assessment analysis of the company’s suppliers. The process has shed light on our supplier base and the potential risks associated, plus our processes related to evaluating and mitigating such risk. In 2023 we have continued the work so that we better understand the potential risks in our existing supplier base and deal appropriately with any issues identified; we will also further enhance our procedures to prevent exposure from future suppliers.
Training, Awareness and Reporting
Our internal policies and procedures aim to ensure that our employees understand and comply with all laws, rulings, and regulations in their area of business. We provide training to key employees to enable them to recognize and address any issues that may arise relating to slavery and human trafficking that may occur in our supply chain.
Employees are encouraged to seek guidance when they have questions or concerns regarding our policies and procedures from Panoro Energy senior management. Employees may also use the company Whistleblowing Procedure to report any concerns or suspicions related to company or supplier actions, details are available on the company website. The Whistleblowing Procedure is also available to employees of our supply chain and other third parties to raise issues or concerns regarding all compliance issues, including those involving modern slavery and human trafficking.
Finding of Adverse Impact
In the event of a finding of adverse impact through our due diligence process, Panoro Energy will fulfill its legal obligations to publish the findings and the measures taken to address the adverse impact. To date, our due diligence processes have not identified any situations with actual or potential negative consequences for basic human rights and decent working conditions.
In accordance with the Norwegian Transparency Act, Panoro Energy will provide information about our efforts to promote labour and human rights in our supply chain to anyone who requests this information. Inquiries should be directed to email@example.com
Chief Executive Officer
The information provided in these historical presentations is not current and is provided only for your convenience. The management statements were current as of the date of the presentation, but may have changed since that date and should not be construed as the current opinion of Panoro Energy. The information regarding future financial performance and results, production growth, and the other information which is not historical fact contained in these presentations is forward-looking information that involves risks and uncertainties, including, but not limited to, market factors, the market price of natural gas and oil, results of future drilling and marketing activity together with future production and costs.