At the start of 2021, the first six ASX-listed companies began improving their Environmental, Social and Governance (ESG) credentials and reporting their progress against the World Economic Forum’s 21 universal ESG metrics, using “ESG on-ramp” technology platform Socialsuite.

After committing to Socialsuite ESG on-ramp in January 2021, Vulcan Energy (ASX: VUL) secured $120M from ESG investors.

Newly committed Province Resources (ASX: PRL) rose 30% on announcing adoption of ESG reporting and raised $18M including from ESG funds.

Three companies have appointed their first female director since adopting the ESG program and other early adopters report making practical progress against their ESG credentials.

Investors are increasingly demanding better ESG.

An additional thirteen ASX-listed companies recently signed on to ESG on-ramp and are leading the way globally by committing to ESG reporting.

The initial six companies to sign up to Socialsuite’s ESG-on-ramp have now completed their baseline ESG report, first quarterly ESG action plan, and continue to report their progress to stakeholders.

These early adopters are:

• Euro Manganese Inc (ASX: EMN)
• Vulcan Energy (ASX: VUL)
• Elixir Energy (ASX: EXR)
• Minbos Resources Limited (ASX: MNB)
• Advanced Human Imaging (ASX: AHI)
• Whitehawk (ASX: WHK)

Thirteen new companies have now completed their baseline ESG report and are commencing their first quarterly ESG action plan:

• Province Resources (ASX:PRL)
• European Metals (ASX:EMH)
• Mandrake (ASX:MAN)
• Thomson (ASX:TMZ)
• Alexium (ASX:AJX)
• Pursuit (ASX:PUR)
• FYI Resources (ASX:FYI)
• Oneview Healthcare (ASX:ONE)
• Aldoro Resources (ASX:ARN)
• Synertec Corporation (ASX:SOP)
• MMJ Group (ASX:MMJ)
• Creso Pharma (ASX:CPH)
• 88 Energy (ASX:88E)

These companies have begun reporting on 21 core ESG metrics and will demonstrate their ESG progress over time to investors in quarterly dashboards and action plans to be included in quarterly financial and operational reports to the ASX.

Vulcan Energy Resources ESG Baseline Report.

Vulcan Energy Resources ESG Action Plan.

Francis Wedin, Managing Director at Vulcan Energy explains: “At Vulcan, positive impact and ESG are at the heart of our company’s purpose. We are focused on creating long-term sustainable value, while driving positive outcomes for the business, and this has been demonstrated clearly through our funding round which secured $120M including from ESG investors. Working with Socialsuite has helped us get started with reporting our ESG position and has provided a clear action plan of how we can improve our ESG credentials over time.”

While ESG has been a priority for businesses for some time, a key challenge for small to medium ASX listed companies has been the lack of a practical way to measure, report and improve the shared and sustainable value they create. Socialsuite makes it easy for ASX-listed companies to commit to ESG reporting by providing a straightforward tool for measuring and improving their progress against the World Economic Forum’s ESG framework.

“Strength in ESG allows companies to access more investment, attract and retain talent and secure more customers as well as create social value while providing shareholder returns,” says Damian Hajda, Co-Founder and Director at Socialsuite.

“Socialsuite provides a clear and practical way companies can get started with ESG improvement based on the company’s size and resources, which can be scaled as capacity increases.

“Looking at the data from the first quarter, it’s clear the companies see where their attention needs to be focused and where they can make quick changes to deliver significant impact. Initially, we’ve seen a large focus from boards on finalising their purpose statement and ensuring compliance issues such as health and safety are being reported.”

Neil Young, CEO at Elixir Energy, says, “Working with Socialsuite enabled us to quickly and easily identify where there are gaps in our ESG strategy and how we can improve our position. In the last quarter we have appointed a female board director and are now actively seeking out decarbonisation projects to reduce our carbon intensity and deliver social value. We also have a clear roadmap for achieving ESG goals that will take more time.”

David Frances, Managing Director of Province Resources commented, “As we attempt to build a business that has the potential to supply zero carbon hydrogen to fuel the planet for multiple future generations we aspire to set the ground rules and pathway for our Company’s journey towards global ESG compliance and reporting supported by the Socialsuite package.”

Oneview Healthcare CEO James Fitter is also committed to making a difference saying, “The principals of ESG are grounded squarely in our culture and are ingrained into our company growth plans.

“We have long taken pride in the principles of diversity, inclusion and equality, but Socialsuite has provided us with additional transparency and a benchmark to focus on to ensure ESG goals are fully integrated into the operation of the company.

“It’s an over-used cliché to say your company makes a difference in the world but as a trusted partner to some of the leading healthcare systems in the world, we live the commitment to help create a safer, healthier world and witness this regularly through positive patient and clinician feedback,” Fitter concluded.

As the number of ASX companies adopting Socialsuite ESG grows, Socialsuite will be able to provide data to the public on how quickly ASX companies are progressing their ESG credentials over time and what each ESG indicators each sector is focusing on improving at any given time.

Global ESG Insights Dashboard.

Socialsuite’s ESG technology helps companies work towards best-in-class ESG over time through

• quarterly monitoring of key ESG indicators
• quarterly prioritisation of ESG improvements
• assistance to implement ESG improvements
• team responsibilities and task management through quarterly ESG action plans
• ongoing ESG reporting to key stakeholders.

Socialsuite has clients across the Asia-Pacific, Americas and Europe. They include financial institutions, companies, government agencies, philanthropic foundations, not-for-profits, and NGOs.

To learn more about ESG reporting with Socialsuite, visit https://socialsuitehq.com/esg.

88 Energy Ltd (ASX:88E; AIM:88E) this week executed its drilling contract to drill the Merlin-1 and Harrier-1 wells for Project Peregrine on the North Slope of Alaska.

In fact, the Alaska North Slope is home to the US’s largest two oil fields and it hosts some of the world’s largest discoveries over recent years, featuring both onshore and conventional (not shale) with enormous potential.

With excellent infrastructure and low royalty rates it is a good place to do business.

Project Peregrine has a 1.6 billion barrel mean unrisked recoverable prospective resource, located on trend to recent discoveries, including one by oil super major ConocoPhillips (NYSE: COP).

The project has multiple compelling targets, that are shallow to drill test – which means relatively low cost drilling.

An independent resource assessment arrived at an unrisked prospective oil resource of over 1.6 billion barrels at Project Peregrine, across three prospects, two in the Nanushuk formation (Merlin and Harrier), with a Harrier Deep prospect located in the deeper Torok formation.

Recent further seismic analysis increased the company’s confidence at the Project, which identified several similarities between 88E’s Merlin and Harrier prospects and existing discovered oil fields nearby.

Merlin-1 drilling is imminent

88E is on track for its scheduled spud date of the Merlin-1 well February 2021, which is planned to be drilled to a total depth of 6,000 ft, and aims to intersect the shallower Nanushuk topset horizons listed above.

88E recently confirmed a farm out partner who will contribute US$11.3M toward the cost of the Merlin-1 well, and earn 50% of the Project. The estimated gross cost is US$12.6M.

88E’s farm-out partner is the Alaska Peregrine Development Corporation LLC (APDC), a high calibre group of private US individuals that have experience in oil and gas, including owning businesses that directly operate in the sector.

88E only needs to contribute US$1.3M, representing its 50% ownership share over and above a US$10M carry. All additional costs associated with the project above the US$10M carry will be borne equally by both and 88E.

This is a good deal for a small cap oil explorer like 88E, as it allows the company to retain 50% of the upside of drilling success, without having to outlay a large sum for drilling. It is close to a 2 for 1 deal for 88E investors and effectively gives 88E a low cost shot at a potentially large oil discovery early next year.

88 Energy has executed a rig contract with All American Oilfield, LLC for the use of Rig 111 to drill the Merlin-1 and Harrier-1 wells at its Project Peregrine in the NPR-A region of the North Slope of Alaska.

Managing director Dave Wall said of the spud, “The farm-out was finalised late last week and now the rig contract is executed.

“Drilling at Project Peregrine is moving ahead as planned and we are only three months away from spud on what will be a potentially company-making prospect for our shareholders.”

Pantheon’s spud could propel 88E forward

88E operates the majority of the vast 475,000 acre Project Icewine, targeting oil on the world class North Slope of Alaska. The company’s goal is to build a successful exploration and production company that delivers material benefits to its shareholders and contributes to the development of the regions in which it works.

Within the region is the £211 million (AU$380) Pantheon Resources (AIM: PANR), which will spud its Talitha-A well, located close to the northern border of the 88E central acreage position, in January.

Several of the prospective horizons in Talitha-A are interpreted to extend into 88E acreage as indicated below.

As Pantheon’s drilling is ahead of the Merlin-1 spud, 88 Energy’s share price could receive some support for 88E, increasing the perceived value of Project Icewine’s real estate.

Support for 88E is already strong

88E has found strong support in the December quarter, with liquidity in the stock building as interest in its drilling plans grows.

The company was trading between A$0.005 and A$0.006 in late September, and since then has raised A$10M at A$0.006 per share.

The stock has traded as high as A$0.009 in late November.

News of the spud and farm-out should provide further momentum with significant near-term catalysts in the lead up to the spudding of the Merlin-1 well. A significant oil discovery would drive a substantial rerating of 88E.