During FY 2017 Elk has continued the development of a sustainability strategy and future sustainability reporting scope as we transform for the first time in our corporate history into an active, best practice, oil field Operator.
In Elk’s transformational year ahead we are building a strong foundation of operating business values in health and safety that will ensure our employees and contractors are able to do what we ask of them within a transparent and useable HSE management system.
This well considered approach also encapsulates other areas of good corporate governance as management structures are enhanced to deliver more robust systems that in turn are focused on providing continued shareholder return.
Elk’s COO has been appointed to steer its sustainability governance structure during the coming year. This oversight will ensure sustainability themes are implemented into and across our everyday business practices in the areas we operate in. This initial implementation will allow us to measure, refine and further develop sustainability goals and targets as the company grows.
Four core areas have been identified by Elk as the focus of its sustainability reporting:
- Health and safety of our staff and contractors
- Wellbeing of our staff and contractors
- Diversity & Equality
- Landowner interaction
- Corporate citizenship
- Operating footprint
- Land & Water management
- Regulatory compliance and reporting
- Elk’s benefit on local communities and businesses
As Elk transitions to an active Operator role in the US States of Nebraska and Wyoming during FY 2017 we have proactively grown our profile during FY 2016 in these States with the addition of staff and contractors, whilst engaging with other primary Stakeholders, regulators, landholders, local communities, and shareholders. Our engagement and relationship building as non-operator (49%) in the Grieve EOR project over the last 12 months with Joint Venture Partner, Denbury (51%) as Operator, is a highlight and testament to our commitment to grow the business for all Elk Primary Stakeholders. Elk intends to further develop this ‘communications’ strength and utilise it as a tool to attract other likeminded JV and business partners in the coming year.
For the benefit of all Elk Stakeholders during this transitional year, Elk will adhere to and benchmark its sustainability strategy and reporting against global oil industry guidelines for social and environmental issues as set down by IPIECA (International Petroleum Industry Environmental Conservation Association). In this transitional year Elk will also be utilising the GRI (Global Reporting Initiative) guidelines to develop and disclose our sustainability performance for the benefit of all Stakeholders.
We look forward to presenting a detailed Elk Sustainability Performance Overview in next year’s annual report, for the very active year ahead.