During FY 2017 as the company has grown with the addition of the working interest in Madden and Lost Cabin Gas Plant, Elk has continued to broaden its sustainability strategy and future sustainability reporting scope as we further our transition into an active, best practice, oil field operator.
This has been Elk's transformational year and we are building a strong foundation of operating business values in health, safety and environment 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 continued to be responsible for steering its sustainability governance structure during the past year. This oversight ensures sustainability themes are implemented into and across our everyday business practices in the areas we operate in. This implementation allows 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 State of Wyoming during FY 2018 we have proactively grown our profile during FY 2017 in the US 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 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.
This year Elk as an Operator and 100% owner has delivered, without incident, on time and budget, while dealing with approximately 20 private landowners and the Wyoming State Authorities the Grieve Oil Pipeline refurbishment project, with the line now poised to take Grieve crude oil. Likewise, the execution of the Singleton south, Opis-1P re-entry and test in Nebraska.
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.