Afren

The Board is responsible to shareholders for the proper management of the Group. During the year, the Board comprised the Non-executive Chairman, three Executive Directors (the Chief Executive, the Chief Financial Officer and the Managing Director, Nigeria) and two (up to 1 November 2006, four) further Non-executive Directors. Subsequent to year end, the Chief Financial Officer was appointed Chief Executive and a further Executive Director was appointed (the Chief Operating Officer).  The Board meets at least quarterly and as issues arise which require Board attention. The Board has a formal schedule of matters specifically referred to it for decision. In addition to those formal matters required by the Companies Act(s) to be set before a board of directors, the Board will also consider strategy and policy, acquisition and divestment proposals, approval of major capital investments, risk management policy, significant financing matters and statutory shareholder reporting.