President Petroleum Company is committed to compliance with the broad principles and provisions of the Combined Code for AIM Listed Companies, but recognises that the needs of the business and shareholders may, in the short-term, override full compliance with the Code, in which circumstances the Company will be happy to provide proper explanation for the reasons for the departure from the Code.

The Board of directors comprises the Chairman, the Finance Director, Exploration Director and one Non-Executive Director. All Directors are subject to election by shareholders at the first AGM after their appointment and to re-election at least once every 3 years. The Board meets regularly and has a schedule of matters reserved to it for decision including overall strategy; approval of the annual budget and the annual Report and Accounts; major development expenditure; fund-raising; and changes to the Board.

The Board has appointed an Audit Committee comprising David Wake-Walker as Chairman and John Hamilton. The primary responsibility of the Audit committee is to monitor and review the Company's financial policies, statements and controls and the Company's relationship with its Auditors.

The Remuneration Committee, comprising Mike Cochran as Chairman, John Hamilton and David Wake-Walker, reviews and recommends remuneration policy and individual remuneration for senior Executives. The remuneration of the Non-Executive Director is a matter for the Board excluding the member who would be conflicted.