Corporate Governance Report

African Petroleum Corporation Limited (“African Petroleum”) is listed on the Oslo Axess (“APCL”). African Petroleum's Board of Directors are responsible for establishing the Corporate Governance Framework of the Company.

 The Board of African Petroleum is committed to administering the policies and procedures with openness and integrity, pursuing the true spirit of Corporate Governance commensurate with African Petroleum’s needs. It also attempts to meet the extensive range of varying legal, regulatory and governance requirements applicable to publicly listed companies in Norway.

The Board supports the principles of effective Corporate Governance and is committed to adopting high standards of performance and accountability, commensurate with the size of the Company and its available resources. Accordingly, the Board has adopted Corporate Governance principles and practices designed to promote responsible management and conduct of the Company’s business.

The Company is pleased to make the following information on its Corporate Governance available to its Shareholders on its website. Our Corporate Governance Plan covers the following areas:

Board Charter;
Corporate Code Of Conduct;
Audit and Risk Committee Charter;
Remuneration Committee Charter;
Nomination Committee Charter;
Performance Evaluation;
Continuous Disclosure;
Risk Management; and
Guidelines for Buying and Selling Securities (Securities Trading Policy)

Further information on African Petroleum's Corporate Governance Plan (PDF).

Corporate Governance Policy Statement

In accordance with Oslo Listing, the Corporate Governance statement included in the Company’s annual report discloses the extent to which the Company has followed the CGC Recommendations by detailing the Recommendations that have not been adopted by the Company and the reasons why they have not been adopted. The Corporate Governance practices disclosed by African Petroleum in the Corporate Governance statement are in place throughout the reporting year.