Corporate Governance

Although the Group, as an AIM quoted company, is not required to comply with the Combined Code on Corporate Governance, the Directors support high standards of corporate governance and have established the following corporate governance provisions:

Board of Directors

The Board is currently comprised of three executive directors and three non-executive directors:

Executive Committee

This Executive Committee is responsible for the strategic oversight of the Group. The Executive Committee currently comprises Messrs. Jeffs, Holland, and Young.

Audit Committee

The Audit Committee was appointed in June 2006 and is comprised of four directors: Messrs. Holland, Kraus, Belding and Jeffs. Mr Holland is the Audit Committee Chairman. This Audit Committee is responsible for selecting the Group’s independent auditors, pre-approving all audit and non-audit related services, reviewing with management and the independent auditors the Group’s financial statements, significant accounting and financial policies and practices, audit scope and adequacy of internal audit and control systems.

Compensation Committee

The Compensation Committee was also appointed in June 2006 and is comprised of Messrs. Belding, Holland and Jeffs. The Compensation Committee is responsible for determining the terms and conditions of service of the executive directors and of senior management of the Group.

Advisory Committee

The Advisory Committee is currently comprised of Messrs. James C Langdon and Tom R Fuller, two independent international advisors with extensive experience in, and knowledge of, the energy sector.

The role of this committee is to provide financial, operational, geopolitical and technical advice to the Board and to senior non-Board officers of the Group.

Shareholder Relations

Communications with shareholders is undertaken through face-to-face meetings and general presentations at the time of the release of the full year results. The Group's website (www.maxpetroleum.com) facilitates the publication of results and the posting of news regarding the Group and its developments.