Aurelian


Committees 

Audit Committee
The Audit Committee currently comprises three independent Non-executive Directors and is chaired by John Matthews.

The Audit Committee, which has Terms of Reference agreed by the Board and available to shareholders on request, now meets four times a year to review the Company’s accounting policies; to monitor the integrity of the Company’s financial statements and announcements; to approve the Company’s Prospect Inventory which is produced every six months, to review internal control and risk management systems and compliance procedures; and to make recommendations to the Board to be put to shareholders for their approval in general meetings, in relation to the appointment, re-appointment and removal of the external auditor and to approve the remuneration and terms of engagement of the external auditor. The Audit Committee also meets to review and provide a Reserves Assurance Process. The Chief Executive Officer, the Chief Financial Officer and Company Secretary are invited to attend meetings of the Audit Committee.

Remuneration Committee
The Remuneration Committee is chaired by David Walker and currently comprises two independent Non-executive Directors. The Chief Executive attends meetings by invitation. During 2010 the Remuneration Committee met three times and it will meet
four times in 2011.

Under its Terms of Reference, it assists the Board to determine the remuneration arrangements and contracts of the Executive Directors and senior employees. It also assesses Company capability, reviews the Board and Executive Committee members’ Key Performance Indicators and reviews personal development requirements and performance related pay.

No Director is involved in deciding his own remuneration. The Directors’ Remuneration Report, which includes details of the Directors’ interest in options and in shares held by the Company’s Employee Benefit Trust together with information on service contracts, is set out on pages 48 to 52 of the latest annual report.

Nominations Committee
The Nominations Committee is chaired by John Conlin and comprises three independent Non-executive Directors and the Chief Executive Officer. Under its terms of reference, it is charged with finding suitable candidates for nomination for appointment to the Board.

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This presentation has been prepared by Wood Mackenzie for Aurelian Oil & Gas. This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for or otherwise acquire, any securities of the Company or of any subsidiary or subsidiary undertaking of the Company, nor does this presentation constitute or form part of any invitation or inducement to engage in investment activity under section 21 of the Financial Services and Markets Act 2000, nor does it constitute a recommendation regarding securities of the Company, nor shall it or any part of it form the basis of or be relied on in connection with any contract or investment decision. If you are considering engaging in any investment activity, you should seek appropriate independent financial advice and make your own assessment.