Roles and Responsibilities
The Board has overall responsibility for all aspects of the business. The Board’s role is to
agree the Company’s long-term direction and strategy and monitor achievement its business
objectives, while ensuring that they are properly pursued within a robust framework of risk
management and internal controls.
The Board meets formally at least four times a year for these purposes and holds additional
meetings when necessary to transact other business. The matters reserved for the Board
include:
- determining strategy and policy;
- reviewing and ratifying risk management and compliance systems and controls;
- approving major capital expenditure, acquisitions and disposals;
- approving and monitoring budgets and the integrity of financial reporting;
- approving interim and annual financial reports;
- approving significant changes to the organisational structure;
- approving any issues of shares or other securities;
- ensuring high standards of corporate governance and regulatory compliance;
- setting the remuneration of non-executive Directors; and
- the appointment of the Company’s auditors.
The Board currently consists of five directors:
- Non-Executive Chairman, Patrick Doherty
- Interim CEO, Antony Legge
- Chief Finance Officer (and Company Secretary), John O’Connor
- Chief Operating Officer, Dave Blaney
- Non Executive Director, Jason Brewer
The Chairman’s role involves the leadership of the Board and he is responsible for overseeing the running of the Board, ensuring that no individual or group dominates the Board’s decision-making and ensuring the non-executive director is properly briefed on all operational and financial matters. The Chairman also has overall responsibility for corporate governance matters in the Company.
The Chief Financial Officer has responsibility for assessing financial controls, including the preparation and review of the Company’s financial statements. As the Company Secretary, he also is responsible for ensuring that Board procedures are followed, and applicable rules and regulations are complied with.
The Chief Operating Officer is responsible for overseeing the Company’s exploration and drilling programme and the technical assessment of new projects. He is also responsible for engaging with landowners where drilling is to occur. The Board is supported by the Audit and Risk Committee and the Remuneration Committee. Due to its size, the Company does not have a Nomination Committee. The Board carries out the tasks and responsibilities of a Nomination Committee.
The Board considers the current balance of sector, financial and public market skills and experience of its directors is appropriate for the size and stage of development of the Company and that its Directors have the skills and requisite experience necessary to constructively challenge and execute the Company’s strategy and discharge
their fiduciary duties effectively. The Board is committed to ensuring diversity of skill and experience.
All Directors have access to the advice and services of the Company’s solicitors and the Company Secretary, who is responsible for ensuring that all Board procedures are followed. Any Director may take independent professional advice at the Company’s expense in the furtherance of his duties.
The Board recognises the need to operate a gender diverse business and will ensure that any future changes to the Board considers the necessary diversity requirements and compliance with all employment law.
