Corporate Governance Statement

Last Updated on Thursday, 01 October 2009 18:21 Written by Administrator Wednesday, 16 September 2009 12:15

INTRODUCTION

The Corporate Governance arrangements of Pan Pacific Petroleum NL and its consolidated entities (the ‘Company’) are set and reviewed by the Board on an ad-hoc basis having regard to any changing circumstances of the Company and the best interests of shareholders. Whilst the Board recognises that some practices are more relevant to larger companies the Company has undertaken a number of corporate governance initiatives in the last 12 months including the formulation of an Audit Committee and a complete review and implementation of a risk management framework. The Company remains committed to best practice in Corporate Governance where these practices are applicable and protect shareholders’ interests whilst not diminishing the ability of the Directors and Management Team to add value.

This statement outlines the Company’s approach to Corporate Governance for the financial year ended 30 June 2009 and addresses each of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations (the ‘Principles’) as revised and reissued in August 2007. The Statement is current as at the date of the 2009 Directors’ Report and should be read together with the Directors’ Report of the 2009 Annual Report (‘Annual Report’). Unless otherwise indicated, the information is true for the whole of the financial year commencing on 1 July 2008.

Any documents referenced in this statement as being available on the Company’s website can be found on the Corporate Governance page of the Investor Section of the Company’s website (www.panpacpetroleum.com.au).