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Managing Director and Management Team

The Managing Director is subordinate to the Board of Directors and is principally responsible for the Company's day-to-day management and operations. Responsibilities are delegated to the Board and the Managing Director according to the agenda for the Board and instructions for the Managing Director. The Managing Director is also responsible for the preparation of reports and collation of information from the management team for Board meetings and for presenting the material at the Board meetings.

According to the instructions for financial reporting, the Managing Director is responsible for keeping the Board of Directors updated on developments in Cassandra Oil's operations, profit/loss and financial position, liquidity and credit situation, significant business events and other relevant circumstances.

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