Karoon Energy Ltd (Karoon or the Company) announces the creation of a Brazil Business Unit and
a restructure of its executive team with immediate effect.
Recognising the importance of Brazil to the business, a Brazil Business Unit has been created, reporting
directly into the CEO and Managing Director, supported by the appropriate technical, financial and
growth expertise in the Melbourne corporate centre.
Karoon’s successful transition from explorer to oil producer following the acquisition of the Bauna asset
in Brazil and the creation of the Brazil Business Unit calls for a transformation in the experience and capabilities within the organisation, as well as clear definition of accountabilities in a streamlined reporting structure. As a result, there will be several changes affecting long-standing staff.
A new and expanded position of Executive Vice President and President Karoon Brazil, reporting directly
to the CEO and Managing Director, has been created. As a result of this, the current position of South
America General Manager, currently held by Tim Hosking, will be absorbed into the new position with
Tim departing the business at the end of March. A global executive search has been initiated to fill the
new role. Tim’s responsibilities will transition to Chief Operating Officer, Edward Munks, on an interim
basis, ensuring continuity of Brazil management.
Karoon’s current CFO, Scott Hosking, will step down from his role in H2 CY2021. An executive search
has been initiated for a new CFO appointment.
James Wootton steps down from his current role as Head of Investor Relations at the end of March.
Ann Diamant, previously the Senior Vice President (SVP) for Investor Relations at Oil Search, joins
Karoon as a consultant in the new role of SVP Communications and Investor Relations from early April.
The changes outlined abovewill enable continued safe and reliable production from Bauna, the delivery
of the near term Bauna intervention program and the Patola development, expected to reach FID in Q2
CY2021, providing a significant platform for Karoon’s continued growth.
CEO and Managing Director, Julian Fowles, commented:
“Karoon has successfully made the transition from explorer to producer. It is now time to commence our
plans to enable Karoon’s near term growth in the core basins of SE Brazil and to formulate our longer
term strategy. To do this, we need to enhance and deepen the oil & gas executive capability within the
organisation and implement rigorous corporate and operational processes, with clarity on corporate
and individual KPIs, executive accountabilities and authorities.
Our new structure ensures a strong focus on operations and growth and raises the Brazil reporting line
directly into the CEO and Managing Director. Karoon Brazil becomes a full capability Business Unit, responsible for executing all in-country business, with full accountability for the delivery of safe, reliable and profitable production within parameters set by the executive team. Expectations associated with
governance and assurance have been increased commensurate with Karoon’s new status as a production company. Executive performance will be measured against timely delivery of key HSSE,
production, operational and financial performance indicators, with remuneration more closely tied to performance.
Iwould like to thank Tim Hosking and James Wootton for their many years of dedicated service to Karoon and to acknowledge their contributions to building the Company into the successful production business it is today. Their legacy is a tremendous platform for the continued growth of Karoon, not only with Baúna and its associated near term growth projects, but also in terms of entrepreneurial spirit and culture. I wish them the very best for the future as they pursue new challenges.
would also like to welcome Ann to the team and look forward to working with her to further develop
and implement our external communications strategy, to deepen and broaden Karoon’s shareholder
base and to ensure that Karoon’s value continues to be recognised in the market.”
