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- Karoon Energy (KAR) has created the Brazil Business Unit and restructured its executive team after transitioning from an oil explorer to an oil producer
- The new business will support operations at the recently acquired Baúna asset in Brazil
- South America General Manager Tim Hosking will exit his role at the end of the month to make room for the new role of Executive Vice President and President Karoon Brazil
- Additionally, current Chief Financial Officer Scott Hosking and Head of Investor Relations James Wootton will exit their roles
- Former Senior Vice President for Investor Relations at ASX-listed Oil Search (OSH), Ann Diamant will join Karoon Energy from early next month
- Ann will assume the role of Senior Vice President for Communications and Investor Relations
- Company shares are up 4.25 per cent and are trading at $1.11
Karoon Energy (KAR) has created the Brazil Business Unit and restructured its executive team after transitioning from an explorer to a producer.
The new business unit was created in recognition of the importance of Karoon Energy’s Brazilian assets which include the Baúna and Santos assets.
The Brazil Business Unit will report directly to the CEO and Managing Director, Julian Fowles.
“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,” Julian said.
The transition from oil explorer to oil producer follows the acquisition of the Baúna asset which was finalised in November 2020.
Since then, Karoon has placed more importance on stronger capabilities and a streamlined operation.
Due to this, the company has created a new role entitled “Executive Vice President and President Karoon Brazil” which is yet to be filled. In light of this, current South America General Manager Tim Hosking will be absorbed into the new position with Tim leaving the business at the end of this month.
Tim’s responsibilities will transition to Chief Operating Officer Edward Munks on an interim basis.
Additionally, current Chief Financial Officer Scott Hosking will step down from his role in the second half of 2021. The company has initiated a search for a replacement.
Existing Head of Investor Relations James Wootton will also step down from his role at the end of March. Former Senior Vice President for Investor Relations at ASX-listed, Oil Search (OSH), Ann Diamant, will join Karoon Energy as Senior Vice President for Communications and Investor Relations. Ann will commence this role from early April.
“I would 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,” Julian said.
Overall, Karoon has made these changes to ensure an ongoing safe and reliable production process from the Baúna operation. It will also support the Patola development which is expected to reach a final investment decision in the June quarter.
Company shares are up 4.25 per cent and are trading at $1.11 at 12:48 pm AEDT.
