dIRECTORS’ REPORT COnTInUEd Meetings Directors’ Interests in the Company’s Shares and Options Principal Activities Significant Changes in State of Affairs Results Financial Position 18 Karoon Gas Australia Ltd  Annual Report 2011 The Group’s working capital, being current assets less current liabilities, has increased from $91,010,773 as at 30 June 2010 to $311,643,637 as at 30 June 2011. The consolidated result of the Group for the financial year was a loss after income tax expense of $23,304,914 (2010: $14,893,839).  The loss for the financial year was largely attributable to net foreign currency losses of $10,440,658, costs of $5,673,914  associated with the proposed public offering on the BM&FBOVESPA in São Paulo (Brazil) and exploration and evaluation  expenditure of $3,881,892 for AC/P8 written off. The net assets of the Group increased by $256,163,753 from 30 June 2010 to $617,867,324 during the financial year. This net  increase was largely due to the following: During the financial year, the Company successfully completed $292,461,747 in new equity capital raisings: The principal activity of the Company during the course of the financial year continued to be investment in hydrocarbon exploration  and evaluation in Australia, Brazil and Peru. As at the date of this Directors’ Report, the Directors held the following number of ordinary shares and options over unissued  ordinary shares in the Company: A. The number of meetings held during the time the Director held office during the financial year. B. The number of meetings attended during the time the Director held office during the financial year. The number of Directors’ meetings (including meetings of committees of Directors) and number of meetings attended by each  Director of the Company during the financial year were: • Gross proceeds of $292,461,747 raised from the issue of fully paid ordinary shares in the Company. • 5,550,000 unlisted options were exercised during the financial year that raised gross proceeds of $24,189,750. • 11,692,642 ordinary shares were issued during October 2010 to shareholders via a share purchase plan at $7.00 per ordinary  share that raised gross proceeds of $81,848,494; and • 26,631,929 ordinary shares were issued during September 2010 to sophisticated and professional investors via a share placement  at $7.00 per ordinary share that raised gross proceeds of $186,423,503; Audit  Remuneration Board  Committee  Committee Director  Meetings  Meetings  Meetings A  B  A  B  A  B Mr Robert Hosking  11  9  1  1  -  - Mr Mark Smith  11  10  -  -  -  - Mr Geoff Atkins  11  11  4  4  2  2 Mr Clark Davey  6  6  3  3  2  2 Mr Stephen Power  11  11  4  4  2  2 Director  Ordinary Shares, Fully Paid  Unlisted Other Share Options Mr Robert Hosking  12,524,462  - Mr Mark Smith  3,002,037  - Mr Geoff Atkins  696,784  500,000 Mr Clark Davey  13,144  500,000 Mr Stephen Power  602,142  500,000