dIRECTORS’ REPORT The Board of Directors submits its Directors’ Report on Karoon Gas Australia Ltd and its subsidiaries (the ‘Group’) for the financial  year ended 30 June 2011 (the ‘financial year’). Under the Company’s Constitution, the minimum number of Directors that may comprise the Board of Directors is currently three  and the maximum number of Directors is 10. Directors are elected and re-elected at annual general meetings of the Company. The names of the Directors of Karoon Gas Australia Ltd (the ‘Company’) during the financial year and up to the date of this  Directors’ Report are set out below: Board of Directors Appointed 11 November 2003. Appointed 20 November 2003. Appointed 22 February 2005. Geoff has over 40 years experience in investigation, planning, design,  documentation and project management  of numerous significant port, harbour  and maritime projects, including container  terminals, LNG jetties, heavy lift wharves,  cement, coal, bauxite, iron ore and other  bulk terminals and naval bases. Mark has more than 30 years  experience as a geologist and  exploration manager in petroleum  exploration and development in  Australia, South East Asia and North  America. The bulk of this experience  was gained while working with BHP  Petroleum. Mark has been directly  involved with 11 economic oil and gas discoveries. Robert is the founding Director of the  Company and has more than 30 years  of commercial experience in the  management of several companies.  Robert has been involved in the oil and  gas industry for 15 years and was the  founding director/shareholder of Nexus  Energy Limited. Robert also has a background of more  than 17 years commercial experience in the steel industry. He jointly owned  and managed businesses involved in  the transglobal sourcing, shipping and  distribution of steel-related products,  with particular expertise gained in  Europe and the Asia/Pacific Rim. Mark has geosciences skills in regional  basin and tectonic studies, petroleum  systems fairway assessments,  prospect evaluations, risking and  volumetrics, fault seal prediction and  well-site operations. His management  skills cover general and human  resources management, acreage  evaluation and acquisition projects,  farm-ins/farm-outs, well-site operations  management and management of  onshore and offshore drilling  operations. Geoff has gained substantial overseas  experience completing marine projects  in Indonesia, Malaysia, Thailand,  Vietnam, Sri Lanka, India, South Africa,  Namibia, New Zealand and the United  Kingdom. LNG, oil, gas, bulk ports and other large maritime infrastructure  projects that Geoff has been involved in have included the design of Woodside  Petroleum Ltd’s LNG Jetty, tender  design of ConocoPhillips’ Darwin LNG  Jetty and concept designs for the  Sunrise LNG Jetty. Geoff has also been  involved in investigations of proposed  LNG marine terminals in Taiwan, Iran and Israel for BHP Petroleum and the  West Kingfish and Cobia oil drilling  platforms for ESSO/BHP in Bass Strait. Chairman of the Audit Committee,  Chairman of the Remuneration  Committee and Member of the  Nomination Committee. Member of the Nomination Committee. 16 Karoon Gas Australia Ltd  Annual Report 2011 Executive Chairman Mr Robert M Hosking Mr Mark A Smith  Dip. App. Geol, Bsc. (Geology) Executive Director and Exploration Director Independent Non-Executive Director Mr Geoff Atkins  FIE Aust. RMIT Dip. Civ Eng.