Note 21. Subsidiaries Note 22. Segment Information (a) Description of Segments The financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance with the  accounting policy described in Note 1(b): Karoon Petróleo & Gas Ltda changed its name to Karoon Petróleo & Gas SA during the financial year. Karoon Gas (FPSO) Pty Ltd was incorporated as a proprietary company limited by shares on 13 January 2011. The Group has identified its operating segments based on the internal reports that are reviewed and used by the Executive  Chairman and Executive Director/Exploration Director (identified as the ‘chief operating decision maker’) in assessing performance  and in determining the allocation of resources. The operating segments identified are based on the Group’s equity interest in each individual exploration permit. Discrete financial  information (including expenditure on exploration and evaluation assets) is provided to the chief operating decision maker on a  regular basis. In certain circumstances, individual exploration permits are aggregated into a single operating segment where the  economic characteristics and long term planning and operational considerations of the individual exploration permits are such that  they are considered interdependent. 64 Karoon Gas Australia Ltd  Annual Report 2011 Percentage of Equity and Voting Interests Held Country of  Business Incorporation Activities 2011 2010 Name  or Registration  Carried on in % % Parent Company: Karoon Gas Australia Ltd  Australia  Australia  Unlisted subsidiaries of Karoon Gas Australia Ltd: Eastern Pacific Coal Pty Ltd  Australia  Australia  100.0 100.0 Karoon Energy International Ltd  Australia  Australia  100.0 100.0 Karoon Gas (Browse Basin) Pty Ltd  Australia  Australia  100.0 100.0 Karoon Gas Pty Ltd  Australia  Australia  100.0 100.0 Karoon Gas (FPSO) Pty Ltd  Australia  Australia  100.0 - Unlisted subsidiaries of Karoon Energy  International Ltd: KEI (Brazil Santos) Pty Ltd  Australia  Australia  100.0 100.0 KEI (Peru 112) Pty Ltd  Australia  Australia  100.0 100.0 KEI (Peru Z38) Pty Ltd  Australia  Australia  100.0 100.0 Jointly owned unlisted subsidiary of Karoon Energy International Ltd and KEI (Brazil Santos) Pty Ltd: Karoon Petróleo & Gas SA  Brazil  Brazil  100.0 100.0 Branch of KEI (Peru 112) Pty Ltd: KEI (Peru 112) Pty Ltd, Sucursal del Peru  Peru  Peru  100.0 100.0 Branch of KEI (Peru Z38) Pty Ltd: KEI (Peru Z38) Pty Ltd, Sucursal del Peru  Peru  Peru  100.0 100.0 NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE FINANCIAL YEAR ENDED 30 JUNE 2011