Karoon elects new independent chairman

The board of directors of Karoon Gas Australia Ltd have appointed Dr. David Klingner as the new Independent Non-Executive Chairman of the company effective from December 19, 2014.

Karoon says that Dr. Klingner is an experienced Chairman with both ASX and offshore companies who has experience in the energy and resources sector and in particular, project development and stakeholder management expertise.

Robert Hosking, the company’s founding Executive Chairman will assume the role of Managing Director from December 19, 2014.

Dr. Klingner worked for Rio Tinto for 38 years, retiring in 2004. During Dr. Klingner’s career at Rio Tinto he held many senior executive positions including Head of Exploration, Group Executive Coal and Gold, Managing Director Kaltim Prima Coal as well as various other commercial and technical roles including Group Geologist Petroleum Exploration. During this period Dr. Klingner also had significant exploration experience in South America and Africa.

Dr. Klingner is the outgoing Chairman of Turquoise Hill Resources Ltd, an advisory board member to resource private equity boutique, Pacific Road Capital Management, Chairman of Codan Limited, a global electronic goods manufacturer and former Chairman of Energy Resources of Australia Ltd.

Dr. Klingner has a Bachelor of Science degree in Geology (Hons) from the University of Queensland and a PhD in Geology from the University of Melbourne. He is a fellow of the Australian Institute of Mining and Metallurgy and a member of the Prospectors and Developers Association of Canada and the Institute of Corporate Directors.

Following Klingner’s appointment as Chairman, Karoon’s board will consist of a total of eight directors including five independent Non-Executive Directors including the Chairman, one Non-Executive Director and two Executive Directors.

Executive Chairman, Robert Hosking said: “The appointment of Dr. Klingner brings considerable global project development oversight, insight and expertise to the Board of Karoon. Dr. Klingner’s career has been varied across the resources industry; he has been involved in complex and difficult social and fiscal environments as well as chairing several companies through the modern governance landscape both in Australia and North America. Karoon is very pleased to welcome Dr. Klingner to the Board and looks forward to working with Dr. Klingner to continue to create the best possible value for shareholders.”

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