content_image/268459.jpg
## NOTES TO THE FINANCIAL STATEMENTS CONTINUED 

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2011 

## Note 21. Subsidiaries 

The financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance with the accounting policy described in Note 1(b): 

<img src='content_image/268459.jpg'>

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. 

## Note 22. Segment Information 

## (a) Description of Segments 

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. 

