Karoon Energy Ltd. announced the appointment of Mr. Carlos Tadeu da Costa Fraga as a Non-Executive Director effective from 26 August 2022. Mr. Fraga has 40 years of experience in the oil and gas sector, including 23 years as an executive at Petrobras. Mr. Fraga held various positions at Petrobras over his career, including as Campos Basin Production General Manager, Gulf of Mexico E&P Operations Manager, Board Member Petrobras Argentina SA, General Manager Domestic Oil and Gas Production, Executive Manager ­ E&P Brazil ­ South and Southeast Regions, Executive Manager ­ Research and Development and E&P Executive Manager ­ Pre-Salt Developments.

During his career at Petrobras, Mr. Fraga led the team involved in the development of various technologies applied on pre-salt fields and played a vital role in the implementation of pre-salt developments, from conceptual design to first oil. Mr. Fraga is a former CEO of Prumo Logistic and of the Porto do Açu, a former Chief Technology Officer at Gran Energia, as well as a former Board member of Gran Bio, GranIHC, Ultrapar, MRO Logistics, Ferroport, Gás Natural do Açu and Porto do Açu (being the Chairman in the last three). Mr. Fraga has also served as a board member of several technology institutions in Brazil, where he made substantial contributions to technological development at universities and research institutes.

Mr. Fraga currently serves as a board member at Vast Infraestrutura (formerly Açu Petróleo) and at the Brazilian Institute for Petroleum, Natural Gas and Biofuels (IBP). Mr. Fraga holds a Bachelor of Engineering from the Universidade Federal do Rio de Janeiro and is a post-graduate in Petroleum Engineering from Universidade Petrobras. He has also attended executive training programs at University of Alberta (Management and Regulation in the Petroleum Industry), INSEAD (Technology Management), London School of Economics (Strategic Leadership) and Brazilian Institute for Corporate Governance ­ IBGC (Board Member).