Karoon Energy Taps Carri Lockhart to Steer Next Growth Phase

Leadership Change at a Pivotal Moment

Karoon Energy has announced the appointment of Ms Carri Lockhart as its new Managing Director and Chief Executive Officer, effective 3 November 2025. This leadership change comes as the company prepares to take over operatorship of the Baúna Floating Production Storage and Offloading (FPSO) facility in Brazil, a critical asset in its production portfolio. Lockhart succeeds Dr Julian Fowles, who has led Karoon since 2020 and helped transform it from an explorer into a production-focused company.

A Proven Leader with Global Expertise

Lockhart brings over three decades of experience in the oil and gas sector, having held senior roles at Equinor ASA and Marathon Oil Company. Her background spans reservoir engineering, operational leadership, and strategic growth initiatives across multiple continents. Notably, she has overseen large-scale production assets and complex development projects, demonstrating a capacity to drive value in diverse and challenging environments.

Her board experience includes non-executive directorships at Williams Companies and Innovex, adding governance depth to her operational expertise. Karoon’s Chairman, Peter Botten, highlighted Lockhart’s ability to build high-performing teams and foster operational excellence as key attributes for leading the company’s next growth phase.

Strategic Growth and Operational Focus

Karoon is positioning itself for expansion in both Brazil and the United States, with Lockhart at the helm to navigate the complexities of these markets. The company’s strategic exploration acreage in the Southern Santos Basin offers potential for new discoveries, while ongoing farm-downs and organic growth opportunities remain priorities. Lockhart’s appointment aligns with these ambitions, bringing a seasoned perspective to operational reliability and shareholder value creation.

Her employment terms reflect a competitive US market package, including a base salary of US$800,000, a short-term incentive opportunity of up to 180% of base salary for stretch targets, and a long-term incentive plan tied to performance rights. These incentives underscore the board’s confidence in her ability to deliver results.

Looking Ahead

Lockhart expressed enthusiasm about joining Karoon at this pivotal juncture, emphasizing the company’s strong asset base and financial position. She intends to work closely with the board and management teams across Australia, Brazil, and the US to implement operational and strategic priorities that ensure safe, reliable production and long-term value for shareholders.

As Karoon transitions leadership and advances its operational footprint, investors will be watching closely to see how Lockhart’s global experience translates into tangible growth and operational success.