Offshore fund Pegasus CP One, part of Swiss company Pegasus Global Wealth, wants to install ex-BP senior executive Collin Goodall as chairman of Karoon and Metgasco co-founder Glenda Mcloughlin and Premier Oil director David Bamford as non-executive directors.

In addition, the fund is calling for existing independent director Geoff Atkins to step down.

Karoon has come out swinging in response to the attempt, saying the operation of the board could be "unduly disrupted" by the proposed appointments and pointing to its list of achievements as testament to its ability.

The company has also gone to some effort to expose unflattering details in relation to the history of the proposed candidates and cast doubt over Pegasus' intentions, which it has described as "opaque".

"Pegasus is proposing that Karoon step back from its exploration-led growth strategy which has delivered a 33% compound annual growth rate in shareholder returns since Karoon's initial public offering," the company said.

"Instead, it is proposing Karoon adopt a new strategy which is very unclear, but seems to revolve around increased mergers and acquisitions for unknown assets."

Karoon has disputed Pegasus' claim that it holds 2.4% of Karoon, saying that the firm has previously described itself as "managing" the stake, and that is not sure who Pegasus actually represents.

The company said that Pegasus held 0.39% of Karoon at September 2.

Aside from detailing the past shortcomings of the Pegasus candidates, Karoon has also drawn lines to possible conflicts of interest, pointing out that Premier Oil is in direct competition with Karoon in Brazil, raising questions over Bamford's suitability for Karoon's board.

Karoon also noted that Goodall made a similar attempt to be elected to the board of Central Petroleum in 2012, and that this was unsuccessful.

The Karoon board could be in trouble regardless of whether or not the candidates are backed by shareholders, with a separate resolution over its remuneration report threatening the possibility of a spill.

More than 25% of shareholders voted against the report last year, with the possibility of a similar result this year leaving the company open to a two strike rule introduced in 2011.

The company has urged shareholders to vote in favour of the report, noting that it has made changes to its remuneration structures and policies in the interim.