• CEO/MD Dr. Julian Fowles to leave Karoon by mid 2026
• Key corporate roles to be relocated to Brazil and USA
• Board leading global search for new Houston-based CEO/MD

Karoon Energy Ltd (Karoon or the Company) has announced that Chief Executive Officer and Managing Director, Dr Julian Fowles, will be leaving the Company by mid 2026. This follows a decision to relocate key corporate teams and roles to Brazil and the United States of America, as mentioned at the 2025 Annual General Meeting in May. The Board, supported by an international search firm, is leading a global search process to appoint a Houston-based CEO/MD to succeed Dr Fowles. Dr Fowles will remain as CEO/MD until the earlier of the appointment of the new CEO/MD or the end of 2025. He will then serve a notice period through to mid 2026, during which time he will be available to provide continuity, if required. Karoon's Chair, Mr Peter Botten, stated that the decision to relocate the corporate roles has not been taken lightly, but is expected to increase efficiency and facilitate collaboration between the business units in Brazil and the USA, while also reducing duplication and allowing the Company to source high quality, local talent in its operational locations. The relocation will be phased over 12-18 months to ensure a meticulous handover of roles and responsibilities. Dr Fowles, who joined Karoon in 2020, was instrumental in developing and delivering the Company's 2021 Strategic Plan, including the successful Baúna intervention campaign, the development of the Patola field, and the strategic Who Dat asset acquisition. More recently, he has led the acquisition of the Baúna FPSO and the commencement of disciplined capital returns to shareholders, helping to shape the Company for its next phase of growth.