• Carri Lockhart appointed as new Managing Director and CEO effective from 3 November 2025
• Extensive global experience in oil and gas with over 30 years in the energy industry
• Proven track record in driving corporate strategic growth and leading large-scale operations

Karoon Energy Ltd has announced the appointment of Ms Carri Lockhart as its new Managing Director and Chief Executive Officer (MD and CEO), effective from 3 November 2025. This marks a significant leadership transition as Karoon prepares to take over operatorship of the Baúna FPSO in Brazil and progress its organic growth opportunities in both Brazil and the US, as well as managing key farm-downs and creating value from the strategic exploration acreage in the Southern Santos Basin. Ms Lockhart brings extensive global experience in oil and gas with more than 30 years of experience in the energy industry, most recently at Equinor ASA and prior to that, at Marathon Oil Company. She has a proven track record in driving corporate strategic growth, leading large-scale operations, and managing complex projects to deliver strong value to shareholders. Ms Lockhart also has board and governance experience gained through holding non-executive director roles in publicly traded companies within the energy industry, including Williams Companies, a leading US natural gas processing and transportation company, and Innovex, an oil and gas engineering and manufacturing company. In addition, she has experience as a member of the management committee for Ascent Resources, a privately held energy company focused on northeast US shale gas. Karoon's Chairman, Mr Peter Botten, expressed his delight in Ms Lockhart's appointment, stating that her deep understanding of the oil and gas industry, considerable experience in managing large-scale production assets, and demonstrated skills in building and leading high-performing teams make her the ideal person to lead Karoon through its next phase of growth.

Ms Lockhart's employment agreement includes a base salary of US$800,000 per annum, a short-term incentive (STI) opportunity of 120% of base salary, and a long-term incentive (LTI) opportunity of 350% of base salary, provided as performance rights. The LTI opportunity will commence on and from 1 January 2026, subject to shareholder approval.