Commencement of a further on-market share buyback

• Karoon Energy begins third phase of US$75 million buyback
• Buyback to commence in July 2026
• Maximum 10% of issued capital within a year
• Shares deemed undervalued by the Board

Following the completion of the second phase of its US$75 million on-market buyback program, Karoon Energy Ltd. has announced the initiation of a third phase, set to commence in July 2026. The company has already repurchased and cancelled 94.3 million shares at an average price of A$1.57 per share. The new buyback will proceed at a measured pace, taking into account market conditions and the company's capital requirements, including future project sanctions. The buyback is subject to a 10/12 limit, in accordance with the Corporations Act 2001, and the Board will retain discretion over the rate, timing, and extent of purchases. The Board believes Karoon's shares are undervalued, presenting an opportunity to buy back and cancel shares, thereby enhancing value for remaining shareholders.