• Karoon to undertake further US$75m on-market share buybacks over 2025
• Buybacks part of 2025 Capital Returns Plan, including semi-annual shareholder distributions
• Buybacks subject to approvals and compliance with credit agreements

Karoon Energy intends to undertake an additional US$75 million of on-market share buybacks over the 2025 calendar year, on top of the current US$25 million buyback program. This would represent a total investment of US$125 million in Karoon shares over the 18 month period from July 2024 to December 2025. The intended share buybacks are part of Karoon's 2025 Capital Returns Plan, which also includes semi-annual shareholder distributions of 20-40% of underlying Net Profit After Tax. The additional US$75 million buyback is subject to obtaining relevant Board and shareholder approvals, ongoing compliance with Karoon's credit agreements, and prevailing share price and market conditions. Karoon's Chairman stated that the company believes its shares are materially undervalued, presenting an excellent opportunity to buy back and cancel shares, adding value to remaining shareholders.

Karoon expects to have sufficient funds to pay out 20-40% of underlying Net Profit After Tax to shareholders, implement the additional US$75 million on-market buybacks, as well as develop its portfolio of organic growth opportunities.