Ann: March 2022 Quarterly Report and Appendix 5B, page-4

Lots to like in this report.

• Management are executing well.
• Maeresk Development rig arrived on time in Rio, with works to commence shortly.
• Next quarter we should see the first results of the 4-well Bauna intervention and coming into Q2 &Q3, production should be pushing 20,000 bbls/day.
• 2 well Patola drilling takes Karoon 30,000 bbls/day by end Q4.
• @$105 Brent/bbl and 30,000 bbls/day = US$280m / qtr or US$1.1billion annualised revenue.
• Guidance unchanged and all of the above looks on time and on budget, with pre royalty production costs in the low/mid $20/bbl.
• Neon control well drilling to come in 1H23, as well as potentially M&A on Enuata / Atlanta in the coming weeks.
• Karoon will be very news heavy in the coming months as the above plays out.

If management executes on all of the above its hard to see how Karoon remains a US$800m mkt cap company for much longer. Its a double or triple from here with oil over $100/bbl.