Ann: June 2022 Quarterly Report and Appendix 5B, page-15

Excellent report with a lot to like.

Karoon management under promising and over delivering on profitability.

Unit production cost guidance for FY2022 has been reduced to US$24 – 26/bbl. This is largely a result of higher
than anticipated production, as well as costs savings and lower than expected expenditure on the loading hose
replacement and anchor line repairs. Guidance for Business development (New Ventures), share based payments
& other costs has been cut to US$11 – 13 million, predominantly due to a reduction in spend associated with the
Enauta transaction, following the termination of the exclusivity agreement.

Bauna Workover seems to be delivering results after the first completed well PRA-2.

The four-well Baúna workover campaign using the Maersk Developer drilling rig commenced during the
quarter, with the first well, PRA-2, being entered in late May to replace the downhole Electric Submersible
Pump. PRA-2 was brought back onstream successfully in late June, with a boost to production in line with
expectations.