KAROON ENERGY LTD — Director's Dealing 2025

Jul 28, 2025

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity Karoon Energy Ltd

ABN 57 107 001338

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Dr Julian Fowles
Date of last notice	24 July 2025

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Direct interest
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	N/A
Date of change	24 July 2025

• See chapter 19 for defined terms.

01/01/2011

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Appendix 3Y Change of Director’s Interest Notice

No. of securities held prior to change	1,671,389 Ordinary Fully Paid Shares 222,613 unlisted performance rights (long term incentive) vesting (subject to satisfaction of key performance indicators) on 1 July 2025 and expiring on 30 June 2026 (KARAY) 198,809 unlisted performance rights (long term incentive) vesting (subject to satisfaction of retention conditions) on 1 July 2026 and expiring on 30 June 2027 (KARAAB) 506,475 unlisted performance rights (long term incentive) vesting (subject to key performance indicators) on 1 January 2027 and expiring on 31 December 2027 (KARAAD) 656,583 unlisted performance rights (long term incentive) vesting (subject to key performance indicators) on 1 January 2028 and expiring on 31 December 2028 (KARAB)
Class	Ordinary Fully Paid Shares Unlisted performance rights (long term incentive) vesting (subject to satisfaction of key performance indicators) on 1 July 2025 and expiring on 30 June 2026 (KARAY)
Number acquired	222,613 Ordinary Fully Paid Shares
Number disposed	222,613 KARAY
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Nil
No. of securities held after change	1,894,002 Ordinary Fully Paid Shares 198,809 KARAAB 506,475 KARAAD 656,583 KARAB
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy- back	Conversion of vested unlisted performance rights into ordinary fully paid shares

Part 2 – Change of director’s interests in contracts

• See chapter 19 for defined terms.

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01/01/2011

Appendix 3Y Change of Director’s Interest Notice

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	N/A
Nature of interest	N/A
Name of registered holder (if issued securities)	N/A
Date of change	N/A
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	N/A
Interest after change	N/A

Part 3 –[+] Closed period

Part 3 –+Closed period
Were the interests in the securities or contracts detailed above traded during a+closed period where prior written clearance was required?	No
If so, was prior written clearance provided to allow the trade to proceed during this period?	N/A
If prior written clearance was provided, on what date was this provided?	N/A

• See chapter 19 for defined terms.

01/01/2011

Appendix 3Y Page 3