KAROON ENERGY LTD — Share Issue/Capital Change 2025

Oct 22, 2025

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

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Announcement Summary

Entity name

KAROON ENERGY LTD

Date of this announcement

Thursday October 23, 2025

The +securities the subject of this notification are:

+Securities issued under an +employee incentive scheme that are subject to a restriction on transfer and are not being quoted on ASX until the restriction ends

Total number of +securities to be issued/transferred

		Total number of
ASX +security		+securities to be
code	Security description	issued/transferred	Issue date
KARAB	PERFORMANCE RIGHTS EXPIRING	76,322	17/10/2025
	31-DEC-2028

Refer to next page for full details of the announcement

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

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Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

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Part 1 - Entity and announcement details

1.1 Name of entity

KAROON ENERGY LTD

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type Registration number ABN 53107001338

1.3 ASX issuer code

KAR

1.4 The announcement is

New announcement

1.5 Date of this announcement

23/10/2025

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Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

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Part 2 - Issue details

2.1 The +securities the subject of this notification are:

+Securities issued under an +employee incentive scheme that are subject to a restriction on transfer and are not being quoted on ASX until the restriction ends

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

has an existing ASX security code ("existing class")

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Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

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Part 3B - number and type of +securities the subject of this notification (existing class) where issue has not previously been notified to ASX in an Appendix 3B

Additional +securities in an existing class issued under an +employee incentive scheme
ASX +security code and description
KARAB : PERFORMANCE RIGHTS EXPIRING 31-DEC-2028
Date the +securities the subject of this notification were issued
17/10/2025
Will these +securities rank equally in all respects from their issue date with the existing issued
+securities in that class
Yes
Were any of the +securities issued to +key management personnel (KMP) or an +associate?
No
Please provide a URL link for a document lodged with ASX detailing the terms of the +employee incentive scheme
or a summary of the terms chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/ https://www.karoonenergy.com.au/wp-content/uploads/Performanc e-Rights-Plan-Rules-2025.pdf
Any other information the entity wishes to provide about the +securities the subject of this notification
Issue details

Number of +securities 76,322

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Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

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Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this notification, the +securities of the entity will comprise:

The figures in parts 4.1 and 4.2 below are automatically generated and may not reflect the entity's current issued capital if other Appendix 2A, Appendix 3G or Appendix 3H forms are currently with ASX for processing.

4.1 Quoted +securities (Total number of each +class of +securities issued and quoted on ASX)

	Total number of
ASX +security code and description	+securities on issue
KAR : ORDINARY FULLY PAID	731,456,259
4.2 Unquoted +securities (Total number of each +class of +securities issued but	not quoted on ASX)
	Total number of
ASX +security code and description	+securities on issue
KARAY : PERFORMANCE RIGHTS EXPIRING 30-JUN-2026	233,546
KARAAB : PERFORMANCE RIGHTS EXPIRING 30-JUN-2027	1,025,863
KARAAC : PERFORMANCE RIGHTS EXPIRING 31-DEC-2025	5,349
KARAAD : PERFORMANCE RIGHTS EXPIRING 31-DEC-2027	3,037,453
KARAAE : PERFORMANCE RIGHTS EXPIRING 23-JUN-2027	99,174
KARAAF : PERFORMANCE RIGHTS EXPIRING 30-JUN-2028	145,208
KARAA : PERFORMANCE RIGHTS EXPIRING 31-DEC-2026	114,557
KARAB : PERFORMANCE RIGHTS EXPIRING 31-DEC-2028	4,581,692

4.2 Unquoted +securities (Total number of each +class of +securities issued but not quoted on ASX)

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Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

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Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? Yes

5.1a Select the number of the applicable exception in Listing Rule 7.2

13

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