Business Summary

Karoon Energy Ltd is an Australia-based oil and gas exploration and production company. Its projects include Bauna-Santos Basin, Santos Basin, Tumbes Basin, Carnarvon Basin and Ceduna Sub-basin. Its Bauna-Santos Basin project is located in concession BM-S-40, in the southern Santos Basin and comprises the Bauna and Piracaba light oil fields and the undeveloped Patola oil discovery. It is located approximately 50 kilometers (km) from its Neon and Goia discoveries to the east and Clorita exploration block to the south. The Santos Basin located approximately 200 km off the coast in the State of Sao Paulo, Brazil. It acquires 40% interest Tumbes Basin project’s Block Z-38 lies 10 km offshore from the coast of northern Peru, 56 km west of the city of Tumbes and 39 km west of Caleta Cruz. It acquires 100% of early-stage exploration permit WA-482-P in the Carnarvon Basin offshore north Western Australia. Its exploration permit covers approximately 17,793 square km of the Ceduna Sub-Basin.