Karoon Energy Ltd. provided a summary of the competent persons report prepared by AGR petroleum services reservoir management division for the reserves and contingent resources relating to Santos Basin concession BMS40 containing the Baúna oilfield and Patola oil discovery. This assessment is effective as of 1 January 2020 and represents an update to previous CPR prepared by AGR which was announced on 29th August 2019 and was effective as of January 1, 2019. Production for calendar year 2019 was 6.94MMbbls oil or 19kbpd. After accounting for field production through 2019 the CPR results represent reserve increases of 4.0MMbbl, 1.2MMbbl and 0.8MMbbl at 1P, 2P & 3P levels respectively. AGR’s revised contingent resource assessment represents increases of 0.7MMbbls, 1.0MMbbls and 1.2MMbbls respectively at 1C, 2C & 3C levels.