Carnarvon Energy Limited has commenced a Board succession process to appoint a number of new non-executive directors. The succession process will be managed by Carnarvon's Remuneration and Nomination Committee (R&N Committee), with executive search firm Derwent engaged to assist. It is intended that new directors appointed as part of the succession process will replace Carnarvon's current Chair, Bill Foster, and director Gavin Ryan.

New directors will be appointed during the course of 2024, and prior to the company's 2024 Annual General Meeting (AGM). Bill Foster was elected as Chair in November 2020, and last re-elected as a director in November 2022. At the time of Mr. Foster's re-election, he advised that he would retire during the course of the renewed three-year term once an orderly transition to a new Chair had been facilitated.

Mr. Foster intends to retire at the company's 2024 AGM. Gavin Ryan was last re-elected as a director in November 2021, and is currently Chair of the R&N Committee. Consistent with the Board's commitment to renewal, Mr. Ryan has advised that he will not be standing for re-election at the 2024 AGM.