Carnarvon Energy Limited announced that following discussions with Nero Resource Fund Pty Ltd. (Nero) and Collins St Asset Management Pty Ltd. (Collins St), Russell Delroy and William Barker have been appointed as non-executive directors of Carnarvon with immediate effect. In connection with the appointments of Mr. Delroy and Mr. Barker to the Carnarvon Board, existing Managing Director Adrian Cook, and Carnarvon non-executive director Debra Bakker, have agreed to retire from the Board. Carnarvon's Chair, William (Bill) Foster, and non-executive director Gavin Ryan will remain on the Board, with Mr. Foster and Mr. Ryan both intending to retire prior to, or at, the company's 2024 Annual General Meeting.

The reconstituted Board will continue the search process to identify and appoint new, high calibre, individuals to replace Mr. Foster and Mr.Ryan, in accordance with the previously announced Board succession process. It is the current intention of the Board that the identification of potential replacements will be completed by the end of First Quarter, 2024. Mr. Foster has also confirmed that he will not exercise his casting vote as Chair at any meeting of the directors of the Company whilst he remains in the Chair role.

CEO succession. As part of the Board changes, Mr. Cook will step- down immediately from the role of Carnarvon's Chief Executive Officer (CEO). The positions of CEO and Chief Operating Officer (COO) will be merged, with Carnarvon's current COO Mr. Philip Huizenga being appointed into the new CEO role.

This change has been planned for some time, and reflects Carnarvon's progression from explorer to producer. Strategic objectives. Following the appointment of Mr. Delroy and Mr. Barker, the reconstituted Board intends to: Preserve existing balance sheet strength: Commitment to no new material acquisitions.

This will protect Carnarvon's ability to fund Dorado and the primary underwriting of the Company's valuation. A strong balance sheet also provides optionality and patience in realising the right value outcomes from the existing asset base; Significantly reduce the corporate and administrative cost base: Materially reduce the administration and corporate cash costs of the business following a comprehensive review; and Maximise value from the existing asset base: Continue to support project development at Dorado in a fiscally conservative manner. explore opportunities to realise value through a corporate sale or asset divestment via a coordinated process.

The Company will work with its joint venture partners to seek to accelerate drilling of the higher priority targets in the Bedout Sub-basin. Carnarvon will also seek to execute upon opportunities to monetise non-core assets. These strategic priorities are focused on restoring and growing shareholder value.

Shareholders will be advised of all material developments in relation to this strategy.