Consolidated Statement of Cash Flows For the Financial Year Ended 30 June 2021 Consolidated Restated* 2021 2020 Note US$’000 US$’000 Cash flows from operating activities Receipts from customers (inclusive of GST refunds) 136,978 1,527 Payments to suppliers and employees (inclusive of GST) (56,461) (12,176) Net refunds (payments) for Peruvian VAT 4,247 (4,518) Payments for exploration and evaluation expenditure expensed (15,231) (40,980) Payments for Baúna transition expenditure (15,941) (12,714) Interest received 263 2,362 Interest and other costs of finance paid (13,246) (351) Income taxes paid (10,823) (266) Net cash flows from (used in) operating activities 29(a) 29,786 (67,116) Cash flows from investing activities Purchase of plant and equipment and computer software (4,717) (1,462) Acquisition of oil and gas assets (150,000) (49,875) Payments for oil and gas assets (16,031) – Borrowing costs paid (191) – Payments for exploration and evaluation expenditure capitalised (1,915) (1,401) Release/refund of security deposits 3,621 70 Proceeds from disposal of non‑current assets 20 18 Net cash flows used in investing activities (169,213) (52,650) Cash flows from financing activities Principal elements of lease payments (23,411) (254) Proceeds from issue of ordinary shares – 195,456 Payment of equity raising costs – (7,091) Net cash flows from (used in) from financing activities (23,411) 188,111 Net increase (decrease) in cash and cash equivalents (162,838) 68,345 Cash and cash equivalents at beginning of financial year 296,420 228,758 Effect of exchange rate changes on the balance of cash and cash equivalents held in foreign currencies (373) (683) Cash and cash equivalents at end of financial year 10 133,209 296,420 * The comparative statement for the year ended 30 June 2020 has been restated to show the effect of the voluntary change in presentation currency. The above consolidated statement of cash flows should be read in conjunction with the accompanying notes. Karoon Energy Ltd 80 Annual Report 2021