Slide 1: 2024 Half Year Result
gy ear Result KAROON ENERGY
Slide 2: Disclaimer
Disclaimer KAROON ENERGY This presentation has been prepared by Karoon Energy Ltd. The information contained in this presentation is for information purposes only and does not constitute an offer to issue, or arrange to issue, securities or otMer financt@# products. The information contained in this
Slide 3: 2024 Half Year Highlights
KAROON : Julian Fowles : CEO and Managing Director 2024 Half Year Highlights
Slide 4: 2024 Half Year Highlights
2024 Half Year Highlights bie ENERGY Diversified production base underpins shareholder returns and growth |! ‘N - ® Improving production and Organic growth Organic exploration to lift Solid financial foundation reliability opportunities maturing production for sustainable returns > Brazil: Scheduled
Slide 5: High potential incidents and Lost Time Injuries
6 5 5 4 4 3 3 2 1 1 1 1 0 0 0 CY21 CY22 CY23 1H24 High potential incidents Lost Time Injuries (LTI)
Slide 6: Financial Results
KAROON ENERGY : Ray Church EVP and CFO Financial Results
Slide 7: 2024 First Half Financial Highlights
2024 First Half Financial Highlights Cashflow and profitability reflect lower Batina Project production! Production (MMboe) Sales revenue (US$m) KAROON ENERGY Unit Production Cost (US$/boe) 6 500 30 7.49 4129 409.4 26.10 S 400 . 25 4 300 20 3 200 © 2 10 4 100 5 30 Jun 21 31Dec 21 30 Jun 22 31Dec 22
Slide 8: Underlying NPAT of US$115.8m
Underlying NPAT of US$115.8m Results demonstrate resilience of a diversified asset base USS million (6 atts to (6 months to % Change 30 June 2024) 31 Dec 23) Revenue 409.4 412.9 -1% Transportation costs (12.1) (7.8) 55% Net back revenue 397.3 405.1 -2% (incl EFSO depn & finance (713) (70.4) \% Royal
Slide 9: Unit Production Costs Reconciliation
Unit Production Costs Reconciliation bie Normalising opex/boe for AASB16 capitalised operating leases Production costs Back out . Normalised 1H24 Reported Aasp 16 related to operating costs > 1H24 operating costs include six months - of both Batina Project and Who Dat costs. Operating costs (USS mil
Slide 10: 1H24 Operating Cash flow of US$202m
1H24 Operating Cash flow of US$202m Capex and Petrobras payment fully funded by cashflows ussm 700 600 500 400 300 200 100 Cashat 31 December 2023 170.4 Receipts 414.6 (130.8) Operating & other costs {incl FPSO. lease) (43.4) Royalties andother governmen ttake | el (16.5) Net finance costs US$202m o
Slide 11: Capital expenditure by region and guidance
250 170-207 200 33-43 150-177 150 87-102 120-145 100 78.3 50 69.7 50 - 62 10.7 6.2 30 - 32 0 4.5 8.6 TY23 1H24 CY24E (Prior) CY24E (New) Brazil US Contingent exploration
Slide 12: Funding strategy — bond issue diversifies funding sources
Funding strategy — bond issue diversifies funding sources bie Strategy for growth underpinned by strong balance sheet » Diversified debt funding sources with issue of inaugural US350 million US 144A high yield bond: >» Deepest global pool of debt capital available to mid-cap energy companies, opens
Slide 13: Capital Allocation Framework
Capital Allocation Framework KAROON . soe . . be Revised framework balances returns and retaining capital for reinvestment : Operating cash flow Non-discretional capital spend ini dato ital commit Maintain strong, flexibl credit 1. Capital commitmentsinclude Contingent Payments to Petrobras nt crite
Slide 14: Operational Update
KAROON ENERGY : Julian Fowles : CEO and Managing Director Operational Update
Slide 15: Production by half year
6 5 4 3 5.4 2 3.7 3.4 3.5 1 2.1 0 1H22A 2H22A 1H23A 2H23A 1H24A 2H24E
Slide 16: Production and cost profile by half year
10.0 9.0 6.0-8.12 8.0 7.0 6.3 6.0 5.9 6.0 6.0 5.6 5.0 4.0 3.0 2.0 1.0 0.0 1H22A 2H22A 1H23A 2H23A 1H24A 2H24E Pre-KAR acquisition Post-KAR acquisition
Slide 17: Opportunities to mitigate natural decline
Several opportunities being evaluated to mitigate natural decline: Drilling infill wells Sidetracks from existing wells Potential sliding sleeve opportunities to accelerate production from existing completions and reservoirs Recompletions to utilise existing wells to access additional zones Debottle
Slide 18: Neon Foundation Project development
Potentia Work under NEON / s.-1037 development: Neon Foundation Project way to address low case and to narrow range of uncertainties Y eae { / owed ot 3 on? tests 39 8 38 APT | 10km Contingent Resources? 1C (MMbb!) 2C (MMbbI) 3C (MMbbl) Neon 317 60.1 89.5 Goid 16.0 27.0 46.0 Prospective Resources? 1
Slide 19: Exploration: Who Dat
Exploration: Who Dat Near-field exploration/appraisal opportunities being de-risked Indicative timeline for drilling cam > > Who Dat East successfully intersected 45m net pay Measured Depth of gas-condensate! Well data being analysed, feeding into resource and commerciality assessments of potential
Slide 20: Sustainable operations
Sustainable operations > nvesting to offset carbon emissions Emissions intensity increased relative to 2H23 due to increased flaring and diesel consumption for power generation due to gas compressor issues on the BatinaFPSO and additional activities in US, primarily Who Dat East (Who Dat is lower em
Slide 21: Guidance
Guidance! Unchanged except for Capex 12 months to 31 Dec 24 Prior Revised Low High Low High Production? Brazil MMboe 75 9.0 75 9.0 Who Dat (NRI) MMboe 3.0 3.5 3.0 3.5 Total Production MMboe 10.5 12.5 10.5 12.5 Costs Unit Production Costs? USS/boe 10.5 15.0 10.5 15.0 paginas Development share based p
Slide 22: Interests in two high quality assets in prolific basins
Interests in two high quality assets in globally significant, prolific hydrocarbon basins, with organic growth opportunities: First priority remains safe and reliable operations Near term catalysts include anticipated spud of Who Dat Southin September and Who Dat West in 4024 Solid financial positio
Slide 23: Appendix
KAROON ENERGY
Slide 24: US Deepwater Gulf of Mexico and Brazil
US Deepwater Gulf of Mexico Brazil
Slide 25: Appendix 2: Reconciliation of Underlying Result to Statutory Result
Appendix 2: Reconciliation of Underlying Result to bie Statutory Result 1H24 TY23 (6 months to 30 Jun 24) (6 months to 31 Dec 23) NPAT EBITDAX NPAT EBITDAX Statutory results 61.8 246.9 122.5 253.2 Change in fair value of contingent consideration 3.1 AT 2.3 3.5 Realised losses on cash flow hedges 71
Slide 26: Glossary
Glossary KAROON ENERGY Term Definition 1H24 Half year ended 30 June 2024 AASB Australian Accounting Standards Board. “ANP Agéncia Nacional do Petrdleo, Gas Natural e Biocombustiveis. Batina or Batina Project ‘Concession BM-S-40 containing the producing Batina, Piracaba and Patola light oil fields in
Slide 27: KAROON
KAROON ENERGY