Karoon Energy Ltd · ASX:KAR
Karoon Energy — Bank of America 2025 Asia Pacific Conference
20 slides from Karoon Energy's conference presentation, Sep 9, 2025
Slide 1: ASX announcement: Bank of America 2025 Asia Pacific Conference Presentation
9 September 2025 Company Announcements Office ASX Limited Dear Sir / Madam Bank of America 2025 Asia Pacific Conference Presentation Enclosed are the reference materials to be used as part of investor briefings at the 2025 Bank of America Asia Pacific Conference. This announcement was authorised by
Slide 2: Karoon Energy Bank of America 2025 Asia Pacific Conference
Karoon Energy Bank of America 2025 Asia Pacific Conference September 2025
Slide 3: Disclaimer
Disclaimer This presentation has been prepared by Karoon Energy Ltd (Karoon or the Company). 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 other financial products. This presentation conta
Slide 4: Overview
Overview Oil and gas producer generating strong cash flows from high quality assets, progressing material organic growth opportunities Interests in two world class oil and gas basins: Baúna Project offshore Santos Basin Brazil (100%, operated by Karoon) Who Dat assets in US Gulf (~30%, operated by L
Slide 5: Karoon's assets
Karoon’s assets Santos Basin, Brazil Gulf of America, USA Note: Formal granting of the new blocks (S-M-974, S-M-1038, S-M-1358, S-M-1484, S-M-1605 & S- M-1603) is expected to occur in the fourth quarter of 2025. Refer ASX release dated 18.6.25 “Successful bid for blocks and guidance update”. 4
Slide 6: Production: Baúna Project
Production: Baúna Project Improving FPSO reliability and uptime FPSO efficiency1 in 1H25 94.5%, up from 85.3% in 1H24 and 83.8% in 2H24 2025 flotel-supported maintenance campaign and SPS-88 intervention completed on time and budget Failure of one of three electrical connections in SPS-92 Electric Su
Slide 7: Baúna FPSO Operating Model
Baúna FPSO Operating Model Direct control of FPSO operations Karoon to operate Baúna FPSO, with support from service providers for routine operations, maintenance and major works as required. Operatorship of vessel provides several advantages: Direct FPSO management control, e.g. to set standards, p
Slide 8: Baúna FPSO acquisition economics largely unchanged
Baúna FPSO acquisition economics largely unchanged IRR well above mid-teens post tax hurdle rate Acquisition completed (US$115m plus US$8.5m transaction costs) Expected reduction in Baúna opex of ~US$30-40m pa post transition and with implementation of cost efficiency initiatives: Later than origina
Slide 9: Baúna Reserves and Resources
Baúna Reserves and Resources Upgraded following FPSO acquisition and strong reservoir performance Since acquiring Baúna in November 2020, recoverable volumes have more than doubled through Patola development, FPSO acquisition, asset life extension and stronger than expected reservoir performance In
Slide 10: Strong Neon 2C Resource growth
Strong Neon 2C Resource growth Underpins improved economics for potential development Neon 2C Contingent Resources growth since 2018 1 3 +57% +26.42c 86.52c +5.12b 55.02a Completion of Incorporation of initial integrated review control well results, of all available drilled in 2023 data May 18 June
Slide 11: Neon Development Opportunity
Neon Development Opportunity ‘Define’ Phase to be completed in three sub-phases, duration extended Timeline to potential Final Investment Decision (FID) 1 3Q/ Apr 1Q Mid- 4Q 2025 2026 2026 2026 Stage 1 Stage 2 Stage 3 Total spend US$10 –12 million2 Route and seabed surveys Refine definitions FEEDs a
Slide 12: Production: Who Dat
Production: Who Dat Performance consistent with KAR guidance 1H25 gross production of 5.60 MMboe consistent with expectations: Who Dat Project side track/infill opportunities 1.36 MMboe NRI net to KAR Recent JV meeting highlighted opportunities to improve production efficiency and limit natural decl
Slide 13: Maturing discoveries surrounding Who Dat FPS
Maturing discoveries surrounding Who Dat FPS Who Dat East and South discoveries offer attractive tieback potential Debottlenecking study confirmed only minor modification required to accommodate a subsea tie-back development, subject to system availability Who Dat East has entered design phase with
Slide 14: Summary
Summary Strategy execution on track Priorities for 2025: Safe and reliable operations and preparations for smooth transfer of FPSO operational control from A&O to Karoon in 2026, improving production reliability and uptime Mature organic growth opportunities at Who Dat and Neon with potential end 25
Slide 15: Appendix and Glossary
Appendix and Glossary
Slide 16: Appendix 1: 2025 First Half Financial Summary
Appendix 1: 2025 First Half Financial Summary1 Liquidity applied to Baúna FPSO, SPS-88, final major payment to Petrobras, and capital returns Underlying EBITDAX 2 (US$m) Production (MMboe) Sales revenue and realised price 300 286.3 6 5.5 600 81.5 90 2.9 266.8 5.1 5.3 5.3 75.1 0.1 73.0 70.6 250 225.5
Slide 17: CY25 guidance
CY25 guidance1 Notes 12 months to 31 Dec 25 Prior New 1. Guidance is subject to various risks (including “Key Risks” set out in 2024 Annual Report) Production 2 2. Production assumes drilling results and expected future development projects, Brazil MMboe 6.7 – 7.7 7.3 – 7.8 including well interventi
Slide 18: Glossary
Glossary Term Definition 1H25 Half year ended 30 June 2025 1H24 Half year ended 30 June 2024 AASB Australian Accounting Standards Board. ANP Agência Nacional do Petróleo, Gás Natural e Biocombustíveis. Baúna or Baúna Project Concession BM-S-40 containing the producing Baúna, Piracaba and Patola ligh
Slide 19: Glossary cont.
Glossary cont. Term Definition LTI Lost time injury MMbbl Million barrels of oil MMboe Million barrels of oil equivalent. Gas converted to oil on basis of 6,000 scf gas = 1 barrel of oil equivalent NRI Net Revenue Interest relates to a share of production after deducting royalties, overriding royalt
Slide 20: Karoon Energy
KAROON ENERGY
Karoon Energy — Bank of America 2025 Asia Pacific Conference on 6ix