Karoon Energy Ltd · ASX:KAR
Karoon Energy — Non-Deal Roadshow (May 2026)
20 slides from Karoon Energy's roadshow presentation, May 25, 2026
Slide 1: ASX cover letter: Presentation for 2026 Asian Roadshow
25 May 2026 Company Announcements Office ASX Limited Dear Sir / Madam Presentation for 2026 Asian Roadshow Enclosed is a presentation that is to be made by the CEO and Managing Director today. This announcement was authorised by the CEO and Managing Director. Yours faithfully Daniel Murnane Company
Slide 2: Karoon Energy Asian Roadshow May 2026
Karoon Energy Asian Roadshow May 2026
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: Karoon – a quality oil play
Karoon – a quality oil play STEWARDSHIP High quality assets Disciplined Tier 1 offshore basins, capital allocation jurisdictions and geopolitical Stated framework regions Returns policy of 20-40% Quality long life assets underlying NPAT plus Significant growth optionality additional returns when thr
Slide 5: Tier 1 - Production hubs, trade routes and jurisdictions
Tier 1 - Production hubs, trade routes and jurisdictions Houston Corporate Head office Strait of Hormuz Asset: Who Dat Type: Oil & Gas Basin: Gulf of America Who Dat Reservoir: Conventional, multi darcy permeability and high porosity Market: Onshore US (Mars crude and Henry Hub linked) Rio de Janeir
Slide 6: Shareholder returns & capital allocation
Shareholder returns & capital allocation Share price 180.0 Relative Price Movement 16% appreciation + dividends paid 160.0 Total shareholder return in 20251 140.0 120.0 100.0 7.4 AUD c/share Dividends 80.0 Total 2025 dividends paid per share (unfranked)2 60.0 40.0 Feb Jun Jul Aug Feb Mar May Mar Apr
Slide 7: Strong balance sheet
Strong balance sheet Liquidity & Net Debt @ 31 Mar 2026 1 U$283.3m3 Total liquidity 18% Undrawn US$452.7 million Net debt to equity2 US$ million Credit Facility US$169.4m <0.5x Cash Net debt to underlying EBITDAX2 Undrawn facility & Debt Net debt Cash US$350m US$180.6m Positioned to fund growth and
Slide 8: Strong gross margins and leverage to oil price
Strong gross margins and leverage to oil price 20251 11% Royalties2 US$31/boe breakeven price in 2025 1 3% 40 Transport/processing 35 20% Operating cost3 5 1 31 30 • 93% oil and liquids in 20251 4 25 8 $/boe 20 • 2026 production guidance: 66% Cash margin 15 13 8.1-9.2 MMBOE 10 • 2026 unit production
Slide 9: Baúna Project - Brazil
Baúna Project - Brazil • Strategic acquisition of Baúna FPSO completed in 2025 • Facility improvement program underway, targeting 90-95% efficiency • Annual turnaround (shutdown) completed, production resumed 14 May. Currently producing ~11,500 bopd (excluding SPS-92 production while workover underw
Slide 10: Who Dat - US Gulf of America
Who Dat - US Gulf of America • High margin production, 74% liquids, 26% gas (NRI basis) • Restoration of 55-75% of curtailed production expected by mid- 2026, subject to technical reviews and regulatory approval • Remaining production capacity expected to be restored in 2H273 • Two sidetrack wells b
Slide 11: Indicative 2026 operations timeline
Indicative 2026 operations timeline Invest 2026 Harvest Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec BAUNA Revitalisation Flotel Campaign Optional extension period 28d TAR Transition Transition / Operatorship preparation Mid-year SPS-92 intervention inflection PRA-2 activities point • Improved pr
Slide 12: Potential growth projects and opportunities
Potential growth projects and opportunities Who Dat East 1 (KAR 40%) Neon, Goiá, Piracucá 1 Santos Basin 1 15.7 MMboe net 2C Contingent Resource 2 (KAR 100%) > 7,300 km2 acreage 136.9 MMboe combined 2C Resource2 Who Dat South1 (KAR 30%) Gulf of America 1 7.4 MMboe net 2C Contingent Resource 2 Near f
Slide 13: Underpinning value with Reserves and Resource growth
Underpinning value with Reserves and Resource growth Karoon 2P Reserves (MMboe) 1 Karoon 2C Contingent Resource (MMboe) 1 80.0 170.0 163.0 75.0 150.0 72.8 70.0 130.0 67.9 121.4 65.0 110.0 60.0 90.0 55.0 70.0 50.0 50.0 2024 2025 2024 2025 160% 3-year Driven by Neon replacement upgrades and ratio Pira
Slide 14: Other focus areas for 2026/27
Other focus areas for 2026/27 • Continuous operational improvement focus • Strategic Refresh • Cost optimisation • Integration of FPSO topside and reservoir performance data • Use of AI to identify additional opportunities close to existing infrastructure • Culture and capability
Slide 15: Sustainable operations
Sustainable operations1 Safety Climate Social 2025 • Targeting Net Zero Scope 1 & 2 by 2050 for • 21 incentivised, four • TRIR: 0.16 (down from 0.77) operated assets 1 voluntary Social and • LTIs: Zero Community projects • Tier 1 or 2 process events: Zero • 41% reduction in Baúna flaring in 2025, 9.
Slide 16: The Karoon Investment Thesis Summary
THE KAROON INVESTMENT THESIS Summary Globally competitive costs Shareholder return-focused 1 US$31/boe breakeven and 66% cash margin in 2025. 4 7.4 AUD cps dividend paid (unfranked) in 2025, plus on-market buyback. Disciplined capital allocation Among lowest-cost oil producers in offshore sector fra
Slide 17: Glossary, Notes and Definitions
Glossary, Notes and Definitions
Slide 18: Glossary
Glossary Term Definition Best estimate scenario of quantities of hydrocarbons estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects, but which are not 2C currently considered to be commercially recoverable (as evaluation of the a
Slide 19: Notes and Definitions
Notes and Definitions 1. Karoon’s Reserves, Contingent and Prospective Resources as at 31 December 2025 are as disclosed in the 2025 Annual Report. Karoon is not aware of any new information or data that materially affects these resource estimates. 2. Reserves and Resources estimates are prepared in
Slide 20: Karoon Energy
KAROON ENERGY