Karoon Energy Ltd · ASX:KAR
Karoon Energy — Corporate Update (September 2025)
48 slides from Karoon Energy's corporate update, Sep 22, 2025
Slide 1: Karoon Energy Field Trip Presentation cover letter
22 September 2025 Company Announcements Office ASX Limited Dear Sir / Madam For personal use only Karoon Energy Field Trip Presentation Enclosed is a presentation that is to be made by the CEO/ Managing Director and team. This announcement was authorised by the Board of Karoon Energy Ltd. Yours fait
Slide 2: Karoon Energy Field Trip
For personal use only Karoon Energy Field Trip 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: Investor Field Trip – US Assets
For personal use only Investor Field Trip – US Assets September 2025
Slide 5: Welcome
For personal use only Julian Fowles CEO and Managing Director Welcome
Slide 6: Who Dat strategic objectives for 2025/26
Who Dat strategic objectives for 2025/26 Unlocking asset potential For personal use only Continue to work collaboratively with joint venture partners, LLOG (Operator) and Westlawn Americas Offshore, to maximise value of Who Dat Support/extend production profile by maturing low risk, high value near-
Slide 7: Who Dat production and development
For personal use only Martin Austgulen SVP New Business Who Dat production and development
Slide 8: Karoon’s assets - Gulf of America, USA
Karoon’s assets - Gulf of America, USA For personal use only 7
Slide 9: Overview of Who Dat
Overview of Who Dat Low cost producing asset with infill and development opportunities Mississippi Canyon, US Gulf of America, Location For personal use only offshore Louisiana, ~800m water depth Nameplate capacity of 40,000 bbl/d oil & 150 MMscf/d gas Floating Production System Number of wells 14 S
Slide 10: Who Dat Performance
Who Dat Performance 2025 performance to date in line with guidance Who Dat Facility Uptime (%) 1 96.1 95.3 Who Dat production relatively stable 83.9 85.8 For personal use only 82.6 76.1 Facility uptime of 84.9% year to date1 As well as natural decline, production impacted by hurricane activity (3Q24
Slide 11: Who Dat FPS debottlenecking studies
Who Dat FPS debottlenecking studies Opportunities identified to improve facility reliability Joint Venture sanctioned debottlenecking studies indicate: For personal use only Gas Export System: No constraints assuming effective gas dehydration performance Water HP liquids handling handling Compressio
Slide 12: E6 Side Track
E6 Side Track Drilling to commence early Oct 2025 E6 Sidetrack Operations E6 sidetrack now expected to commence drilling For personal use only in early 4Q25 Assuming success, expected to be online in late 4Q25 at initial gross production rate of 3 - 5,000 bopd of liquids Low risk well, targeting res
Slide 13: Other Who Dat infill opportunities
Other Who Dat infill opportunities Stacked reservoir sands allow low-cost development Who Dat Project side track/infill opportunities Who Dat reserves base includes identified value accretive incremental production opportunities comprising: For personal use only Drilling new infill production wells
Slide 14: Who Dat East
Who Dat East FEED underway on potential development Who Dat East located ~ 27km east of Who Dat FPS For personal use only Results from exploration/appraisal well drilled in 2Q24 supported upward revision in Contingent & Prospective Resources1: 191% increase in 2C Contingent Resource, to 15.7 MMboe (
Slide 15: Who Dat South
Who Dat South Closest opportunity to Who Dat FPS infrastructure Located ~ 11km west of Who Dat FPS and 6km from Who Dat G subsea manifold For personal use only 2024 discovery well encountered multiple hydrocarbon-bearing zones, with high quality sands1 Suspended as a potential future producer Who Da
Slide 16: Who Dat East and South Resource additions
Who Dat East and South Resource additions1 Follows successful 2024 drilling campaign Who Dat East and South 2C Contingent + Unrisked 2U For personal use only Prospective Resources (MMboe NRI) 1 Contingent Resources (MMboe NRI)1 As at 31 December 2024 1C 2C 3C 35 33.3 41% increase Who Dat East 9.1 15
Slide 17: Financial and commercial
For personal use only John-Carter Murchison Head of Trading and Marketing Financial and commercial
Slide 18: Pathway to market
Pathway to market Existing pipelines provide access to various Gulf Coast markets Access to market Overview For personal use only Oil transport Transco Zone 4, Florida Oil exported via the Mars Pipeline from Who Dat owned lateral Offshore Louisiana Zone 3, Gulfstream, other markets pipeline Mobile B
Slide 19: Fiscal regime - US Deepwater Gulf of America
Fiscal regime - US Deepwater Gulf of America Gulf of America fiscal regime one of the most attractive globally Net working interest (NWI) oil and gas production Most joint venture’s leases of major blocks are held by production, For personal use only Less: ONRR(1) royalty providing operational stabi
Slide 20: Investor Field Trip – Brazil Assets
For personal use only Investor Field Trip – Brazil Assets September 2025
Slide 21: Welcome to Brazil
For personal use only Marco Brummelhuis EVP & Country Manager Brazil Welcome to Brazil
Slide 22: Health, Safety, Security and Environment in Brazil
Health, Safety, Security and Environment in Brazil1 Safety is one of Karoon’s core values Safety and Environmental Performance 1H25 CY24 CY23 CY22 Lost Time Injuries and high potential incidents in Brazil Health, Safety and Security For personal use only 10 High Potential Incidents 4 9 1 0 9 Lost Ti
Slide 23: Karoon’s assets in Santos Basin, Brazil
Karoon’s assets in Santos Basin, Brazil For personal use only 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”. 22
Slide 24: Brazilian Top Producers List – July 2025
Brazilian Top Producers List – July 2025 For personal use only Number Operator Oil (bbl/day) Natural Gas (MM3/day) Total Production (boe/day) 1 Petrobras 3,541,725 173,370 4,632,191 2 BRAVA Energia 81,697 2,107 94,948 3 PRIO 77,618 1,360 86,172 4 Equinor Brasil 64,412 114 65,129 5 TotalEnergies EP 4
Slide 25: Baúna FPSO acquisition
Baúna FPSO acquisition IRR well above mid-teens post tax hurdle rate Acquisition completed in April 2025 (US$115m plus US$8.5m transaction costs) For personal use only Expected reduction in Baúna opex of ~US$30-40m pa post transition and with implementation of cost efficiency initiatives: Later than
Slide 26: 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 For
Slide 27: 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% For personal use only +26.42c 86.52c +5.12b 55.0 2a Completion of Incorporation of initial integrated review control well results, of all available drilled in
Slide 28: Baúna Project
For personal use only Claudio Oliveira Senior Vice President Baúna & Operations, Brazil Baúna Project
Slide 29: Overview of Baúna Project
Overview of Baúna Project Karoon’s anchor asset First Baúna oil registered on 16 February 2013 Baúna Project production unit: FPSO Cidade de Itajaí For personal use only Produced peak rate of 73,803 bopd in December 2013 Karoon acquired Baúna in November 2020 for US$380m plus up to US$285m oil-price
Slide 30: Baúna FPSO (Cidade de Itajaí) modular schematic
Baúna FPSO (Cidade de Itajaí) modular schematic For personal use only Flare Tower 29
Slide 31: Proposed new Baúna FPSO operating model
Proposed new Baúna FPSO operating model Direct control of FPSO operations to maximise value 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: For personal use only Dir
Slide 32: Baúna Project production
Baúna Project production Focussed on 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 For personal use only Failure of one of three electrical
Slide 33: SPS-92 well intervention program
SPS-92 well intervention program Targeted to take place in mid 2026, subject to rig availability SPS-92 Completion SPS-92 ESP 1 schematic Schematic 1 For personal use only Selection of intervention unit (Heavy Workover Rig) and planning for logistics and other goods and services underway Interventio
Slide 34: 2026 Flotel campaign
2026 Flotel campaign Prioritisation of activities In addition to ongoing maintenance activities, flotel-supported For personal use only campaign planned to commence in 1Q26, aimed at clearing majority of remaining maintenance backlog Four-month program, with potential to extend to up to six months F
Slide 35: Potential Neon development
For personal use only Sada Iyer Neon FEED Manager Potential Neon development
Slide 36: Neon development opportunity
Neon development opportunity Background and recent activities Indicative Neon Development Schematic 1 For personal use only Neon field discovered in 2015 by Echidna -1 well (1-KPGL-8-SPS). Flowed 4,650 bopd, 39° API oil Two control wells (9-NEO-1-SPS and 9-NEO-2D-SPS) drilled in FY23 to reduce subsu
Slide 37: Proposed Neon timeline to FID
Proposed Neon timeline to FID ‘Define’ Phase to be completed in three sub-phases, duration extended Timeline to potential Final Investment Decision (FID) 1 For personal use only 3Q/ Apr 1Q Mid- 4Q 2025 2026 2026 2026 Stage 1 Stage 2 Stage 3 Total spend US$10 –12 million2 Route and seabed surveys Ref
Slide 38: Neon Define phase
Neon Define phase Stage 1 - key focus areas 1 Sourcing an FPSO For personal use only Secure appropriate FPSO for redeployment Several suitable FPSOs identified and being considered Define modifications required, determine yard availability Securing drilling rig Engage with market for key supply and
Slide 39: Neon hub-style development
Neon hub-style development Possible longer-term tie-back opportunities If Neon achieves FID, further hub-style tie back developments are being For personal use only considered, involving other known and prospective accumulations near 3 Neon: Neon West prospect located ~2km west of Neon. 2U Prospecti
Slide 40: Wrap Up
For personal use only Julian Fowles CEO and Managing Director Wrap Up
Slide 41: 2025 First Half Financial Summary
2025 First Half Financial Summary1 Liquidity applied to Baúna FPSO, SPS-88, final major payment to Petrobras, and capital returns Underlying EBITDAX 2 (US$m) Production (MMboe) Sales revenue and realised price 300 286.3 6 5.5 600 81.5 90 2.9 266.8 For personal use only 5.1 5.3 5.3 75.1 0.1 73.0 70.6
Slide 42: Delivering value to shareholders
Delivering value to shareholders Capital allocation framework balances capital returns and growth investments Priority remains safe and reliable operations while maintaining balance sheet strength and flexibility For personal use only Base Value Capital returns dividend & buybacks Capital Returns Po
Slide 43: CY25 guidance
CY25 guidance1 Notes 12 months to 31 Dec 25 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 7.3 – 7.8 including well interventions, are delivered i
Slide 44: Summary
Summary Strategy execution on track Priorities for 2025: Safe and reliable operations and preparations for smooth transfer of FPSO For personal use only operational control from A&O to Karoon in 2026, improving production reliability and uptime Mature organic growth opportunities at Who Dat and Neon
Slide 45: Appendix and Glossary
For personal use only Appendix and Glossary
Slide 46: Glossary
Glossary Term Definition 1H25 Half year ended 30 June 2025 For personal use only 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, Pi
Slide 47: Glossary cont.
Glossary cont. Term Definition Karoon Karoon Energy Ltd and its subsidiaries kgCO2e/boe Kilograms of carbon dioxide equivalent per barrel of oil equivalent For personal use only Leverage Leverage is based on underlying EBITDAX for the last twelve months divided by net debt LTI Lost time injury MMbbl
Slide 48: Karoon Energy
For personal KAROON ENERGY