Karoon Energy Ltd · ASX:KAR
Karoon Energy — Macquarie Australia Conference 2026
20 slides from Karoon Energy's conference presentation, May 6, 2026
Slide 1: Macquarie Australia Conference Presentation (ASX release)
ASX RELEASE 6 May 2026 | ASX: KAR Company Announcements Office ASX Limited Dear Sir/Madam, For personal use only Macquarie Australia Conference Presentation 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
Slide 2: Macquarie Australia Conference
For personal use only Macquarie Australia Conference 6 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 con
Slide 4: 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 5: Karoon: years of history
Karoon: 23 years of history For personal use only Market Cap 4 : ~A$1.5bn Liquidity 3 : US$452.7m 2003 Explorer 2025 1 actual Revenue : US$ 628.6m 2020 Producer Underlying EBITDAX : US$ 388.8m 2026 2 guidance 2026 Operator Production: 8.1 – 9.2 MMboe Lifting costs: US$12-15 per boe (NWI) 1. See Slid
Slide 6: The energy reality: four enduring observations about energy
Four enduringREALITY THE ENERGY observations about energy GDP Drives Energy No energy source has been fully disrupted 1 Volatility Is expected For personal use only “Price cycles, geopolitics and supply disruptions have defined energy markets for decades” Companies built for resilience — not just th
Slide 7: Karoon – a quality oil play
Karoon – a quality oil play For personal use only 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 addi
Slide 8: Tier 1 production hubs, trade routes and jurisdictions
Tier 1 - Production hubs, trade routes and jurisdictions For personal use only 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
Slide 9: Strong gross margins and leverage to oil price
Strong gross margins and leverage to oil price 2025 1 For personal use only US$31/ boe breakeven price in 2025 1 11% Royalties 2 3% 40 Transport/processing 35 20% Operating cost 3 5 1 31 30 93% oil and liquids in 2025 1 4 25 8 $/boe 20 2026 production guidance: 8.1- 66% Cash margin 15 13 9.2 MMBOE 1
Slide 10: Cash margins drive cash flow. Strong balance sheet
Cash margins drive cash flow. Strong balance sheet Liquidity & Net Debt @ 31 Mar 2026 1 For personal use only U$283.3m 3 Undrawn Total liquidity 18% US$452.7 million US$ million Credit Net debt to equity 2 Facility US$169.4m <0.5x Cash Net debt to underlying EBITDAX 2 Undrawn facility & Debt Net deb
Slide 11: Shareholder returns & capital allocation
Shareholder returns & capital allocation Total Shareholder Returns 1 (US$m ) 90 US$80m US$ 80m +31% vs 2024 For personal use only 80 +31% 70 US$ 61m Total returned to shareholders in 2025 2 60 45 50 37 40 Value-accretive at 30 12% 2 current levels 20 35 24 Shares purchased & cancelled since buyback
Slide 12: Baúna
Baúna Strategic acquisition of Baúna FPSO Operatorship transfer approved by regulator, transition expected in June For personal use only Efficiency improvement program underway targeting 90 -95% Baúna Project life extended by seven years to 2039 2 Key catalysts: Return to production after shutdown b
Slide 13: Who Dat
Who Dat US Gulf of America, Who Dat Joint Venture (30% working interest KAR) High margin production 74% liquids, 26% gas (NRI basis) For personal use only CY26 Production guidance: 2.1 – 2.5 MMboe Net Revenue Interest in CY26 Key catalysts: A-1 sidetrack operations underway and expected onstream 2Q2
Slide 14: 2026 - The tale of two halves
2026 - The tale of two halves Invest 2026 Harves t Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec BAUNA For personal use only Revitalisation Flotel Campaign Optional extension period 28d TAR Transition Transition / Operatorship preparation Mid-year inflection point SPS -92 intervention • Improved p
Slide 15: Potential growth opportunity pipeline
Potential growth opportunity pipeline For personal use only 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 km 2 acreage 136.9 MMboe combined 2C Resource 2 Gulf of America 1 Who Dat South 1 (KAR 30%) 7.4 MMboe net 2C Contingen
Slide 16: The Karoon investment thesis summary
THE KAROON INVESTMENT Summary THESIS Globally competitive costs Shareholder return -focused For personal use only 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 producer
Slide 17: Questions?
For personal use only Questions?
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 acc umulations by application of development projects, but which are 2C not currently considered to be commercially recoverable (as evaluation of the
Slide 19: Further information and contacts
FOR FURTHER INFORMATION ON THIS RELEASE, PLEASE CONTACT INVESTORS MEDIA - AUSTRALIA MEDIA – BRAZIL Ann Diamant - SVP Investor Relations & P&L Corporate InPress Porter Communications Communications Novelli M: + 61 407 483 128 Ian Pemberton Roberta Lopes E: ann.diamant@karoonenergy.com M: + 61 402 256
Slide 20: Forward-looking statements and About Karoon Energy
indication or guarantee of future performance. Such forward-looking statements speak only as of the date of this announcement. Karoon disclaims any intent or obligation to update publicly any forward‐looking statements, whether as a result of new information, future events or results or otherwise. T