Karoon Energy Ltd · ASX:KAR
Karoon Energy — Shareholder Meeting (May 2025)
33 slides from Karoon Energy's shareholder meeting presentation, May 22, 2025
Slide 1: Annual General Meeting – Address by Chairman and Presentation by CEO
22 May 2025 Company Announcements Office ASX Limited Dear Sir / Madam For personal use only Annual General Meeting – Address by Chairman and Presentation by CEO In accordance with ASX Listing Rule 3.13.3, enclosed is the Chair’s address and CEO Presentation to be delivered at the Karoon Energy Ltd a
Slide 2: 2025 Annual General Meeting Chair's Address
For personal use only KAROON ASX RELEASE 22 May 2025| ASX: KAR 2025 Annual General Meeting Chair’s Address Slide 5: Operational performance As highlighted in our 2024 Annual Report, 2024 was a mixed year for Karoon. Despite delivering record production, sales revenue and underlying profitability, ov
Slide 3: Chair's Address: Capital returns and Strategic Review
For personal use only KAROON capital returns during periods of elevated oil prices or where alternate, value accretive uses of excess cash are not identified. Since announcing this framework, Karoon has paid shareholders 9.5 Australian cents per share in dividends and has bought back approximately 8
Slide 4: Chair's Address: Remuneration
For personal use only KAROON of the poor overall shareholder outcomes in 2024. The Board also exercised its discretion in attenuation STI outcomes for other Karoon staff, given the uneven production performance. In 2025, 80% of the STI scorecard will be related to delivering safe, reliable and susta
Slide 5: CEO and MD's Address
For personal use only KAROON CEO and MD’s Address Slide 12: 2024 Financial Highlights As you have heard from Peter, 2024 was a year of both achievements and challenges. As shown on this slide, production in 2024 was 10.4 MMboe. Although an all-time high for the Company, reflecting the Batina interve
Slide 6: CEO Address: FPSO acquisition and Neon
For personal use only KAROON The FPSO acquisition is expected to deliver a post-tax internal rate of return of over 20% and payback within four years. Slide 15: Neon Over the last few years, the Neon team has completed extensive technical work on Neon. This included a full re-evaluation of the Neon
Slide 7: CEO Address: Who Dat
For personal use only KAROON which have attractive returns and payback periods, to help mitigate natural decline. One of these, the E6 sidetrack, is expected to commence drilling in the third quarter of 2025, with the potential to add up to approximately 5,000 boepd in the fourth quarter of 2025. Th
Slide 8: For further information on this release, please contact
For personal use only KAROON FOR FURTHER INFORMATION ON THIS RELEASE, PLEASE CONTACT INVESTORS MEDIA - AUSTRALIA MEDIA - BRAZIL Ann Diamant - SVP Investor Relations & Communications M: +61 407 483 128 E: Ann.diamant@karoonenergy.com Joseph Wong - Investor Relations & Communications Manager M: +61 42
Slide 9: Forward Looking Statements
For personal use only KAROON FORWARD LOOKING STATEMENTS Petroleum exploration and production operations rely on the interpretation of complex and uncertain data and information which cannot be relied upon to lead to a successful outcome in any particular case. Petroleum exploration and production op
Slide 10: Karoon Energy Annual General Meeting May 2025
For personal use only Karoon Energy Annual General Meeting 22 May 2025
Slide 11: 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 12: Welcome & Introduction
For personal use only Peter Botten AC CBE Chairman Welcome & Introduction
Slide 13: Chair's Address
For personal use only Peter Botten Chair, Karoon Energy Chair’s Address
Slide 14: 2024 Results
2024 Results Responding to challenges and maturing organic growth pipeline $ For personal use only 10.4 MMboe 2 US$85.7m US$214.0m NRI production in 2024 Lost Time or Recordable Shareholder returns via Underlying Net Profit After Incident buybacks and dividends1 Tax ↑ CO2e US$176.6m 23.1 MMboe3 (NRI
Slide 15: Capital Management
Capital Management Balancing capital returns and growth investments Priority remains safe and reliable operations while maintaining balance sheet strength and flexibility Base Value Capital returns For personal use only dividend & buybacks Capital Returns Policy of 20-40% of underlying net profit af
Slide 16: Outcomes of Strategic Review
Outcomes of Strategic Review For personal use only Key Objectives Through 2026 1. Chart is illustrative only. It does not reflect all outcomes of the Strategic Review 7
Slide 17: Remuneration outcomes
Remuneration outcomes 2024 scorecard focused on operational performance 2024 Performance Objectives 1 For personal use only 22.5% 100% 77.5% Operational STI targets Strategic STI targets 2024 STI 80% of 2025 STI scorecard related to delivering safe, reliable operations LTI absolute TSR CAGR performa
Slide 18: Future structural change and Board renewal
Future structural change and Board renewal Positioning for the future For personal use only -5/-6 GMT -3 GMT +10/+11 GMT 9
Slide 19: Conclusion
For personal use only Conclusion 10
Slide 20: CEO and MD's Address
For personal use only Julian Fowles CEO and Managing Director CEO and MD’s Address
Slide 21: 2024 financial highlights
2024 financial highlights1 Strong financial performance supported organic growth and capital returns Production (MMboe) Sales revenue (US$m) Underlying EBITDAX 2 (US$m) 12 900 600 For personal use only 10.4 776.5 492.4 10 9.1 750 680.0 500 170.4 434.5 0.1 2.9 3.8 2.9 124.6 8 600 400 498.0 5.5 294.9
Slide 22: Baúna Project
Baúna Project Focus on improving FPSO reliability 1Q25 FPSO efficiency1 97.3%, excluding scheduled shutdown. CY25 target 88-92%, longer term target 90-95% For personal use only SPS-88 intervention completed within budget and ahead of schedule due to early vessel availability and faster than expected
Slide 23: Cidade de Itajaí (Baúna FPSO) acquisition of a strategic asset
Cidade de Itajaí (Baúna FPSO) Acquisition of a strategic asset Acquisition completed on 30 April 2025 For personal use only Ownership of vessel and revised contracts expected to: Strengthen safety culture Improve long-term reliability of FPSO Reduce lifting costs, prolonging Baúna Project life Defer
Slide 24: Neon development opportunity
Neon development opportunity 57% increase in 2C Contingent Resource since May 2018 Neon 2C Contingent Resources growth 1 Neon/Neon West 2U Prospective Resources (S-M-1037) 1 2023 - Control wells and revised seismic interpretation led to For personal use only 14.8 MMbbl 2U Prospective Resource bookin
Slide 25: Neon development opportunity: staged Define phase
Neon development opportunity ‘Define’ Phase to be completed on a staged basis For personal use only Timeline to Potential Final Investment Decision (FID) 1 Apr Oct 1Q Mid 2025 2025 2026 2026 Stage 1 Stage 2 Stage 3 Total spend US$7 –10 million2 Route and seabed surveys Refine definition FPSO and Sub
Slide 26: Who Dat
Who Dat High margin asset with potential to maintain production rates Low cost/high margin asset, with CY24 opex of US$8.5/boe (NWI basis)1, 2024 EBITDAX margin2 of 59% (after royalties) Minimal cash tax expected to be paid in next few years due to effective tax shield in US primarily due to acceler
Slide 27: Developing Who Dat East and South discoveries
Developing Who Dat East and South discoveries Potential to unlock Who Dat Contingent Resources over next two years Material Contingent and Prospective Resources, within tieback distance of existing infrastructure For personal use only Minimal additional appraisal drilling requirements and relatively
Slide 28: Resilient at low oil prices
Resilient at low oil prices Strong balance sheet, 2025 cash breakeven of US$29 - 40/boe Based on 2025 guidance, cash flow breakeven of US$29 - 40/boe 2025 indicative cash breakeven (US$/boe) 45 Sustaining capex ~US$5 - 10m for Baúna and ~US$5 - 10m for Who For personal use only 3-5 29 - 40 Dat 40 1-
Slide 29: Summary
Summary Improving market confidence • Production below expectations due to operational challenges, but still achieved record underlying NPAT in 2024 For personal use only Ongoing focus to re-establish predictable production from safe and reliable operations Baúna FPSO acquisition major milestone for
Slide 30: Appendix and Glossary
For personal use only Appendix and Glossary
Slide 31: Appendix 1: 2025 guidance
Appendix 1: 2025 guidance 1 Basis of guidance 1. Guidance is subject to various risks (including “Key Risks” set out in 2024 12 months to 31 Dec 25 Low High Annual Report) 2. Production assumes drilling results and expected future development Production 2 For personal use only projects, including we
Slide 32: 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 33: For personal use only
For personal KAROON ENERGY