Karoon Energy Ltd · ASX:KAR
Karoon Energy — Pareto Securities' 33rd Annual Energy Conference 2026
15 slides from Karoon Energy's conference presentation, Sep 16, 2026
Slide 1: ASX Release: Pareto Securities Conference Presentation
ASX RELEASE 16 September 2026 Company Announcements Office ASX Limited Dear Sir / Madam Pareto Securities’ 33rd Annual Energy Conference Presentation Enclosed is a presentation that is to be made by the CFO today. This announcement was authorised by the CEO and Managing Director. Yours faithfully Da
Slide 2: Pareto Securities' 33rd Annual Energy Conference
Pareto Securities' 33rd Annual Energy Conference 16 September 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 Energy
Karoon Energy Eric Williams EVP & CFO
Slide 5: Karoon – a quality oil play
Karoon – a quality oil play STEWARDSHIP High-Quality Disciplined Assets capital allocation • Tier 1 offshore basins, • Stated framework jurisdictions and geopolitical regions • Attractive reinvestment opportunities • Quality long life assets Low cost and high margin • Strong balance sheet • Growth o
Slide 6: Tier 1 - Production hubs, trade routes and jurisdictions
Tier 1 - Production hubs, trade routes and jurisdictions Asset: Who Dat Type: Oil & Gas Basin: Gulf of America Reservoir: Conventional, multi darcy permeability and high porosity Market: Onshore US (Mars crude and Henry Hub linked) Asset: Baúna Type: Oil Basin: Santos Basin Karoon’s assets combine s
Slide 7: Strong balance sheet
Strong balance sheet Liquidity & Net Debt as at 30 June 2026 US$283.3m³ Undrawn 26% Net Debt to Equity² Credit Facility Total liquidity US$363.6 million¹ US$80.3m Cash <1.0x 0.85x Net Net Debt Debt to to underlying EBITDAX² underlying EBITDAX Net Debt US$269.7m Debt US$350m Disciplined capital alloc
Slide 8: Baúna - production and cost optimisation
Baúna - production and cost optimisation 1H26 production 2.4 MMbbl 1H26 revenue US$197.7 million • Entered 2H26 as integrated Operator of Baúna Complex, with full control of FPSO, infrastructure and reservoir development • Sustaining asset integrity and performance • Recommenced water injection in 2
Slide 9: Who Dat – US Gulf of America
Who Dat – US Gulf of America 1H26 production 0.62 MMboe 1H26 revenue US$47.2 million • Continued strong topside reliability (~97% in 1H26) • Successful A1 sidetrack well came online in July, currently producing ~2,350 boepd NRI1 • Who Dat East sanctioned on 12 August 2026 • G1 sidetrack drilling pla
Slide 10: Who Dat East project sanctioned
Who Dat East project sanctioned1 Value-accretive development with first production expected in 2H28 • Final Investment Decision (FID) approved by Joint Venture on 12 August 2026 • Initial one well development via 29km tieback to Who Dat FPS • IRR2 : >20% IRR (mid-case) • First oil: 2H28 (target) Pla
Slide 11: Optimising Neon development concept
Optimising Neon development concept 1 Proposed timeline from concept reset to FID 1H 2H Decision FID 2026 2026 Gate 2 Concept Reset Validate + Secure (Pre-FEED) Move into FEED TURNAROUND Project Sanction 28 DAYS + 1 RAMP 4Q26UP Target 2027 Target • Phased development with • Evaluation of potential •
Slide 12: Basin exploration in Brazil and USA
Basin exploration in Brazil and USA Existing acreage positions create multiple pathways for resource additions Brazil Santos Basin portfolio (100% KAR) USA Who Dat hub opportunities (infrastructure-led) Deepwater and Esmeralda blocks near Baúna and Neon Discoveries and prospects located near establi
Slide 13: Sustainable operations
Sustainable operations1 Safety Climate Social 2025 • Targeting Net Zero Scope 1 & 2 • 21 incentivised and four • TRIR: 0.16 (down from 0.77) by 2050 for operated assets2 voluntary 2025 social and • LTIs: Zero • 41% reduction in Baúna flaring community projects completed • Tier 1 or 2 process events:
Slide 14: Disciplined delivery. Financial strength. Growth enabled.
Disciplined delivery. Financial strength. Growth enabled. Asset and cost advantage Financial strength Growth pathway • Both Baúna and Who Dat are • Peak 1H26 investment period • Who Dat East - value accretive high-quality, low-cost assets in nearly complete, expected to development sanctioned, tier
Slide 15: 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
Karoon Energy — Pareto Securities' 33rd Annual Energy Conference 2026 on 6ix