Karoon Energy Ltd · ASX:KAR
Karoon Energy — Shareholder Meeting (May 2026)
31 slides from Karoon Energy's shareholder meeting presentation, May 21, 2026
Slide 1: Karoon Energy Annual General Meeting
Karoon Energy Annual General Meeting 21 May 2026
Slide 2: 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 3: 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 4: Chair’s Address
Peter Botten Chair, Karoon Energy Chair’s Address
Slide 5: Key Objectives 2025/2026
Key Objectives Key objectives 2025/2026 – p5
Slide 6: Shareholder returns & capital allocation
Shareholder returns & capital allocation 2025 Relative Price Movement 160.0 16% Share price appreciation + 140.0 Total shareholder return in 20251 dividends paid 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 Mar May Apr Nov Dec
Slide 7: Headquarters aligned with assets
Headquarters aligned with assets Houston Headquarters Corporate Head office Management and support staff Who Dat Rio de Janeiro Operations office Operations Majority of technical office Melbourne and commercial Registered office Baúna Australian Stock Exchange Company Secretary and Investor Relation
Slide 8: Strengthening operations
Strengthening operations Transitioning to Baúna FPSO operator • Acquisition of FPSO in April 2025 • Accelerated maintenance and revitalisation program to improve FPSO efficiency • Extended Baúna project by seven years (to 2039)1 • Transition to occur 1 June 2026 – p8 1. See “Baúna project reserves u
Slide 9: Changing oil price landscape
Changing oil price landscape 2025 • Oil prices relatively soft driven by OPEC+ supply Brent crude spot price 1 160 • Range bound US$60-80/bbl 140 2026 US$/bbl Brent FOB 120 • Geopolitical tensions in Middle East 100 80 • Closure of Strait of Hormuz has interrupted 60 significant portion of global cr
Slide 10: 2026: A year of two halves
2026: A year of two halves First half 2026 • Capital program1 • Baúna maintenance, well reinstatements and revitalisation work • Who Dat riser re-route and acceleration of A1 and G1 sidetracks Second half 2026 • Improved production and lower capital commitments compared to 1H26 1. See also ASX relea
Slide 11: Sustainable operations
Sustainable operations Litro de Luz Brasil (Liter of Light) provides sustainable, low cost solar Release of turtles, Luisa Pinho Sartori Institute, Conservationist Master Dissertation, Brazil lighting to off-grid rural Brazilian communities 11
Slide 12: Board evolution
Board evolution KAROON ENERGY Board of Directors Peter Botten Carri Lockhart Chair of the Board CEO and MD @ ! Fernando Borges Non-Executive Director ¥ Luciana Rachid Non-Executive Director Melissa Holzberger Non-Executive Director Joanne Palmer Non-Executive Director Peter Turnbull Non-Executive Di
Slide 13: Conclusion
Conclusion Who Dat FPS, Gulf of America, USA Baúna FPSO, Santos Basin, Brazil 13
Slide 14: CEO and MD’s Address
Ms Carri Lockhart CEO and Managing Director CEO and MD’s Address
Slide 15: The Karoon Investment Thesis: 2025 Highlights
THE KAROON 2025 INVESTMENT Highlights 1 THESIS Resilient, Disciplined, Focused Safety: Zero LTIs Production: 10.3 MMboe - 93% liquids TRIR 0.16 per 200,000 hours 160% 3-year Reserves Replacement Ratio No Process T1 or T2 incidences Sales revenue: US$628.6m Underlying EBITDAX: US$388.8m Climate: 10.6
Slide 16: 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 17: Cash margins drive cash flow. Strong balance sheet
Cash margins drive cash flow. 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
Slide 18: Sustainable operations
Sustainable operations1 Safety Climate Social • TRIR: 0.16 (down from 0.77) • Targeting Net Zero Scope 1 & 2 by 2050 for • 21 incentivised, four operated assets 1 voluntary Social and • Zero LTIs: Zero Community projects • 41% reduction in Baúna flaring, 9.5% reduction • Tier 1 or 2 process events:
Slide 19: 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 20: 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 21: 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 22: 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 23: 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 24: South Santos Basin - Brazil
South Santos Basin - Brazil • Untested post salt Tertiary oil play identified – potentially significant • Major acreage position >7,300 sq km including Esmeralda block, with no drilling obligations • Progressing technical evaluation, incl maturing regional understanding and refining prospectivity •
Slide 25: 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 26: Capital allocation framework unchanged
Capital allocation framework unchanged Operating cash flow Non-discretional capital spend Sustaining capex & mandatory capital commitments1 Balanced capital allocation Maintain strong, flexible balance sheet Free cash flow Capital returns 20 – 40% underlying NPAT Growth investment Only where strict
Slide 27: The Karoon Investment Thesis Summary
THE KAROON INVESTMENT THESIS Summary Globally competitive costs Shareholder return-focused 1 US$31/boe breakeven and 66% cash margin in 2025. 4 7.4 AUD cps dividend paid (unfranked) in 2025, plus on-market buyback. Disciplined capital allocation Among lowest-cost oil producers in offshore sector fra
Slide 28: Appendix and Glossary
Appendix and Glossary
Slide 29: Glossary
Glossary Term Definition Best estimate scenario of quantities of hydrocarbons estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects, but which are not 2C currently considered to be commercially recoverable (as evaluation of the a
Slide 30: Appendix: Unit Production Costs Reconciliation
Appendix: Unit Production Costs Reconciliation1 Normalising opex/boe for AASB16 capitalised operating leases Production costs Back out Normalised 2025 Reported related to operating AASB 16 leases costs Unit production costs reported on Net Working Interest (NWI) basis to exclude Operating costs (US$
Slide 31: Karoon Energy
KAROON ENERGY