Karoon Energy Ltd · ASX:KAR
Karoon Energy — UBS Australasia Conference 2024
24 slides from Karoon Energy's conference presentation, Nov 12, 2024
Slide 1: UBS Australasia Conference Presentation cover letter
12 November 2024 Company Announcements Office ASX Limited Dear Sir / Madam For personal use only UBS Australasia Conference Presentation Enclosed are the reference materials to be used as part of investor briefings at the 2024 UBS Australasia Conference. This announcement was authorised by the CEO a
Slide 2: Karoon Energy UBS Australasia Conference 2024
For personal use only Karoon Energy UBS Australasia Conference 2024 12 November 2024
Slide 3: Disclaimer
Disclaimer This presentation has been prepared by Karoon Energy Ltd. 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. The information contained in this presentation
Slide 4: Overview
Overview Oil and gas producer with strong cash flows from high quality assets Interests in two world class oil and gas assets: For personal use only Baúna Project in BM-S-40 offshore Brazil (operated by Karoon) Who Dat/Dome Patrol in US GoM (operated by LLOG) Near term focus on working with Baúna FP
Slide 5: 2024 First Half Financial Highlights
2024 First Half Financial Highlights Cashflow and profitability reflect lower Baúna Project production 1 Production (MMboe) Sales revenue (US$m) Unit Production Cost (US$/boe) For personal use only 6 5.47 500 30 27.49 5.08 412.9 26.10 0.09 409.4 5 400 3.8 25 23.54 1.54 94.4 4 3.67 299.4 3.37 300 267
Slide 6: Trading update at end October 2024
Trading update at end October 2024 Improving reliability and de-risking organic growth opportunities For personal use only Baúna Project Who Dat Assets Growth & exploration Robust balance sheet 3Q24 production of 1.99 MMbbl, 44% 3Q24 production of 0.68 MMboe on a Who Dat East 2C Contingent At 30 Sep
Slide 7: Karoon's assets, Santos Basin, Brazil
Karoon’s assets, Santos Basin, Brazil Production and Development Blocks For personal use only Exploration Blocks Fields & Discoveries 6
Slide 8: Strategic objectives for CY24/25 - Brazil
Strategic objectives for CY24/25 - Brazil Improve production performance For personal use only Improve Baúna FPSO’s reliability and operational uptime through increasing availability of critical production systems Workover SPS-88 as soon as practical, subject to rig availability and regulatory appro
Slide 9: Baúna Project Production
Baúna Project Production Strong reservoir performance, focus on FPSO reliability Baúna Project quarterly production (MMbbls) Full period of Patola and interventions Second gas For personal use only SPS-88 well offline compressor back late 20233 online in August4 3.0 2.9 Baúna Intervention Scheduled
Slide 10: Baúna FPSO reliability – forward program
Baúna FPSO reliability – forward program Prioritisation of activities Developing program with Altera&Ocyan to increase reliability and Example: Gas compression system operating For personal use only uptime through increased 2024/2025 maintenance campaign: performance First phase to end 2024 focusing
Slide 11: Baúna FPSO reliability – forward program cont.
Baúna FPSO reliability – forward program cont. Prioritisation of activities SPS-88 Gas Lift Valve (GLV) replacement schematic For personal use only Next planned shutdown expected in 1H25 for regular maintenance activities Enhanced maintenance works aimed at improving FPSO reliability and to provide
Slide 12: Potential Neon development concept
Potential Neon development concept Revised approach Consideration of redeployed standalone FPSO development: For personal use only Several options potentially available Reduces reliance on one production system with fewer technological risks Assessing commercial models of lease vs buy options Other
Slide 13: Neon Foundation Project Resources
Neon Foundation Project Resources Subsurface modelling update underway Interpretation of reprocessed seismic data over the Neon and Neon West area nearing completion: Improved structural and salt wall imaging For personal use only Seismic inversion process commenced, to improve reservoir characteriz
Slide 14: US Gulf of Mexico Operations
US Gulf of Mexico Operations Overview Who Dat is conventional deepwater oil and gas operation For personal use only Located in Mississippi Canyon, US Gulf of Mexico, offshore Louisiana, in ~800m water depth Oil transport Oil exported via Mars Pipeline from Who Dat owned lateral pipeline Mars Pipelin
Slide 15: Strategic objectives for CY24/25 - Who Dat
Strategic objectives for CY24/25 - Who Dat Unlock full value of US assets For personal use only Continue to work collaboratively with our joint venture partners, LLOG (Operator) and Westlawn Americas Offshore, to maximise the value of Who Dat Support and extend production profile by maturing various
Slide 16: Performance of Who Dat to date
Performance of Who Dat to date Recent production impacted by Hurricane activity Who Dat production stable in 1Q & 2Q24, 3Q24 production impacted by Facility Uptime (%)1, 2 For personal use only hurricane activity and planned maintenance of one gas compressor 100 95.6 96.1 95.3 98.5 93.8 86.5 Facilit
Slide 17: Development opportunities in Who Dat
Development opportunities in Who Dat Stacked nature of reservoir sands allows low-cost development Reservoir schematic Stacked reservoir sands allows For personal use only various opportunities to be exploited to offset natural decline: G5 Sidetracks from existing wells Sleeving opportunities, to ac
Slide 18: 191% increase in Who Dat East 2C Contingent Resource
191% increase in Who Dat East 2C Contingent Resource 1 Prospective Resource assessment to be completed in 4Q24 Who Dat East Contingent Resources Revision (Net Revenue Interest) For personal use only Oil Equivalent (MMboe2, NRI) 1C 2C 3C Who Dat East Schematic Contingent Resources as at 31/12/20233 2
Slide 19: Exploration: Who Dat South
Exploration: 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 (within tie-back distance to both) For personal use only Water depth ~780 metres, drilled as a deviated hole to final total depth of 7,014 metres MD3
Slide 20: Exploration: Who Dat West
Exploration: Who Dat West Largest resource potential of currently targeted Who Dat prospects Who Dat West Prospect located 31 kilometres west of Who Dat Seismic imaging and analogues support Prospective Resources in For personal use only two amplitude supported anomalies Who Dat West exploration wel
Slide 21: Reserves and resource growth potential
Reserves and resource growth potential Opportunities to realise and add value Acquisition in November 2023 incorporated valuation for Who Dat US$720m Acquisition Price Allocation (US$m) 1 production, infill and exploration/appraisal assets For personal use only 30 720 Infill opportunities provide sc
Slide 22: Summary
Summary Focus on improving reliability and de-risking organic growth to unlock value For personal use only Interests in two high quality assets in globally significant, prolific hydrocarbon basins, with organic growth opportunities Priority remains safe and reliable operations with focus on: Improvi
Slide 23: Glossary
Glossary Term Definition 1H25 The period from 1 January to 30 June 2025 1Q25 The period 1 January to 31 March 2025 For personal use only 4Q24 The period from 1 October to 31 December 2024 A&O Altera&Ocyan Bbl barrels bopd Barrels of oil per day Bpd Barrels of production per day Carbon Neutral refers
Slide 24: Karoon Energy
For personal KAROON ENERGY