Slide 1: Presentation for CLSA Exploration Access Week (ASX cover letter)
1 June 2021 For personal use only Company Announcements Office ASX Limited Dear Sir / Madam Presentation for “Exploration Access Week” being hosted by CLSA Attached is a presentation to be made as part of “Exploration Access Week” being hosted by CLSA later today. This announcement was authorised by
Slide 2: CLSA Exploration Access Week
For personal use only CLSA Exploration Access Week June 2021
Slide 3: Presenters
For personal use only Presenters: Ian Reid – Group Exploration Coordinator John Steel – Team Leader Asset Development
Slide 4: Disclaimer
Disclaimer This presentation has been prepared by Karoon Energy Ltd (Karoon). The information contained in this presentation is for information purposes only and For personal use only does not constitute an offer to issue, or arrange to issue, securities or other financial products. The information
Slide 5: Karoon – Corporate Transformation
Karoon – Corporate Transformation Acquisition of Baúna producing field and corporate restructuring For personal use only • Acquisition from Petrobras of Concession BM-S-40, offshore Santos Basin, completed on 6 November 2020. Includes the producing Baúna oil field and undeveloped Patola discovery •
Slide 6: Brazil – A Great Place to do Business
Brazil – A Great Place to do Business Fiscal Terms are attractive For personal use only • Royalty 5-10% • Income tax 34% effective rate • No State participation in concession agreement • Royalty tax terms are comparable to UK and between Australia and USA GoM terms, in top third of global fiscal att
Slide 7: Brazil – A World Class Petroleum Province
Brazil – A World Class Petroleum Province Santos & Campos Super-Basins For personal use only • Brazilian continental shelf area contains two world class super basins • Well-established offshore oil industry dating back to the 1960s and has attracted significant participation from all major IOCs, as
Slide 8: Brazil – Excellent Petroleum Geology
Brazil – Excellent Petroleum Geology Santos & Campos Super-Basins For personal use only • Brazilian offshore basins are considered among the most prolific and prospective in the world • Presence of extensive, high quality oil prone source rocks and large variety of reservoir levels and trap formatio
Slide 9: Brazil – Relatively unexplored compared to other global offshore basins
Brazil – Relatively unexplored compared to other global offshore basins Santos & Campos basins less well explored, and higher success volumes, than other well-known provinces For personal use only • 245 exploration wells drilled in Santos Basin resulting in 86 fields discovered, estimated US GOM 38.
Slide 10: Baúna Field Area
Baúna Field Area Excellent Sub-surface Characteristics For personal use only • Combined structural/stratigraphic traps at subsurface depths of around 2,000m • High quality Oligocene turbidite reservoirs providing for high production and recovery rates • High quality 3D seismic with strong amplitude
Slide 11: Baúna Field Area Activities
Baúna Field Area Activities Well Interventions & Potential Patola Development For personal use only • Maersk Developer rig, operated by Maersk Drilling, has been contracted for Baúna workover campaign • Four interventions planned – two downhole pump replacements, 1x gas lift and 1x oil zone re-openi
Slide 12: Neon & Goiá Discoveries
Neon & Goiá Discoveries Near-offset Development Potential For personal use only Seismic indication of oil filled reservoir extent 50km to Baúna • Neon and Goiá oil discoveries 50-60km from Baúna • Both fields contain Paleocene and Maastrichtian reservoirs in salt controlled structural traps • Both f
Slide 13: Neon & Goiá Discoveries – Near-offset Development Potential
Neon & Goiá Discoveries Near-offset Development Potential For personal use only • Karoon’s 100% Baúna ownership expected to bring operational synergies and improved economics to all Karoon Santos basin assets • Subsurface assessment and development plan being re- evaluated in light of reset economic
Slide 14: Portfolio running room in Santos Basin focus area
Portfolio running room in Santos Basin focus area Significant discovered resources providing production growth opportunities For personal use only Producing Near-FID Infill Potential Pre-Development Pre-Development 160 Karoon Net Oil Resources (MMbbl) 140 120 100 80 60 40 20 0 1 2 2 2P - Reserves Ba
Slide 15: Exploration in Proven Play Fairway – Clorita Prospect
Exploration in Proven Play Fairway Clorita Prospect For personal use only • Clorita Prospect is located 50 km from Baúna, within operational footprint • Targeting good quality Oligocene turbidite reservoir as seen in producing Baúna and Clorita Piracaba fields Oligocene • Karoon 100% interest, with
Slide 16: Global Activity & Investment Hotspot
Global Activity & Investment Hotspot Further Growth Opportunities For personal use only • Extensive acreage areas adjacent to Karoon operational footprint potentially available through Permanent Offer system • Regular bid round cycles since recommencing in 2017. >US$2 billion in signature bonus in 2
Slide 17: Summary
Summary Corporate transformation with potential upside For personal use only • High value production and development at Baúna • Bauna intervention proceeding, Patola FID expected 2Q21 • Favourable fiscal regime • Oil sold at premium to Brent • High value follow up potential at Neon / Goia and other
Slide 18: For personal use only
For personal use only