Baúna Project

Karoon's 100%-owned, operated oil project in the Santos Basin offshore Brazil, comprising the Baúna, Patola and SPS fields produced via the Baúna FPSO Cidade de Itajaí, which Karoon acquired in 2025 to gain strategic control, reduce operating costs and extend field life. The project is near-pure oil. In 2025 Baúna produced 7.7 MMbbl of oil (sales of 7.3 MMbbl across 15 cargoes) at a weighted average realised price of US$66.57/bbl, despite a downhole ESP cable failure at SPS-92 and a subsea umbilical disconnection at PRA-2; a rig-based intervention to restore both wells is targeted for mid-2026. Net Karoon-share 2P reserves are 46.4 MMbbl (1P 29.7; 3P 54.7), all developed, plus 3.0 MMbbl of 2C contingent resources.