Karoon Energy Portfolio — oil & natural gas project

Consolidated upstream portfolio of Karoon Energy Ltd, an ASX-listed offshore oil and gas company with near-pure oil exposure and two producing assets in top-tier jurisdictions: the operated Baúna Project in the Santos Basin offshore Brazil and the non-operated Who Dat development in the Gulf of America, USA. Group 2025 production was 10.3 MMBOE. Net Karoon-share 2P reserves rose 7% to 72.8 MMBOE (1P 47.8; 3P 90.7) and 2C contingent resources stood at 163.0 MMBOE, with growth options including Neon and Piracucá in Brazil and Who Dat East/South in the Gulf of America. In 2025 Karoon acquired the Baúna FPSO (Cidade de Itajaí), gaining strategic control to reduce operating costs and extend field life. The company funds its capital program, including the FPSO acquisition, supported by a Reserves Based Lending facility.