Who Dat

Karoon's non-operated interest in the Who Dat oil and gas development in the deepwater Gulf of America (Gulf of Mexico), USA, produced via the Who Dat floating production system; Karoon acquired its interest in 2024, diversifying its production base. Production is reported on a net revenue interest basis (after government and third-party royalties). In 2025 Who Dat contributed 2.6 MMBOE to Karoon (74% liquids), with liquids sales of 1.9 MMbbl and gas sales of 3.66 Bcf, at realised prices of US$63.35/bbl for liquids and US$4.20/mcf for gas; an infill program and the completion of additional wells in 4Q25 supported production. Net Karoon-share 2P reserves are 26.4 MMBOE (oil 15.4 MMbbl, gas 58.0 Bcf, NGL 1.3 MMbbl), split developed/undeveloped, plus Who Dat South 2C contingent resources of 7.4 MMBOE.