Karoon Energy (KAR) Investor presentation summary

Asset quality and growth

• Holds tier 1 offshore assets in strategic basins with high-quality, long-life reserves and significant organic growth options, including a 160% average reserve increase over three years.

• Assets in the Gulf of Mexico and Brazil offer flexible market access and advantaged crude quality.

Financial performance and capital allocation

• Achieved a 66% cash margin and $31/boe breakeven in 2025, positioning among the lowest-cost offshore oil producers.

• Returned US$80m to shareholders in 2025 through dividends and ongoing buybacks, with a 20-40% NPAT returns policy.

• Maintains a strong balance sheet with US$452.7m liquidity and net debt of US$180.6m as of March 2026.

Operational highlights

• Baúna FPSO acquisition completed in 2025, with facility improvements targeting 90-95% efficiency and production guidance of 6.0-6.7 MMbbl for 2026.

• Who Dat project in the US Gulf expects restoration of 55-75% curtailed production by mid-2026 and sidetrack wells to offset decline.

• 2026 production guidance is 8.1-9.2 MMboe, with unit production costs of $12-15/boe.