Karoon Energy (KAR) investor relations material

Asset portfolio and operational highlights

• Holds high-quality, long-life oil and gas assets in tier 1 offshore basins with strategic market access in the US and Brazil.

• Baúna asset produced 2.4 MMbbl and generated $197.7M revenue in 1H26, with focus on cost optimization and reservoir management.

• Who Dat asset delivered 0.62 MMboe and $47.2M revenue in 1H26, maintaining ~97% topside reliability and adding new production via sidetrack wells.

• Who Dat East project sanctioned in August 2026, targeting first oil in 2H28 with >20% IRR and initial gross production of ~6,500 bopd and 50 MMscf/d gas.

• Neon development concept reset to phased approach, reducing initial capital intensity and preserving expansion flexibility.

Financial position and capital allocation

• Maintains strong balance sheet with $363.6M liquidity and $80.3M cash as of 30 June 2026.

• Net debt stands at $269.7M, with net debt to equity at 26% and net debt to underlying EBITDAX at 0.85x.

• Disciplined capital allocation framework supports liquidity and growth priorities.

• Peak investment period in 1H26 expected to drive improved production and free cash flow in 2H26.

Growth strategy and exploration

• Growth driven by organic projects, infrastructure-led exploration, and basin-led appraisal opportunities in Brazil and the US.

• Multiple near-field and longer-term exploration prospects near Baúna, Neon, and Who Dat hubs.

• Recommenced farm-down process for Neon to secure partners and advance project execution.