• Underlying net profit after tax of US$214.0 million, up 3% on 2023
• Statutory net profit after tax of US$127.5 million, down 39% on 2023
• Total capital returns in respect of 2024 were US$85.7 million

Karoon Energy Ltd reported its 2024 full year financial results, with underlying net profit after tax of US$214.0 million, up 3% on 2023. Statutory net profit after tax was US$127.5 million, down 39% on 2023 due to lower Baúna production, a non-cash deferred tax adjustment, and costs related to an unsuccessful exploration well. Production volume on a net revenue interest (NRI) basis was 10.4 MMboe, up 14% from 2023. Sales revenue on an NRI basis was US$776.5 million, up 14% from 2023. Unit production costs on a net working interest (NWI) basis increased from US$12.4/boe in 2023 to US$13.6/boe in 2024, primarily due to lower production at the Baúna Project. 2C Contingent Resources increased by 17% to 121.4 MMboe, reflecting successful drilling at Who Dat. The Board declared a final unfranked dividend of 5.0 Australian cents per share, taking total dividends for 2024 to 9.496 Australian cents per share. Total capital returns, including dividends and share buybacks, were US$85.7 million in 2024.

Guidance for 2025 remains unchanged, with production expected to be 9.0 - 10.5 MMboe, unit production costs of US$12.5 - 17.5/boe, and total capital expenditure of US$99 - 117 million. Guidance will be updated for the Baúna FPSO purchase no later than the transaction close date.