• 2Q25 production up 25% to 2.94 MMboe, with 77% from Baúna Project
• Sales revenue up 7% to US$159.7 million despite lower realised pricing
• Neon development opportunity progresses, 2C Contingent Resources increased 44%

Karoon Energy Ltd reported that 2Q25 production on a Net Revenue Interest (NRI) basis was 2.94 MMboe, 25% higher than the first quarter of 2025, which was impacted by a planned maintenance shutdown. 77% of production came from the Baúna Project and 23% from Who Dat. 2Q25 sales volumes of 2.61 MMboe were 21% higher than 1Q25, resulting in sales revenue of US$159.7 million, up 7% on 1Q25. The Baúna FPSO acquisition was completed on 30 April, and Karoon is transitioning to an optimized operating model where it will control and operate the vessel. The Neon opportunity entered the Define Phase in April 2025, and 2C Contingent Resources increased 44% to 86.5 MMbbl. Preparations are underway to drill the Who Dat E6 sidetrack well in 3Q25, which is expected to add 3,000 - 5,000 boepd (gross) to production. Who Dat East has also entered the Define phase. Net debt increased from US$159.2 million to US$237.9 million, reflecting the Baúna FPSO acquisition and a share buyback program. Karoon's CEO will be leaving the company by mid-2026, and the Board has commenced a search for a new CEO/MD.

Karoon's 2025 full year guidance for Baúna FPSO efficiency of 88 - 92% and Baúna production of 6.7 - 7.7 MMbbl is currently unchanged, but may be re-evaluated as the company moves further into the second half of the year.