Bauna Project Reserves Upgraded

• 13.7 MMbbl increase in Bauna Project 2P Reserves
• Bauna Project economic field life extended by seven years to 2039
• 2P recoverable volumes have increased by 120% since Karoon acquired Bauna in November 2020

Karoon Energy Ltd has announced a significant upgrade to the reserves of its Bauna Project offshore Brazil. The company has reported a 13.7 MMbbl increase in Bauna Project 2P Reserves after 1H25 production, reflecting the Bauna FPSO acquisition, facility operating life extension, and better reservoir performance than anticipated. The Bauna Project 2P Reserves are now 35% higher at 30 June 2025 than at 31 December 2024, with the economic field life extended by seven years to 2039, limited by the current Production Concession expiry. Karoon has also initiated the Bauna Revitalisation and Life Extension projects, with forecast expenditure of approximately US$55-65 million in 2026 and US$80-90 million over the period 2030-2034. The Reserves upgrade highlights the material value that has been added by the Bauna FPSO purchase and the continued strong performance of the Bauna Project reservoirs. 2P recoverable volumes have increased by 120% since Karoon acquired Bauna in November 2020, before taking into account production over that period.

Karoon expects to invest US$55-65 million in an FPSO revitalisation campaign in 2026, and approximately US$80 - 90 million (in 2025 $) for life extension activities between 2030 and 2034.