• 2025 third quarter production down 12% due to issues with two Baúna Project wells and a scheduled shutdown
• Baúna FPSO efficiency improved to 92.7% reflecting enhanced maintenance program
• Neon project team continued to refine Field Development Plan and commenced farm-down process

Karoon Energy Ltd reported its 2025 third quarter results, with production on a Net Revenue Interest (NRI) basis down 12% to 2.59 MMboe compared to the prior quarter, due to issues with two Baúna Project wells and a scheduled shutdown of the Who Dat facility. The Baúna FPSO efficiency improved from 91.5% in 2Q25 to 92.7%, reflecting the positive impact of Karoon's ongoing enhanced maintenance program. 3Q25 sales volumes of 2.52 MMboe were 3% lower than 2Q25, while sales revenue increased 3% to US$164.1 million, primarily due to higher Baúna realised oil prices. Karoon recorded a strong safety performance during the quarter. The 'Define' phase activities on the Neon project continued, and a farm-down of 30 - 50% in Neon and surrounding licenses commenced. Who Dat East entered the 'Define' phase, including Front End Engineering and Design. Operations to sidetrack the Who Dat E6 well also commenced shortly after the end of the quarter. Karoon was awarded a 100% interest in the Esmeralda block in the deep water Santos basin offshore Brazil, expanding the company's acreage over a potential new deep water post salt exploration play. The next tranche of the US$75 million on-market share buyback is expected to commence shortly. CY25 production guidance has been narrowed, and capex reduced.

CY25 production guidance narrowed to 9.8 - 10.4 MMboe, and capex reduced to US$95 - 111 million.

Karoon's near-term priorities include assuming operational control of the Baúna FPSO, optimising operational performance at Baúna and Who Dat, and advancing the organic growth pipeline, while maintaining capital discipline and providing returns to shareholders.