• 2025 fourth quarter production on a Net Revenue Interest (NRI) basis was 2.37 MMboe
• Baúna FPSO efficiency increased to 98.8% in 4Q25, up from 92.7% in 3Q25
• 4Q25 sales volumes of 2.65 MMboe were 5% higher than 3Q25

Karoon Energy Ltd reported its 2025 fourth quarter results, with production on a Net Revenue Interest (NRI) basis of 2.37 MMboe, compared to 2.59 MMboe in the third quarter of 2025. This reflected continued downtime on two Baúna wells and natural reservoir decline. Total production for the full year 2025 was 10.3 MMboe, towards the upper end of the guidance range. Baúna FPSO efficiency increased to 98.8% in 4Q25, up from 92.7% in 3Q25, driven by FPSO maintenance improvements and increased equipment redundancy. 4Q25 sales volumes of 2.65 MMboe were 5% higher than 3Q25 and 12% above 4Q25 production due to timing of shipments. The Who Dat E6 sidetrack was brought online in mid-November 2025, with flow rates in line with pre-drill expectations. Karoon achieved a good safety performance during the quarter, with no recordable personal safety injuries or process safety Tier 1 or 2 incidents. The company also continued its on-market share buyback program, acquiring and cancelling 9.4 million shares over the quarter.

Preliminary 2026 production guidance is 8.1 - 9.2 MMboe (NRI basis), with unit production cost guidance (NWI basis) of US$12 - 15/boe. Capex guidance is US$110 - 135 million.

Karoon's highest priorities in 2026 are to complete the Baúna FPSO operatorship transition, a flotel-supported FPSO maintenance and revitalisation campaign, and activities to reinstate full production from the SPS-92 and PRA-2 Baúna wells, while continuing to pursue value accretive infill drilling at Who Dat. The company expects a material improvement in Baúna performance from mid-2026 onwards, subject to ongoing natural decline.