2026 First Quarter results

• Maintained safe and reliable operations with zero recordable injuries
• Produced 1.96 MMboe and generated US$128.2 million sale revenue
• Progressing strategic initiatives including the Who Dat East development

Karoon Energy Ltd reported its 2026 First Quarter results, highlighting maintained safe and reliable operations with zero recordable injuries and 96% Baúna FPSO efficiency. The company produced 1.96 MMboe and generated US$128.2 million in sale revenue, reflecting higher realised prices offset by lower production and timing of shipments. The Baúna FPSO maintenance, revitalisation and well activities are progressing to plan, and the Baúna FPSO operatorship transition is advancing, expected to enhance operational control, production up-time and cash margins. The company is progressing strategic initiatives, including the Who Dat East development and optimisation of the Neon development concept. Karoon maintained a strong balance sheet with net debt of US$180.6 million at the end of 1Q26. The company expects higher free cash flow in 2H26, with the majority of 2026 capital expenditure and maintenance work weighted to 1H26. CY26 production guidance is unchanged, with capex guidance increased to include acceleration of potential additional sidetrack at Who Dat into CY26.

CY26 production guidance unchanged, capex guidance increased by US$39-48 million to include acceleration of potential additional sidetrack at Who Dat into CY26.

Karoon expects higher free cash flow in 2H26, with the majority of 2026 capital expenditure and maintenance work weighted to 1H26, driving higher production and less capital outflows in 2H26.