• SPS-92 production restored at Baúna, achieving 8,600 bopd
• Total Baúna production now at 20,500 bopd
• Further production increase expected with PRA-2 well
• 2026 Baúna capex guidance increased due to SPS-92 intervention costs
• CEO confident in strong cash flow generation for the second half of 2026

Karoon Energy Ltd. announced the successful restart of production at the Baúna SPS-92 well, following a well intervention to replace the electrical submersible pump (ESP). The well is now producing at a rate of 8,600 barrels of oil per day (bopd), bringing the total Baúna Project production to approximately 20,500 bopd. A further production uplift of 1,000-2,000 bopd is expected once the PRA-2 well is reconnected. The company has also updated its 2026 investment expenditure estimates, with Baúna capex guidance increasing due to higher intervention costs for SPS-92. Despite this, Karoon expects lower sustaining capital requirements at Baúna over the next few years.

2026 Baúna capex guidance increased to $89-97 million due to higher SPS-92 intervention costs.

Karoon expects materially lower sustaining capital requirements at Baúna over the next few years, with strong cash flow generation anticipated in the second half of 2026.