• Produced 1.08 MMboe in 2Q26, generated $116.4M in sales revenue
• Transitioned Baúna FPSO operatorship, enhancing operational control
• Completed major Baúna FPSO revitalisation, achieving 97% efficiency
• Who Dat A1 sidetrack online, producing 1,700 boepd
• Strong balance sheet with $363.6M liquidity at end of 2Q26

Karoon Energy Ltd. reported its 2Q26 results, delivering on Báuna commitments and positioning for stronger long-term performance. Key highlights include producing 1.08 million barrels of oil equivalent (MMboe) and generating sales revenue of $116.4 million, driven by higher realized oil prices. The company completed the transition of Báuna FPSO operatorship, enhancing operational control and reducing costs. The Báuna FPSO revitalization and maintenance campaign resulted in 97% operating efficiency, above the target range of 90-95%. The Who Dat A1 sidetrack came online, currently producing 1,700 boepd, in line with expectations. Karoon maintained a strong balance sheet with liquidity of $363.6 million at the end of 2Q26. The company also bought back 2.8 million shares during the quarter and plans to commence a further on-market buyback in July 2026.

Higher free cash flow expected in 2H26, based on increased production and lower capital expenditure (subject to oil price, operating performance in line with guidance and operating risks)

Karoon expects strong free cash flow in the second half of 2026, assuming oil prices average $60-70/bbl and operational performance remains in line with guidance.