Who Dat East sanctioned

• Who Dat East development sanctioned by the Joint Venture
• Production planned to commence in the second half of 2028
• Expected initial production rate of approximately 5,900 boepd net to Karoon

On 12 August, Karoon Energy Ltd. announced that the Who Dat East Joint Venture, operated by LLOG, has sanctioned the development of the Who Dat East field in the Gulf of Mexico. The project involves the completion of the 2024 Who Dat East discovery well, construction of a 29-kilometre pipeline, installation of subsea controls, and minor upgrades to the existing floating production system. The total capital cost is estimated at US$155-165 million net to Karoon, with first production expected in the second half of 2028. The initial production rate is forecasted to be approximately 6,500 bopd of liquids and 50 MMscf/d of gas, translating to around 5,900 boepd net to Karoon. The development is expected to generate an IRR in excess of 20%.

Initial production rate: ~5,900 boepd net to Karoon; IRR: >20%

The sanctioning of the Who Dat East development is expected to deliver material low-cost, high-margin production to Karoon starting in the second half of 2028.