• Production from Bauna Project shut-in due to mooring system incident
• Repairs underway, expected to resume production by 23 December 2024
• CY24 production guidance revised to 10.1 - 10.3 MMboe

Karoon Energy Ltd has advised that production from the Bauna Project was shut-in on 11 December 2024 (Brasilia Time) in a safe and controlled manner following an incident involving the mooring system on the FPSO, Cidade de Itajaí. Two of the sixteen anchor chains have failed, and as per standard operating procedure, production was shut-in to minimise risk to personnel and the environment. Karoon, together with the FPSO Operator, Altera&Ocyan, has mobilised an anchor handling vessel to assist with FPSO positioning, and a second vessel and materials to repair the anchor chains are being sourced. The Bauna Project will resume production once repairs are completed on at least one of the anchor chains and regulatory approvals are received, which is expected to occur during the week of 23 December 2024. Prior to the shut-in, daily production had stabilised at approximately 24,000 bopd. The Bauna Project reservoirs continue to perform in line with expectations. Due to the anchor chain-related shut-in, Bauna CY24 guidance has been amended to 7.2 - 7.4 MMbbl (from 7.5 - 7.7 MMbbl). Additionally, Who Dat production for the CY24 full year is anticipated to be 2.9 MMboe, slightly below the guidance range of 3.0 - 3.3 MMboe. As a result, total production guidance for CY24 has been amended to 10.1 - 10.3 MMboe (from 10.5 - 10.8 MMboe).

CY24 total production guidance revised to 10.1 - 10.3 MMboe, down from previous guidance of 10.5 - 10.8 MMboe.