• Bauna Project production recommenced on 22 December 2024
• One of the failed anchor chains on the FPSO has been repaired
• Karoon and the FPSO owner are investigating the cause of the anchor chain failure

Karoon Energy Ltd has announced that the Bauna Project in Brazil has recommenced production late on 22 December 2024 (Brasilia Time). This follows the successful repair of one of the failed anchor chains which forms part of the mooring system on the FPSO, Cidade de Itajaí, and receipt of regulatory authority approvals to resume operations. The second anchor chain is expected to be repaired by mid-January 2025. Prior to the shutdown, the Bauna Project was producing approximately 24,500 barrels of oil per day (bopd). Karoon expects production to ramp back up to this level over the coming days, before the natural field decline of approximately 15% per annum. Karoon and the FPSO owner and operator, Altera&Ocyan, are both investigating the anchor chains failure mechanism, with the objective of identifying the root causes and any lessons learned to help prevent reoccurrence.