• 2024 full year NRI production of 10.4 MMboe, a record for the company
• 2024 full year sales revenue of US$776.5 million, also a record
• Exploration program in US Gulf of Mexico successful, with resources revised up 190%

Karoon Energy Ltd reported its 2024 Fourth Quarter results, with full year NRI production of 10.4 MMboe, a 13% increase from 2023, and full year sales revenue of US$776.5 million, a record for the company. 4Q24 production was 2.59 MMboe, 3% lower than the previous quarter, while 4Q24 sales volumes of 3.14 MMboe were 53% higher due to the timing of Baúna liftings. The company reported a medical treatment case and a lost time injury during the quarter. Karoon's exploration program in the US Gulf of Mexico was successful, with two of the three wells drilled being successful. The company revised its NRI Who Dat East 2C Contingent Resource up 190%, from 5.4 MMboe to 15.7 MMboe, and is evaluating resources in Who Dat South following better than expected results. The operator has commenced development studies for Who Dat East and South. Karoon is in negotiations to acquire the Baúna FPSO, and plans a flotel-supported maintenance campaign to improve production systems reliability. The company also plans additional on-market share buybacks totaling US$75 million in 2025, over and above the 20-40% of NPAT to be returned under its capital management framework.

2025 production guidance of 9.0 - 10.5 MMboe (NRI basis), unit production costs (NWI basis) of US$12.5 - 17.5/bbl, and capex guidance of US$99 - 117 million (excluding potential FPSO purchase).

Karoon is focused on increasing FPSO efficiency towards its long-term target of 90-95%, with a maintenance campaign expected to commence shortly. The company also sees opportunities for organic growth through the potential Neon field development in Brazil and the Who Dat East and South discoveries in the US Gulf of Mexico.