Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to AU$1.79, the stock trades at a forward P/E ratio of 9x. Average trailing P/E is 15x in the Oil and Gas industry in Australia. Total loss to shareholders of 10% over the past three years. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to AU$1.64, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 4x in the Oil and Gas industry in Australia. Total loss to shareholders of 13% over the past three years. Anuncio • Mar 30
Karoon Energy Limited Announces Directorate Changes, Effective March 30, 2026 Karoon Energy Limited announces that Mr. Tadeu Fraga will stand down as a non-Executive Director of the Company on March 30, 2026. Mr. Fraga is leaving the Board for personal and family reasons. Since his appointment in 2022, Tadeu has made a significant contribution to Karoon, bringing his four decades of experience in the Brazilian and international oil and gas sector to Board deliberations. His extensive background in upstream development, technology and large-scale energy projects, together with his insight into the Brazilian operating environment, has been invaluable to Karoon during the transition of ownership of the Baúna FPSO and stabilisation of operations. He also provided significant input into the development of Karoon’s strategy and its renewed focus on operational excellence and safety performance. During his tenure, the Board has overseen several relevant outcomes, while also addressing challenges associated with the Baúna FPSO through the strategic acquisition of the asset. This has allowed full control of its safety and operational performance, its revitalisation and the extension of the Bauna field economic life. He contributed at Board level to a number of other key strategic decisions, including portfolio diversification through the Who Dat acquisition and the development of an organic growth pipeline. He also contributed to the establishment of the capital allocation and returns framework, the review of the sustainability strategy and the refresh of the Company´s organisation and leadership structures. Karoon announced the appointment of Mr. Fernando Borges as an independent, non-executive director, effective March 30, 2026. Mr. Borges’ respective skills and experience aligns with the Board’s skills matrix and future renewal requirements at both Board and Committee levels. Mr. Borges will be submitted for election at the Annual General Meeting (AGM) to be held on May 21, 2026 in Melbourne, pursuant to Karoon’s Constitutional requirements. Mr. Borges is an experienced oil and gas executive with more than 40 years’ experience at Petrobras, including 35 years in senior management across exploration, production, and institutional relations. He most recently served as Chief Exploration and Production Officer at Petrobras, overseeing 60 offshore production units and a portfolio of more than 280 E&P contracts with operated production of 3.7 million boepd. Fernando also led the LIBRA Consortium — Brazil's first production sharing contract — and has held board roles at the Brazilian Institute of Petroleum and the Brazilian Association of Oil and Gas Exploration and Production companies (ABEP). He is a Civil Engineer from the Federal University of Uberlândia, a Petroleum Engineer from Petrobras University, holds an Executive MBA from the Federal University of Rio de Janeiro/COPPEAD, completed INSEAD's Advanced Management Program, and is a Brazilian Institute of Corporate Governance (IBGC) Certified Board Member. Anuncio • Jan 09
Karoon Energy Ltd, Annual General Meeting, May 21, 2026 Karoon Energy Ltd, Annual General Meeting, May 21, 2026. Anuncio • Sep 25
Karoon Energy Ltd (ASX:KAR) announces an Equity Buyback for $25 million worth of its shares. Karoon Energy Ltd (ASX:KAR) announces a share repurchase program. Under the program, the company will repurchase up to $25 million. The plan will be valid till May 22, 2026. As of September 25, 2025, the company has 731,405,300 shares in issue. Declared Dividend • Aug 29
First half dividend of AU$0.024 announced Shareholders will receive a dividend of AU$0.024. Ex-date: 1st September 2025 Payment date: 29th September 2025 Dividend yield will be 4.2%, which is lower than the industry average of 8.8%. Sustainability & Growth Dividend is covered by earnings (25% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to remain steady over the next 3 years, which should provide adequate earnings cover for the dividend. Reported Earnings • Aug 28
First half 2025 earnings released First half 2025 results: EPS: US$0.095. Net income: US$71.0m (up US$71.0m from 1H 2024). Revenue is forecast to stay flat during the next 3 years compared to a 6.7% growth forecast for the Oil and Gas industry in Australia. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. New Risk • Aug 27
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 4.9% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.5% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to AU$1.69, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 6x in the Oil and Gas industry in Australia. Total loss to shareholders of 4.5% over the past three years. New Risk • May 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. Minor Risk Profit margins are more than 30% lower than last year (16% net profit margin). Anuncio • Mar 31
Karoon Energy Ltd (ASX:KAR) announces an Equity Buyback for 20,800,000 shares, representing 2.77% for $22 million. Karoon Energy Ltd (ASX:KAR) announces a share repurchase program. Under the program, the company will repurchase up to 20,800,000 shares, representing 2.76% for $22 million. The plan will be valid till April 17, 2026. As of March 31, 2025, the company had 751,214,075 shares in issue. Anuncio • Mar 01
Karoon Energy Ltd Declares Ordinary Dividend for Period of Six Months Ended December 31, 2024, Payable on March 31, 2025 Karoon Energy Ltd. declared an ordinary dividend of AUD 0.05000000 for a period of six months ended December 31, 2024. The Ex Date is March 4, 2025, the Record Date is March 5, 2025, and the Payment Date is March 31, 2025. Anuncio • Jan 21
Karoon Energy Ltd, Annual General Meeting, May 22, 2025 Karoon Energy Ltd, Annual General Meeting, May 22, 2025. Anuncio • Dec 26
Karoon Announces Bauna Project Production Restarts Karoon advised that the Baúna Project 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 recommence operations. The second anchor chain is expected to be repaired by mid January. Karoon and the FPSO owner and operator, Altera&Ocyan are both investigating the anchor chains failure mechanism, with the objective to identify root causes and any lessons learned in order to help prevent reoccurrence. Prior to this shut-in, Baúna Project production was approximately 24,500 bopd. Karoon expects production to ramp back up over the coming days to approximately this level, prior to recommencing natural field decline of approximately 15% pa. Anuncio • Oct 31
Karoon Energy Ltd Announces Board Changes Karoon announced that Mr. Clark Davey has ceased as Non-executive Director of the Company with immediate effect, 31 October 2024. Karoon Chair Peter Botten said Mr. Davey had made a significant contribution to Karoon over the past 14 years. Ms Joanne Palmer will replace Mr. Davey as the Chair of the Audit, Risk & Governance Committee of the Board with immediate effect. Anuncio • Oct 24
Karoon Energy Ltd (ASX:KAR) announces an Equity Buyback for $25 million worth of its shares. Karoon Energy Ltd (ASX:KAR) announces a share repurchase program. Under the program, the company will repurchase up to $25 million worth of its shares. The plan will be valid till June 30, 2025 As of October 24, 2024, the company had 779,344,840 shares in issue. New Risk • Sep 17
New minor risk - Dividend sustainability The company has a short dividend paying track record. Less than a year of continuous dividend payments. Dividend yield: 6.1% This is considered a minor risk. For dividend focussed investors, companies that have not established a long-term track record of consistently maintaining or growing dividends are less attractive than those companies that have a long track record. Those that have a long track record have proven their underlying business is stable enough to consistently maintain or grow the dividend and that the company considers maintaining the dividend to be one of its priorities. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 8.6% per year for the foreseeable future. High level of non-cash earnings (175% accrual ratio). Minor Risks Short dividend paying track record (less than a year of continuous dividend payments). Shareholders have been diluted in the past year (39% increase in shares outstanding). Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to AU$1.45, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 6x in the Oil and Gas industry in Australia. Total returns to shareholders of 22% over the past three years. Anuncio • Jul 26
Karoon Energy Ltd (ASX:KAR) announces an Equity Buyback for $25 million worth of its shares. Karoon Energy Ltd (ASX:KAR) announces a share repurchase program. Under the program, the company will repurchase up to $25 million worth of its shares. The plan will be valid till December 31, 2024. As of July 25, 2024, the company had 801,599,713 shares in issue. Recent Insider Transactions • Jun 29
MD, CEO & Director recently bought AU$270k worth of stock On the 26th of June, Julian Fowles bought around 150k shares on-market at roughly AU$1.80 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Julian's only on-market trade for the last 12 months. Recent Insider Transactions • Jun 08
Independent Non-Executive Chair recently bought AU$120k worth of stock On the 3rd of June, Peter Robert Botten bought around 67k shares on-market at roughly AU$1.80 per share. This transaction increased Peter Robert's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Peter Robert has been a buyer over the last 12 months, purchasing a net total of AU$222k worth in shares. New Risk • May 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 1.7% per year for the foreseeable future. High level of non-cash earnings (175% accrual ratio). Minor Risk Shareholders have been diluted in the past year (42% increase in shares outstanding). Anuncio • Apr 24
Karoon Energy Limited Announces Board Appointments Karoon Energy Limited has named Melissa Holzberger and Joanne Palmer as its two new independent, non-executive directors. Holzberger, an experienced independent non-executive director and commercial, energy and resources lawyer, has more than 20 years of experience in the international energy and resources sector. She has a deep understanding of energy operations and projects. She has earlier served at BHP, Rio Tinto and as a trusted adviser to multinational and Australian companies. Palmer, an experienced non-executive director of ASX-listed and unlisted companies in Australia's resources sector, has more than 27 years' professional experience providing audit and assurance services as a partner with EY and Pitcher Partners. Her international experience spans more than 25 years as a former external auditor and advisor to United Kingdom (UK) and Australian companies operating in Africa, Europe, America and Australasia. Reported Earnings • Mar 04
Full year 2023 earnings released: EPS: US$0.40 (vs US$0.20 in FY 2022) Full year 2023 results: EPS: US$0.40 (up from US$0.20 in FY 2022). Revenue: US$825.8m (up 66% from FY 2022). Net income: US$245.0m (up 121% from FY 2022). Profit margin: 30% (up from 22% in FY 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 6.3% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Australia are expected to grow by 5.0%. Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. New Risk • Feb 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. High level of non-cash earnings (74% accrual ratio). High level of non-cash earnings (74% accrual ratio). Minor Risks Shareholders have been diluted in the past year (42% increase in shares outstanding). Shareholders have been diluted in the past year (42% increase in shares outstanding). Anuncio • Jan 23
Karoon Energy Ltd Provides Production Guidance for the Year Ending December 31, 2024 Karoon Energy Ltd. provided production guidance for year ending December 31, 2024. For the year, the company expects total production, including the Who Dat assets, to be in a range of 11.2 million to 13.5 million barrels of oil equivalent (MMboe), compared to the previous range of 12 MMboe to 14.5 MMboe, with Who Dat guidance unchanged. New Risk • Jan 18
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 1.5% per year for the foreseeable future. High level of non-cash earnings (74% accrual ratio). High level of non-cash earnings (74% accrual ratio). Minor Risks Shareholders have been diluted in the past year (42% increase in shares outstanding). Shareholders have been diluted in the past year (42% increase in shares outstanding). New Risk • Nov 27
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 34% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 6.0% per year for the foreseeable future. High level of non-cash earnings (74% accrual ratio). Minor Risk Shareholders have been diluted in the past year (34% increase in shares outstanding). Anuncio • Nov 18
Karoon Energy Ltd has filed a Follow-on Equity Offering in the amount of AUD 480.000001 million. Karoon Energy Ltd has filed a Follow-on Equity Offering in the amount of AUD 480.000001 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 83,074,339
Price\Range: AUD 2.05
Discount Per Security: AUD 0.056375
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 46,681,759
Price\Range: AUD 2.05
Discount Per Security: AUD 0.056375
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 104,390,244
Price\Range: AUD 2.05
Discount Per Security: AUD 0.056375
Transaction Features: Rights Offering; Subsequent Direct Listing Anuncio • Oct 20
Karoon Energy Ltd, Annual General Meeting, Nov 23, 2023 Karoon Energy Ltd, Annual General Meeting, Nov 23, 2023, at 10:00 AUS Eastern Standard Time. Location: Club Pavilion, Level 2, RACV Club, 501 Bourke Street, Melbourne Victoria Melbourne Victoria Australia Agenda: To consider RE-ELECTION OF MS LUCIANA BASTOS DE FREITAS RACHID AS A DIRECTOR; to consider RE-ELECTION OF MR PETER BOTTEN AC, CBE AS A DIRECTOR; to consider ADOPTION OF REMUNERATION REPORT; to APPROVAL TO ISSUE PERFORMANCE RIGHTS TO DR JULIAN FOWLES; and to receive and consider the Financial Report of the Company, together with the Directors' Report and the Independent Auditor's Report, for the financial year ended 30 June 2023, in accordance with the Corporations Act. New Risk • Aug 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 15% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 15% per year for the foreseeable future. High level of non-cash earnings (74% accrual ratio). New Risk • Aug 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 3.5% per year for the foreseeable future. High level of non-cash earnings (62% accrual ratio). Anuncio • Jul 28
Karoon Energy Ltd to Report Fiscal Year 2023 Results on Aug 23, 2023 Karoon Energy Ltd announced that they will report fiscal year 2023 results on Aug 23, 2023 New Risk • Jun 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 1.3% per year for the foreseeable future. High level of non-cash earnings (62% accrual ratio). Anuncio • Jun 20
Karoon Energy Ltd Revises Production Guidance for the Full Year 2023 Karoon Energy Ltd. revised production guidance for the full year 2023. Based on the ramp up to date, fiscal year 2023 production guidance has been revised to 7.0 7.1 MMbbl against previous guidance of 7.0 - 7.7 MMbbl. New Risk • Jun 18
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. High level of non-cash earnings (62% accrual ratio). Reported Earnings • Feb 23
First half 2023 earnings released: EPS: US$0.14 (vs US$0.18 loss in 1H 2022) First half 2023 results: EPS: US$0.14 (up from US$0.18 loss in 1H 2022). Revenue: US$299.4m (up 61% from 1H 2022). Net income: US$77.6m (up US$175.3m from 1H 2022). Profit margin: 26% (up from net loss in 1H 2022). Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Australia are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Anuncio • Feb 16
Karoon Energy Ltd. Announces Neon Drilling Update Karoon reported that the Neon-1 (officially 9-NEO-1-SPS) control well, which spudded on 23 January 2023, reached a final total depth of 2,382 metres Measured Depth (MD) on 10 February 2023. Wireline logging of the target sections is presently underway. Neon-1 was drilled into the down-dip southern flank of the Neon discovery, to better constrain lithologies and reservoir quality, and reduce the range of uncertainty on the oil-water contact, with the overall objective to better understand the range of potentially recoverable volumes in Neon and assist in delineating pathways of potential future production wells. Although evaluation is ongoing, preliminary analysis of the logging-while-drilling (LWD) and wireline log data available to date, including preliminary inspection of whole core samples, confirms that the Palaeocene sandstone primary target zones are present and oil bearing at this location. The Palaeocene intervals, representing an extension of reservoirs tested at Echidna-1, were found to be present over a gross 113 metre MD interval. A probable oil-water contact has been identified, which is within the range of pre-drill expectations and closely aligned with predictions based on seismic analyses. The net pay thickness above the identified oil-water contact at this down-dip location is estimated at 25 metres MD. The deeper secondary target Maastrichtian sandstone section was confirmed to be water-bearing, consistent with pre-drill expectations. Analysis of pressure tests through the Palaeocene section indicates that the oil in this section lies on the same pressure gradient as the oil at Echidna-1, suggesting that the two wells are likely in communication. All reservoir quality estimates, including preliminary analysis of net pay and the oil-water contact depth, will be subject to further studies and calibration from laboratory analyses of physical samples, including of the 57 metres of core acquired from the well. The forward plan is to plug and abandon Neon-1 and mobilise the rig to the Neon-2 location. Neon- 2 will be drilled directionally to intersect a crestal location in the north of the Neon field. The objectives of Neon-2 are to determine the quality and continuity of the Palaeocene units and to determine Palaeocene pressure connectivity with the two wells drilled to date. Additionally, it is planned that Neon-2 will test a deeper zone below the existing Palaeocene discovery. Anuncio • Jan 24
Karoon Energy Ltd Announces 23% Increase in BM-S-40 (Baúna) 2P Reserves Karoon Energy Ltd. announced an updated assessment of reserves and resources as at 31 December 2022 for its 100% owned Santos Basin concession, BM-S-40, in Brazil. This follows a review of all available subsurface and production data, including a reprocessed seismic dataset, newly acquired data from the recently completed Baúna well interventions and Patola drilling, and updated reservoir modelling. Karoon's internal assessment of reserves has been reviewed and certified by an independent third party, AGR Energy Services. BM-S-40 contains the Baúna and Piracaba producing fields and the Patola field, which is currently under development. Proved (1P), Proved and Probable (2P) and Proved, Probable and Possible (3P) reserves at 31 December 2022 have increased by 17%, 23% and 7%, to 42.8 MMbbl, 55.0 MMbbl and 65.5 MMbbl, respectively, compared to 30 June 2022. The revised reserves assessment takes into account the following: Recent production data confirming better than expected performance from the existing producing wells. This follows the successful conclusion of interventions in SPS-92, PRA-3 andSPS-56; Revised subsurface modelling of Patola capturing reservoir properties at the PAT-1 and PAT-2 wells which were better than pre-drill predictions; An extension of the assessed economic field life, with reserves now including production up to 2032. Production beyond this date has not been classified as reserves, due to the greater uncertainty on the FPSO maintenance requirements after this date; A long term oil price assumption of USD65/bbl; Production between 30 June 2022 and 31 December 2022 of 3.4 MMbbl. Based on these revisions, the conversion of the Patola Project contingent resources into reserves and total production of 11.2 MMbbl between taking over operatorship of Baúna in November 2020 and 31 December 2022, Karoon has achieved a 2P reserves replacement of 259%. Baúna contingent resources relating to the potential hook-up of the SPS-57 well have also been reassessed. Given the current uncertainty in resource potential and possible timing of this intervention, 1C, 2C and 3C contingent resources of 1.9 MMbbl, 4.2 MMbbl and 8.3 MMbbl, respectively, have been removed from the contingent resource estimates. No other changes to contingent resources have been made, with the Neon and Goiá contingent resources assessment unchanged from the 2022 Annual Report statement. Anuncio • Jan 20
Karoon Energy Ltd Announces Brazil Regulatory Approvals Received for Neon Drilling Karoon Energy Ltd. announced regulatory approvals required for the planned drilling of two control wells on the Neon oil discovery were received in Brazil on 18 January 2023. Consequently, the Noble Developer drilling rig, which had been preparing to anchor at the BAN-1 location, is now being mobilised directly to Block S-M-1037 (Karoon 100%), with the first Neon control well expected to commence drilling in the next few days. The BAN-1 well intervention, to re-open a lower, previously producing reservoir zone, has been deferred to a later date. Anuncio • Jan 17
Karoon Energy Ltd Provides Update on Patola Field Karoon Energy Ltd. announced that Noble Developer drilling rig has finished drilling and completion activities on the Patola field. Installation of wellheads and Christmas trees on the two Patola development wells was finalised in early January 2023 and work is expected to commence shortly on installing the remaining subsea infrastructure, flowlines, umbilicals and other pipework required to connect the wells to the Cidade de Itajaí FPSO. Commissioning of the new facilities and first production from Patola is targeted to commence by the end of the first quarter of CY2023. The drilling rig is now being mobilised to the BAN-1 well location, where an intervention to re-open a lower zone in the well that had previously been in production will take place. This is the fourth and final intervention, which was deferred in order to accelerate the Patola development drilling. Karoon expects that there will be no material impact on the final Baúna intervention cost estimate, as previously provided to the market. After the BAN-1 intervention is complete, and subject to the receipt of regulatory approvals, it is planned that the drilling rig will then move to the Neon field to drill the first of potentially two Neon control wells. Karoon is actively engaging with regulatory authorities to obtain the necessary Neon approvals in a timely manner, in order to minimise any potential standby time. Anuncio • Sep 19
Karoon Energy Ltd Announces Resignation and Appointment of Company Secretary Karoon Energy Ltd. announced that Nick Kennedy has resigned as Company Secretary with effect from 19 September 2022. Mr. Kennedy provided notice under his employment contract some time ago and has worked out his notice period. Andrew Metcalfe and Philip Thomas have each been appointed as a Company Secretary on an interim basis until a permanent appointment is announced. Anuncio • Aug 27
Karoon Energy Ltd Provides Production Guidance for the Fiscal Year 2023 Karoon Energy Ltd. provided production guidance for the fiscal year 2023. For the year, the company expects production to be between 7 million barrels to 9 million barrels. This takes account of the latest completion timing for the Baúna workover and Patola development programs. Reported Earnings • Aug 26
Full year 2022 earnings released: US$0.12 loss per share (vs US$0.008 profit in FY 2021) Full year 2022 results: US$0.12 loss per share (down from US$0.008 profit in FY 2021). Revenue: US$385.1m (up 125% from FY 2021). Net loss: US$64.5m (down US$68.8m from profit in FY 2021). Over the next year, revenue is forecast to grow 110%, compared to a 68% growth forecast for the Oil and Gas industry in Australia. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Anuncio • Aug 25
Karoon Energy Ltd Announces Appointment of Carlos Tadeu da Costa Fraga as Non-Executive Director, Effective from 26 August 2022 Karoon Energy Ltd. announced the appointment of Mr. Carlos Tadeu da Costa Fraga as a Non-Executive Director effective from 26 August 2022. Mr. Fraga has 40 years of experience in the oil and gas sector, including 23 years as an executive at Petrobras. Mr. Fraga held various positions at Petrobras over his career, including as Campos Basin Production General Manager, Gulf of Mexico E&P Operations Manager, Board Member Petrobras Argentina SA, General Manager Domestic Oil and Gas Production, Executive Manager E&P Brazil South and Southeast Regions, Executive Manager Research and Development and E&P Executive Manager Pre-Salt Developments. During his career at Petrobras, Mr. Fraga led the team involved in the development of various technologies applied on pre-salt fields and played a vital role in the implementation of pre-salt developments, from conceptual design to first oil. Mr. Fraga is a former CEO of Prumo Logistic and of the Porto do Açu, a former Chief Technology Officer at Gran Energia, as well as a former Board member of Gran Bio, GranIHC, Ultrapar, MRO Logistics, Ferroport, Gás Natural do Açu and Porto do Açu (being the Chairman in the last three). Mr. Fraga has also served as a board member of several technology institutions in Brazil, where he made substantial contributions to technological development at universities and research institutes. Mr. Fraga currently serves as a board member at Vast Infraestrutura (formerly Açu Petróleo) and at the Brazilian Institute for Petroleum, Natural Gas and Biofuels (IBP). Mr. Fraga holds a Bachelor of Engineering from the Universidade Federal do Rio de Janeiro and is a post-graduate in Petroleum Engineering from Universidade Petrobras. He has also attended executive training programs at University of Alberta (Management and Regulation in the Petroleum Industry), INSEAD (Technology Management), London School of Economics (Strategic Leadership) and Brazilian Institute for Corporate Governance IBGC (Board Member). Anuncio • May 18
Karoon Energy Ltd Announces Commencement of Bauna Intervention Campaign Karoon Energy Ltd. reported that its contract with Maersk Drilling for the Baúna intervention campaign has commenced, following the receipt of all permits and regulatory approvals required for the Maersk Developer drilling rig to commence operations. After loading supplies and equipment for the program, the rig departed Rio de Janeiro on 8 May BRT and arrived at the PRA-2 well site in license BM-S-40 (Baúna), southern Santos Basin, on 11 May BRT. The rig moored, using pre-installed mooring buoys, and the first Baúna intervention in the four-well campaign commenced on 15 May BRT. The intervention campaign, which is aiming to add 5,000 - 10,000 bopd to Baúna production, comprises the installation of new electric submersible pumps in the PRA-2 and SPS-92 wells, installation of gas-lift equipment in SPS-56 and re-opening of the lower zone of the BAN-1 well. The campaign is anticipated to take 4 - 5 months to complete. The Maersk Developer rig is then scheduled to drill two development wells on the Patola Field and, subject to the receipt of required regulatory licences, one or potentially two control wells on the Neon oil discovery. Anuncio • Apr 01
Karoon Energy Ltd Announces Commitment to Drill Neon Control Well(s) Karoon Energy Ltd. announced that it has committed to the drilling of a control well and, subject to the results of that well, a second control well in the Neon oil discovery, offshore Brazil. This decision is based on extensive predevelopment studies which have determined that a potential development of the Neon discovery presents a potentially attractive investment option for Karoon. The drilling strategy has been designed with the specific goal of reducing subsurface uncertainty to a sufficient degree to enable progress towards a potential Final Investment Decision (FID). Subject to the receipt of required environmental licences, the new well or wells, internally named Echidna2 and Echidna3, are currently planned to be drilled at the conclusion of the Patola Development campaign. The Neon light oil discovery was drilled by the Echidna1 well in 2015 in licence BMS10371. The discovery is located 5060km northeast of the Company's producing Baúna oil field at a water depth of approximately 300 metres, with light (39o API) oil tested at a facility constrained stabilised flow rate of 4,650bbls/day. Anuncio • Feb 24
Karoon Energy Ltd Provides Production Guidance for Fiscal Year 2022 Karoon Energy Ltd. provided production guidance for fiscal year 2022. For the year, the company expected production guidance has been narrowed to 4.4 - 4.6 MMbbl. Executive Departure • Oct 03
Chief Financial Officer Scott Hosking has left the company On the 27th of September, Scott Hosking's tenure as Chief Financial Officer ended after 15.6 years in the role. As of June 2021, Scott still personally held 614.63k shares (AU$821k worth at the time). A total of 5 executives have left over the last 12 months. The current median tenure of the management team is less than a year, which is considered inexperienced in the Simply Wall St Risk Model. Executive Departure • Sep 28
Chief Financial Officer Scott Hosking has left the company On the 27th of September, Scott Hosking's tenure as Chief Financial Officer ended after 15.6 years in the role. As of June 2021, Scott still personally held 614.63k shares (AU$821k worth at the time). A total of 5 executives have left over the last 12 months. The current median tenure of the management team is 1.25 years, which is considered inexperienced in the Simply Wall St Risk Model. Breakeven Date Change • Jul 01
Forecast breakeven pushed back to 2022 The 3 analysts covering Karoon Energy previously expected the company to break even in 2021. New consensus forecast suggests the company will make a profit of AU$79.9m in 2022. Average annual earnings growth of 105% is required to achieve expected profit on schedule. Anuncio • Jun 16
Karoon Energy Ltd Receives Approval for Neon and Goia Integrated Development Plan Karoon Energy Ltd. announced that it has received notice from the Agência Nacional do Petróleo, Gás Natural e Biocombustíveis ("ANP") of the approval of the integrated Development Plan for the Neon and Goiá fields that was submitted by Karoon to the ANP in December 2019. As previously announced, Karoon is currently undertaking further engineering studies on the Neon field, with the aim of optimising the development plan. This includes studying the potential to drill a control well using the Maersk Developer rig that has been contracted for the Baúna intervention campaign and Patola development. Following the completion of further evaluation work, including the potential control well, Karoon will assess whether to proceed to a final investment decision in respect of the Neon field. Executive Departure • Apr 01
GM of South American & CEO of Brazil Timothy Hosking has left the company On the 31st of March, Timothy Hosking, was replaced as CEO by Julian Fowles. As of December 2020, Timothy personally held 298.33k shares (AU$318k worth at the time). A total of 4 executives have left over the last 12 months. Is New 90 Day High Low • Feb 17
New 90-day high: AU$1.18 The company is up 34% from its price of AU$0.88 on 19 November 2020. The Australian market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$10.31 per share. Recent Insider Transactions • Feb 03
MD, CEO & Director recently bought AU$101k worth of stock On the 1st of February, Julian Fowles bought around 100k shares on-market at roughly AU$1.01 per share. This was the largest purchase by an insider in the last 3 months. This was Julian's only on-market trade for the last 12 months. Is New 90 Day High Low • Dec 29
New 90-day high: AU$1.08 The company is up 37% from its price of AU$0.79 on 01 October 2020. The Australian market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$9.24 per share. Is New 90 Day High Low • Nov 13
New 90-day high: AU$0.94 The company is up 12% from its price of AU$0.84 on 14 August 2020. The Australian market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$7.77 per share. Anuncio • Nov 09
Karoon Energy Ltd Provides Summary of the Competent Persons Report Karoon Energy Ltd. provided a summary of the Competent Persons Report prepared by AGR Petroleum Services Reservoir Management Division for the Reserves and Contingent Resources relating to Santos Basin concession BM-S-40 containing the Baúna oilfield and Patola oil discovery. This assessment is effective as of 1st July 2020 and represents an update to previous CPR results prepared by AGR which were effective as of 1st January 2020 and announced on 27th February 2020. The updated assessment includes consideration of recent asset performance in addition to Karoon's latest operational planning and revised long term oil price assumption (now USD 55/bbl vs previously USD 65/bbl). Production for calendar year 2020 up to 1st July 2020 was 3.0MMbbl oil or 16.2kbpd. After accounting for field production through June 2020, these results represent Reserves increases of 2.1MMbbl and 1.0MMbbl at 1P and 3P levels respectively. 2P Reserves are reduced by 4.6MMbbl, this is primarily due to revised long term oil price assumption impacting on economic field life estimation. Total Contingent Resource assessment represents increases of 0.2MMbbl and 0.6MMbbl respectively at 1C and 3C levels. 2C Contingent Resources are reduced by 0.9MMbbl. The revision is primarily due to matured technical evaluation and progressed planning associated with the Patola development. In this assessment oil recovery benefits to Bauna by virtue of Patola production are detailed as a separate line item. AGR notes the following contingencies to be satisfied before Patola can be re-classified as reserves: Documentation of a technically mature, feasible development plan; A firm commitment from the owner to develop Patola within a reasonable time frame; The project has to be economical with legal, contractual, environmental, regulatory, and; government approvals in place or forthcoming; A reasonable expectation that the financing will be in place at the time of final investment decision. These contingencies are aligned with Karoon's internal requirements which are currently being addressed ahead of a potential FID First Quarter 2021. In order to complete their updated assessment AGR were provided with all relevant field performance data, subsurface data/interpretation, operational planning and cost information. As announced on 25 July 2019, Karoon entered into a binding sale and purchase agreement (as amended in July 2020) to acquire a 100% operated interest in Santos Basin Block BM-S-40 offshore Brazil containing the producing Baúna oil field and the Patola oil discovery. Karoon will provide a full resources statement to the ASX in due course. The Baúna reserves estimates are based on the current development consisting of six oil production wells, three water injectors and one gas injector across the Baúna and Piracaba oil producing accumulations. The wells are tied back to a leased floating production, storage and off-loading facility; the Cidade de Itajai. Bauna has a long production history which began in 2011 and has continued to perform strongly with 129.9MMbbl produced up to 30 June 2020. AGR's updated independent assessment of the remaining reserves for the Baúna oil field is now estimated for the period between 1 July 2020, through to an economic cut-off year of 2028, based on the 2P case in a USD 55/bbl scenario. AGR has estimated Oil Initially-In-Place (STOIIP) and generated production forecasts, reserves and contingent resources. The CPR work process involved the following main parts: Establish data base, review data, models and reports; Analyse data, models, uncertainty studies and methodologies. Perform independent assessments; Generate independent production forecasts and profiles for the existing wells, and generate estimate of ultimate recovery for the future well portfolio; Review Karoon operation planning & assumptions; Economic evaluation using generated production forecasts and capex and opex cost estimates. AGR has determined the oil-in-place for the Patola field discovery and estimated oil recovery from a development comprised of two production wells tied back to the existing FPSO. A conversion of one production well to become a water injection well is assumed subsequent to first oil. Also shown, are estimates of contingent resources for the SPS-57 well, which was produced from the Piracaba accumulation during an Extended Well Testing phase in 2012 before the Baúna oil field was fully developed. The review of historical resource estimates and historical reserves has been prepared using the guidelines of the Petroleum Resources Management System (SPE-PRMS) jointly published by the Society of Petroleum Engineers, the World Petroleum Congresses, the American Association of Petroleum Geologists, and the Society of Petroleum Evaluation Engineers (SPE/WPC/AAPG/SPEE) in 2007 and then in 2018 as the basis for its classification and categorization of hydrocarbon volumes. Contingent Resources: Those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects, but which are not currently considered to be commercially recoverable owing to one or more contingencies. 1C- Denotes low estimate scenario of contingent resources. 2C- Denotes best estimate scenario of contingent resources. 3C- Denotes high estimate scenario of contingent resources. Is New 90 Day High Low • Oct 09
New 90-day high: AU$0.85 The company is up 51% from its price of AU$0.56 on 10 July 2020. The Australian market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is down 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$6.95 per share. Anuncio • Sep 30
Karoon Energy Ltd announces Appointment of Peter Botten as Non-Executive Director, Effective from 1 October 2020 Karoon Energy Ltd. announced appointment of Peter Botten as Non-Executive Director, Effective from 1 October 2020. Mr. Botten is a highly experienced and successful former Chief Executive and internationally recognized business leader with over 40 years experience in the international resources sector. His executive career was dominated by his 26-year tenure as CEO of Oil Search, where he was synonymous with its growth from a market capitalization of $200 million to a peak of $15 billion. 
