Karoon Energy

Karoon Energy Ltd is an oil and gas exploration and production company focused on offshore oil opportunities. Karoon's core asset is the Baúna oil field located in the BM-S-40 concession offshore Brazil, which is operated at 100% interest. The Baúna field has 2P reserves of 52 MMbbl and produced at approximately 40,000 barrels of oil per day prior to an unplanned shutdown in March 2023. Karoon also has Neon discovery in Brazil with 60 MMbb contingent resource discovery in the same permit which is currently undergoing concept studies for potential development.

In November 2023, Karoon announced the acquisition of a 30% non-operated working interest in the producing Who Dat and Dome Patrol oil fields located in the Mississippi Canyon area of the US Gulf of Mexico. The assets have current production of around 42,000 boepd, 2P reserves of 129 MMboe gross, and 143 MMboe of gross best estimate prospective resources. The deal significantly increases Karoon's scale and provides longer term production to offset natural decline at the Baúna field in Brazil.

With a market capitalisation of approximately A$550 million as of December 2022, the company is now focused on integrating the Gulf of Mexico business while progressing development studies for the material Neon oil discovery offshore Brazil with Karoon's working interest production to an average of 19,700 barrels of oil equivalent per day following the completion of a major intervention campaign at the Baúna field.

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