Financial Performance - Production increased by 4% compared to the first half of 2024, but 2025 production guidance was revised to 9.7 – 10.5 MMboe[24] - Underlying EBITDAX decreased by 25% to US$201 million compared to 1H24[24] - Underlying NPAT decreased by 61% to US$45 million compared to 1H24[24] - The company bought back approximately 9% of issued capital since August 2024[24] - Net debt was US$237.9 million as of June 30, 2025, compared to US$8.8 million at the end of 2024, with liquidity at US$452.1 million[24] - Revenue decreased by 25% from US$409.4 million in 1H24 to US$308.3 million in 1H25[49] Operational Highlights - Baúna Project 2P Reserves increased by 13.7 MMbbl due to revisions and asset life extension[24] - Neon 2C resource increased by 44% and entered the Define Phase in April 2025[24] - FPSO efficiency in 1H25 was 94.5%, up from 85.3% in 1H24[66] - Field life for Baúna was extended from 2032 to 2039[83] Strategic Initiatives - Karoon completed the acquisition of the Baúna FPSO and will operate it, subject to regulatory approvals[24] - The company commenced a farm-down process for 30-50% of Neon[24] - Neon FID is targeted for the second half of 2026[24] - Who Dat East entered the Define Phase, with FID targeted in late 2025/early 2026[24]