OPENLANE(US:KAR)2025-09-08 22:00Karoon Energy Overview - Karoon Energy is an oil and gas producer generating strong cash flows from high-quality assets, progressing material organic growth opportunities[16] - The company has interests in two world-class oil and gas basins: the Baúna Project offshore Santos Basin Brazil (100%, operated by Karoon) and Who Dat assets in the US Gulf (~30%, operated by LLOG)[16] - Karoon returned US$114 million in cash to shareholders in the last 18 months (1 Jan 24 to 30 June 25)[19] Baúna Project - Baúna Project six-month production was 3.94 MMbbl as of 30 Jun 25, based on CY25 guidance of 3.36 - 3.86 MMbbl[27] - FPSO efficiency in 1H25 was 94.5%, up from 85.3% in 1H24 and 83.8% in 2H24[31] - The acquisition of the Baúna FPSO is expected to reduce Baúna opex by ~US$30-40 million per year post-transition[36] - In 1H25, 2P Reserves increased by 13.7 MMbbl due to the transfer of 2C Contingent Resources and a 3.9 MMbbl upward revision, more than offsetting production of 3.9 MMbbl[40] - Since acquiring Baúna in November 2020, recoverable volumes have more than doubled[40] Neon Development - Neon 2C Contingent Resources have grown by 57% since 2018, reaching 86.5 MMbbl as of April 2025[46] - 1C Contingent Resources increased to 59.8 MMbbl (+59%), 2C to 86.5 MMbbl (+44%), and 3C to 108.0 MMbbl (+21%)[50] - Expected capital cost for phase 1 (recovery of 60 – 70 MMbbl) US$0.9 – 1.2 billion (100% gross), mid-case IRR >20%, LT Brent US$65/bbl (2025 real)[53] Who Dat Project - Karoon's NRI semi-annual production from Who Dat was 1.36 MMboe as of 30 Jun 25, with CY25 guidance of 1.04 - 1.34 MMboe[56] - Who Dat East has 15.7 MMboe of 2C Contingent Resource (on NRI basis) with FID targeted in late 2025/early 2026[62] - Who Dat South has 7.4 MMboe of 2C Contingent Resource (on NRI basis)[62]