Karoon Energy Ltd is an ASX-listed international oil and gas exploration and production company with assets in Brazil and Australia.

Karoon aims to deliver profits from a high-quality portfolio of oil and gas production and development assets, providing energy in a dynamic world. The Company is committed to operating sustainably. Karoon was Carbon Neutral for Scope 1 and 2 GHG emissions in FY22 and expects to remain Carbon Neutral in FY23. The Company is targeting to be Net Zero for Scope 1 and 2 emissions by 2035.

Karoon’s core production asset is the 100% owned and operated BM-S-40 production license (which comprises the Baúna, Piracaba and Patola oil fields), located in the southern Santos Basin, offshore Brazil. Karoon acquired and assumed operatorship of BM-S-40 from Petrobras SA in November 2000 for a consideration of US$380 million plus additional oil-price related contingent payments of up to US$285 million. This acquisition has been transformational and has resulted in Karoon evolving from an exploration company to a producer and developer.

In FY23, Karoon completed the Baúna intervention campaign and developed the Patola oil field. These projects were delivered safely and within the original budgets and resulted in a 52% increase in FY23 production compared to FY22. In addition, Karoon drilled two control wells at the Neon oil field (100% owned by Karoon), resulting in a 9% increase in 2C Contingent Resources at Neon. Prospective Resources were booked for the first time for Neon West, an oil prospect located 2 kilometres west of the Neon oil field. A potential Neon development assessment is currently underway.