2025 ANNUAL REPORT RESERVES AND RESOURCE STATEMENT
DEVELOPED AND UNDEVELOPED RESERVES (NET KAROON SHARE, AS AT 31 DECEMBER 2025)1
| OIL & CONDENSATE (MMBBL) |
NATURAL GAS (BCF) |
NGL (MMBBL) |
TOTAL (MMBOE) |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| COUNTRY | ASSET | 1P | 2P | 3P | 1P | 2P | 3P | 1P | 2P | 3P | 1P | 2P | 3P |
| Brazil | Baúna Project | ||||||||||||
| Developed | 29.7 | 46.4 | 54.7 | – | – | – | – | – | – | 29.7 | 46.4 | 54.7 | |
| Undeveloped | – | – | – | – | – | – | – | – | – | – | – | – | |
| Total | 29.7 | 46.4 | 54.7 | – | – | – | – | – | – | 29.7 | 46.4 | 54.7 | |
| USA | Who Dat | ||||||||||||
| Developed | 5.5 | 8.6 | 11.8 | 7.0 | 13.0 | 19.3 | 0.1 | 0.3 | 0.4 | 6.8 | 11.0 | 15.4 | |
| Undeveloped | 4.9 | 6.8 | 10.6 | 33.5 | 45.0 | 52.5 | 0.8 | 1.0 | 1.2 | 11.3 | 15.3 | 20.6 | |
| Total | 10.4 | 15.4 | 22.4 | 40.5 | 58.0 | 71.8 | 0.9 | 1.3 | 1.6 | 18.1 | 26.4 | 36.0 | |
| Total | Developed | 35.2 | 55.0 | 66.5 | 7.0 | 13.0 | 19.3 | 0.1 | 0.3 | 0.4 | 36.5 | 57.5 | 70.1 |
| Undeveloped | 4.9 | 6.8 | 10.6 | 33.5 | 45.0 | 52.5 | 0.8 | 1.0 | 1.2 | 11.3 | 15.3 | 20.6 | |
| Total | 40.1 | 61.8 | 77.1 | 40.5 | 58.0 | 71.8 | 0.9 | 1.3 | 1.6 | 47.8 | 72.8 | 90.7 | |
RESERVES RECONCILIATION (NET TO KAROON, 31 DECEMBER 2024 TO 31 DECEMBER 2025)1
| OIL & CONDENSATE (MMBBL) |
NATURAL GAS (BCF) |
NGL (MMBBL) |
TOTAL (MMBOE) |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1P | 2P | 3P | 1P | 2P | 3P | 1P | 2P | 3P | 1P | 2P | 3P | |
| Reserves as at 31 December 2024 | 45.2 | 56.9 | 73.9 | 35.5 | 59.1 | 74.7 | 0.8 | 1.2 | 1.5 | 51.8 | 67.9 | 87.9 |
| Acquisitions and Divestments | – | – | – | – | – | – | – | – | – | – | – | – |
| Revision of Previous Estimates | 0.6 | 1.5 | 0.1 | (0.7) | (8.1) | (11.9) | 0.1 | (0.0) | (0.1) | 0.6 | 0.1 | (1.9) |
| Transfer to/from Reserves | 3.8 | 13.0 | 12.6 | 9.7 | 11.0 | 13.0 | 0.2 | 0.2 | 0.2 | 5.6 | 15.1 | 15.0 |
| Extensions and Discoveries | – | – | – | – | – | – | – | – | – | – | – | – |
| Production | (9.5) | (9.5) | (9.5) | (4.0) | (4.0) | (4.0) | (0.1) | (0.1) | (0.1) | (10.3) | (10.3) | (10.3) |
| Reserves as at 31 December 2025 | 40.1 | 61.8 | 77.1 | 40.5 | 58.0 | 71.8 | 0.9 | 1.3 | 1.6 | 47.8 | 72.8 | 90.7 |
CONTINGENT RESOURCES (NET TO KAROON, AS AT 31 DECEMBER 2025)1
| OIL & CONDENSATE (MMBBL) |
NATURAL GAS (BCF) |
NGL (MMBBL) |
TOTAL (MMBOE) |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| COUNTRY | ASSET | 1C | 2C | 3C | 1C | 2C | 3C | 1C | 2C | 3C | 1C | 2C | 3C |
| Brazil | Baúna | 2.8 | 3.0 | 3.8 | – | – | – | – | – | – | 2.8 | 3.0 | 3.8 |
| Neon | 62.6 | 90.3 | 112.7 | – | – | – | – | – | – | 62.6 | 90.3 | 112.7 | |
| Piracucá | 10.9 | 19.6 | 32.7 | – | – | – | – | – | – | 10.9 | 19.6 | 32.7 | |
| Goiá | 16.0 | 27.0 | 46.0 | – | – | – | – | – | – | 16.0 | 27.0 | 46.0 | |
| USA | Who Dat South | 1.6 | 3.6 | 7.6 | 11.1 | 22.5 | 45.5 | – | – | – | 3.5 | 7.4 | 15.2 |
| Who Dat East | 4.0 | 7.0 | 13.5 | 30.1 | 52.2 | 100.3 | – | – | – | 9.1 | 15.7 | 30.2 | |
| Total | 97.9 | 150.5 | 216.3 | 41.2 | 74.7 | 145.8 | – | – | – | 104.9 | 163.0 | 240.6 | |
CONTINGENT RESOURCES RECONCILIATION (NET TO KAROON, 31 DECEMBER 2024 TO 31 DECEMBER 2025)
| OIL & CONDENSATE (MMBBL) |
NATURAL GAS (BCF) |
NGL (MMBBL) |
TOTAL (MMBOE) |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1C | 2C | 3C | 1C | 2C | 3C | 1C | 2C | 3C | 1C | 2C | 3C | |
| Contingent Resources as at 31 December 2024 | 68.0 | 108.9 | 173.0 | 41.2 | 74.7 | 145.8 | – | – | – | 75.0 | 121.4 | 197.3 |
| Acquisitions and Divestments | 10.9 | 19.6 | 32.7 | – | – | – | – | – | – | 10.9 | 19.6 | 32.7 |
| Revision of Previous Estimates | 24.9 | 30.2 | 23.2 | – | – | – | – | – | – | 24.9 | 30.2 | 23.2 |
| Transfer to/from Reserves | (5.9) | (8.2) | (12.6) | – | – | – | – | – | – | (5.9) | (8.2) | (12.6) |
| Extensions and Discoveries | – | – | – | – | – | – | – | – | – | – | – | – |
| Contingent Resources as at 31 December 2025 | 97.9 | 150.5 | 216.3 | 41.2 | 74.7 | 145.8 | – | – | – | 104.9 | 163.0 | 240.6 |
PROSPECTIVE RESOURCES (NET TO KAROON, AS AT 31 DECEMBER 2025)1
| POS2 | OIL & CONDENSATE (MMBBL) |
NATURAL GAS (BCF) |
NGL (MMBBL) |
TOTAL (MMBOE) |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| COUNTRY | ASSET | 1U | 2U | 3U | 1U | 2U | 3U | 1U | 2U | 3U | 1U | 2U | 3U | |
| BRAZIL | Neon | 73% | 2.7 | 5.9 | 10.4 | – | – | – | – | – | – | 2.7 | 5.9 | 10.4 | Neon West | 45% | 15.5 | 25.0 | 39.1 | – | – | – | – | – | – | 15.5 | 25.0 | 39.1 |
| USA | Who Dat East | 51% | 1.1 | 2.9 | 6.7 | 8.0 | 21.4 | 48.9 | – | – | – | 2.4 | 6.5 | 14.9 |
| Who Dat South | 59% | 0.8 | 2.1 | 4.2 | 4.0 | 10.3 | 19.3 | – | – | – | 1.5 | 3.8 | 7.4 | |
| Who Dat East Deep | 7% | 1.8 | 6.0 | 14.4 | 104.1 | 277.0 | 529.8 | – | – | – | 19.1 | 52.1 | 102.7 | |
| Total | 21.9 | 41.9 | 74.8 | 116.1 | 308.7 | 598.0 | – | – | – | 41.2 | 93.3 | 174.5 | ||
1. Certain figures, amounts, estimates and numbers are subject to rounding.
2. Geological probability of success.
RESERVES AND RESOURCES
Reserves and Resources estimates are prepared in accordance with the guidelines of the Petroleum Resources Management System (SPE-PRMS) 2018 jointly published by the Society of Petroleum Engineers (SPE), World Petroleum Council (WPC), American Association of Petroleum Geologists (AAPG) and Society of Petroleum Evaluation Engineers (SPEE).
All statements are net to Karoon’s interests (as defined below) estimated at 31 December 2025 and use a combination of deterministic and probabilistic methods. Asset and Project level Reserves and Resource have been arithmetically aggregated. There may be minor differences in addition due to rounding.
For Reserves and Resource associated with assets in Brazil, Karoon’s reported net share is based on the Working Interest for each license. For Reserves and Resources associated with assets in the USA, Karoon’s reported net share is based on the Net Revenue Interest (NRI) for each license, well or reservoir, which is after the deduction of relevant government and third party royalties. Resource volumetric estimates in MMboe have been rounded to one decimal place. Gas volumes are converted to barrels of oil equivalent (boe) on the basis of 6,000 scf = 1 boe.
The reference point for Reserves calculation is at the fiscal meter situated on the respective production facility. Undeveloped Reserves are expected to be recovered: (1) from new wells on undrilled acreage, (2) from deepening or sidetracking existing wells to a different reservoir, or (3) where a relatively large expenditure is required to (a) recomplete an existing well or (b) install production or transportation facilities for primary or improved recovery projects.
Prospective Resources Cautionary Statement: Prospective Resources are the estimated quantities of petroleum from undiscovered accumulations at a given date, that may potentially be recoverable by the application of a future development project(s). These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal, and studies are required to determine the existence and quantity of potentially recoverable hydrocarbons.
GOVERNANCE AND COMPETENT PERSONS STATEMENT
Members of the Karoon Reserves Committee considered and assessed all proposed changes and additions to the Company’s Reserves and Resources (as set out in this report), considering advice and contributions from subject matter experts and external consultants.
All Reserves and Resource statements in this report are based on, and fairly represent, information and supporting documents prepared by, or under the supervision of, Martin Austgulen, SVP New Business, Karoon Energy Limited. Mr Austgulen is qualified in accordance with ASX listing rule 5.41, being a member of the Society of Petroleum Engineers (SPE) and, with over 18 years’ experience, has consented in writing to the inclusion of Reserves and Resource in the format and context in which they appear.
FORWARD LOOKING STATEMENTS
Petroleum exploration and production operations rely on the interpretation of complex and uncertain data and information which cannot be relied on to lead to a successful outcome in any particular case. Petroleum exploration and production operations are inherently uncertain and involve significant risk of failure. All information regarding Reserve and Contingent Resource estimates and other information in relation to Karoon’s assets is given in light of this caution.
This Annual Report may contain certain forward-looking statements with respect to the financial condition, results of operations and business of Karoon and certain plans and objectives of the management of Karoon. Forward-looking statements can generally be identified by words such as ‘may’, ‘could’, ‘believes’, ‘plan’, ‘will’, ‘likely’, estimates’, ‘targets’, ‘expects’, or ‘intends’ and other similar words that involve risks and uncertainties, which may include, but are not limited to, the outcome and effects of the subject matter of this Annual Report.
Indications of, and guidance on, future earnings and financial position and performance, well drilling programs and drilling plans, estimates of Reserves and Contingent Resources and information on future production are also forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements as actual outcomes may differ materially from forward-looking statements. Any forward-looking statements, opinions and estimates provided in this Annual Report necessarily involve uncertainties, assumptions, contingencies and other factors, and unknown risks may arise (including, without limitation, in respect of imprecise Reserve and Resource estimates, changes in project schedules, operating and reservoir performance, the effects of weather and climate change, the results of exploration and development drilling, demand for oil, commercial negotiations and other technical and economic factors), many of which are outside the control of Karoon.
Such statements may cause the actual results or performance of Karoon to be materially different from any future results or performance expressed or implied by such forward looking statements. Forward-looking statements including, without limitation, guidance on future plans, are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Such forward-looking statements speak only as of the date of this Annual Report. Karoon disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise.