Following the completion of the Bauna intervention campaign, Patola development and Neon control well drilling in FY23, Karoon has updated its Reserves and Resources estimates as at 30 June 2023.

After adjusting for FY23 production of 7.0 MMbbl and positive revisions of 14.0 MMbbl, 2P Reserves have increased 16% to 51.8 MMbbl compared to 30 June 2022.

Net Oil Reserves at 30 June 2023 (MMbbl)
BM-S-40 (Baúna)

1P 2P 3P
Developed Baúna, Piracaba & Patola11 39.8 51.8 61.3
Total 39.8 51.8 61.3
  1. Producing

Movement in Net Oil Reserves (MMbbl)
BM-S-40 (Baúna)

1P 2P 3P
Reserves at 30 June 20221 36.5 44.8 61.5
Production Baúna, Piracaba & Patola -7.0 -7.0 -7.0
Revisions 10.3 14.0 6.8
Reserves at 30 June 2023 39.8 51.8 61.3
  1. Disclosed in Karoon's 2022 Annual Report.

Contingent Resources
2C Contingent Resources at 30 June 2023 are assessed at 98.2 MMbbl, up 14% following revisions and additions.

Net Oil Contingent Resources at 30 June 2023 (MMbbl)

1C 2C 3C
BM-S-40 (Baúna, Piracaba & Patola) 10.5 11.1 14.9
S-M-1037 (Neon) 37.7 60.1 89.5
S-M-1101 (Goia) 16.0 27.0 46.0
Total 64.2 98.2 150.4

Movement in Net Oil Contingent Resources (MMbbl)

1C 2C 3C
Contingent Resources at 30 June 20221 47.9 86.2 146.3
Removal SPS-57 hook-up -1.9 -4.2 -8.3
Baúna Life Extension Project 10.5 11.1 14.9
Neon Post Control Wells Drilling 7.7 5.1 -2.5
Contingent Resources at 30 June 2023 64.2 98.2 150.4
  1. Disclosed in Karoon’s 2022 Annual Report

Prospective Resources
Karoon holds interests in a number of licenses with Prospective Resources of varying maturity levels. In FY23 Karoon has assessed that the 2U oil Prospective Resources are 14.8 MMbbl, with a geological chance of success estimated at 41%. Unrisked Prospective Resources for the Neon West prospect have been estimated and reported due to the prospect’s close proximity to the Neon discovery and its higher probability of technical and commercial viability in the event of resource confirmation.

Net Oil Prospective Resources at 30 June 2023 (MMbbl)

1U 2U 3U
(Neon West)1
6.1 14.8 32.9
Total 6.1 14.8 32.9
  1. Geological probability of success is estimated to be 41%

Notes on calculation of 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), and American Association of Petroleum Geologists (AAPG) and Society of Petroleum Evaluation Engineers (SPEE).

All statements are net to Karoon’s interests as of 30 June 2023 and use a combination of deterministic and probabilistic methods. Resource volumetric estimates in MMbbl have been rounded to one decimal place. The reference point for Reserves calculation is at the fiscal meter situated on the FPSO Cidade de Itajai.

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 statements in this report are based on, and fairly represent, information and supporting documents prepared by, or under the supervision of Mr Martin Austgulen, VP 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 15 years’ experience, has consented in writing to the inclusion of Reserves and Resources in the format and context in which they appear.