Who Dat

Entry into US Gulf of Mexico

On 21 December 2023, Karoon completed the acquisition of interests in the offshore US Gulf of Mexico (GoM) from LLOG Exploration Offshore, LLC and LLOG Omega Holdings (collectively LLOG). These include a 30% working interest in the Who Dat and Dome Patrol oil and gas fields and associated infrastructure, an approximate 16% working interest in the Abilene field and varying interests in adjacent exploration acreage. The effective date of the transaction was 1 October 2023. The acquisition was funded by a US$274 million drawdown from a new US$340 million debt facility, US$312 million raised from a fully underwritten equity issue and the balance from cash reserves.

Karoon’s Net Working Interest in the various permits acquired is detailed in the table below:

Who Dat production

The Who Dat producing assets comprise the Who Dat, Dome Patrol and Abilene oil and gas fields
and associated infrastructure. The fields are located in the Mississippi Canyon, offshore Louisiana in
approximately 800 metres water depth. The initial discoveries were made in late 2007/early 2008 and
Who Dat commenced production in 2011. LLOG is the operator of the Who Dat assets.

The subsea infrastructure comprises 13 production wells with associated flow lines, which are connected to a Floating Production System (FPS) with a nameplate capacity of 40,000 bopd and 150 MMscf/d gas. Lateral export pipelines connect the FPS to third party-operated oil (Mars) and gas (Canyon Chief) pipelines, providing access to the US Gulf Coast and other markets.

Development, Appraisal and Exploration Activities

During the second half of CY23, the operator, LLOG, commenced a range of development activities at Who Dat. These included the installation of a subsea pump, an intervention in the E7 well to access additional zones, sidetracks of the G2 and E2 wells, and drilling of a new well, G4, with the program completed in early CY24.

The E2 and E7 wells were brought onstream in the September 2023 quarter and the subsea pump commenced production during the December 2023 quarter. The G2 sidetrack encountered a shallower reservoir as well as the original deeper target. Following negotiations to acquire rights to the shallower reservoir zone, completion plans were amended to enable production from either zone into the Who Dat facilities. Subject to successful testing and determining optimal reservoir management strategies, the shallow zone is expected to provide incremental production and reserves over the asset life.

There are various existing discovered and prospective resources in and around the Who Dat field.
The Who Dat Joint Venture is planning to drill up to three wells in CY24. If drilling is successful, there is substantial spare capacity within the existing infrastructure to accommodate potential future production.

The exploration and appraisal opportunities at Who Dat are as follows: