Baúna PRA-2 Well Production Restart

Production has been successfully restored from the PRA-2 well at Baúna,following the completion of a well intervention to reconnect the umbilical and re-establish connectivity to the electrical submersible pump.

On 7 October 2025¹ , Karoon announced that the PRA-2 umbilical had unexpectedly disconnected from the FPSO. The PRA-2 well came back online on 6 July 2026, BST, and is cleaning up, currently producing at 1,000 -1,200 bopd. This takes total Baúna Project production to approximately 22,000 bopd, including the strong contribution of approximately 8,600 bopd from SPS-92² .

All production wells associated with the Baúna Project are now in service. This marks a further step towards higher production, lower capital expenditure and stronger second-half cash flow generation, subject to oil prices and operating performance remaining in line with expectations.

Karoon’s CEO and MD, Ms Carri Lockhart, said:
“Over the first half of 2026, we committed to restoring production and strengthening the performance and reliability of the Baúna assets. We have delivered those commitments safely and on schedule. With Baúna’s major capital work programs now complete, Karoon is entering a phase of optimising performance and maximising value from those investments. Pleasingly, since the FPSO revitalisation campaign, the Baúna FPSO has been performing at the high end of the targeted 90-95% operating efficiency range.

As we head into the second half of 2026, our low-cost base, attractive operating break-even and production profile position the Company to generate high cash flow margins, further strengthening our balance sheet and supporting disciplined capital allocation and long-term shareholder value creation.”

About Karoon Energy Ltd
Karoon Energy Ltd. is an international oil and gas exploration and production company with assets in Brazil, the United States of America and Australia and is an ASX listed company. Karoon’s vision is to be a leading, independent international energy company that adapts to a dynamic world in an entrepreneurial and innovative way. Karoon’s purpose is to provide energy safely, reliably and responsibly, creating lasting benefits for all its stakeholders.

¹ See ‘Operational Update’ as released to the ASX on 7 October 2025.

² Excluding any one-off interruptions and averaged over the period since recommencement of SPS-92 production in June 2026.