Karoon Q3 Production Up 110% to 2.27 MMboe

Karoon (ASX:KAR)'s third-quarter report shows production more than doubling after the Baúna FPSO revitalisation campaign was completed and wells returned to production, while an electrical fault at the SPS-92 well continues to reduce output.

Figures are in US dollars. Production was 2.27 MMboe, up 110% on 2Q26, with Who Dat on a net revenue interest basis. Sales revenue was 64% higher at US$191.6 million, partly offset by lower average realised oil prices. Baúna operating efficiency was 96% and Who Dat FPS efficiency 100%. SPS-92 is producing at approximately 55% of pre-fault levels while the cause is investigated, and total Baúna production is currently 16,400 bopd. The Who Dat East development was sanctioned on 12 August, with first production expected in 2H28 and an initial net production rate targeted at approximately 6,000 boepd (NRI). Cash was US$80.8 million at 30 September 2026, after 13.3 million shares were bought back and a US$6.0 million interim dividend was paid. CY26 guidance is unchanged from the 28 September update at total production of 6.6 to 7.2 MMboe, unit production costs of US$15 to 16 per boe and total capex of US$193 to 222 million, excluding US$54 million of flotel and FPSO integrity costs.

Intervention options for SPS-92 are still being assessed. A decision on whether Neon enters FEED is expected in 4Q26, and the Brazilian windfall export tax has been extended to 7 November 2026.