Successful Acquisition of Baúna FPSO
Karoon acquired the Baúna FPSO, which is expected to lower the cost base over time and extend the economic life out to 2039, increasing reserves by 45% to 52.7 million barrels.
Increase in Neon Resource
Neon resources increased by 54% to 86.5 million barrels of oil; the project is advancing with a potential final investment decision targeted for the second half of 2026.
Improved Safety and Environmental Performance
Safety performance improved with no LTIs and a reduction in emissions intensity. A 100-day safety improvement plan was completed for the FPSO.
Capital and Shareholder Returns
Returned $53 million to shareholders through dividends and buybacks, ending the half with leverage at 0.6x and strong liquidity of $452 million.
Positive Operational Performance
Baúna production exceeded expectations with FPSO efficiency at 94.5%, leading to an increase in production guidance for Baúna to 7.3 to 7.8 million barrels.