亮点：

2025年第四季度（4Q25）按净收益权益（NRI）计算的产量为237万桶油当量（MMboe），而2025年第三季度（3Q25）为259万桶油当量，这反映了此前报告的两口Ba井持续停产以及自然储层衰减。2025年全年总产量为1030万桶油当量，接近980万至1040万桶油当量的指导范围上限，仅略低于2024年创下的1040万桶油当量的历史最高产量纪录。Ba
井FPSO的效率从2025年第三季度的92.7%提高到98.8%，这得益于FPSO维护的改进和设备冗余度的提高。全年FPSO效率为95.1%，较2024年的84.5%有了显著提升。
2025年第四季度销量为265万桶油当量，较第三季度增长5%，较第四季度产量增长12%，这主要归因于发货时间的调整。销量增长被较低的实际油价所抵消，2025年第四季度销售收入为1.561亿美元，低于第三季度的1.641亿美元。
卡伦公司本季度安全表现良好，未发生任何可记录的人员安全事故或一级/二级工艺安全事故。公司实现了连续一年无工伤事故。Who
Dat E6侧钻井于2025年11月中旬投产。该井的产量符合钻前预期。
自2025年11月3日起，Carri Lockhart女士被任命为董事总经理兼首席执行官，接替Julian Fowles博士。
9月25日宣布的当期场内股票回购计划在本季度继续进行。自2024年下半年启动回购以来，Karoon已收购并注销了8250万股，约占已发行股份的10%。作为Karoon资本管理流程的一部分，该回购计划正在定期进行重新评估。2025年
全年业绩计划于2026年2月26日（星期四）发布。由于2025年产量符合预期，其他2025年业绩指引指标已进行调整和更新。
2026年初步产量指引为810万桶油当量（MMboe，NRI基准），预计在Baa投资计划实施后，下半年产量将有所增长。单位生产成本指导（净值基准）为每桶油当量12至15美元，反映出较低的成本分摊到较低的产量基数上。预计Baa FPSO运营权交接完成后，运营成本将有所下降。资本支出指导为1.1亿至1.35亿美元（详见第9页）。Karoon

首席执行官兼董事总经理Carri Lockhart女士在评论业绩时表示：“
在2025年第四季度，Baa FPSO实现了自2020年收购以来最高的季度效率（98.8%）。因此，Baa全年产量达到了我们指导范围的上限。这证明了Baa团队在过去一年中在提高FPSO的维护和关键设备可靠性方面取得的进展。”与此同时，Who Dat油田2025年第四季度产量增长10%，全年产量符合我们2025财年的预期目标。令人欣喜的是，E6ST油井本季度产量低于预算，有助于缓解自然产量下降。

我期待在2026年2月26日上午11点的业绩发布会上向市场更新我们2025财年的财务业绩。

2026年，我们的首要任务是安全高效地完成Ba閿熺单a FPSO的运​​营权交接、由浮式酒店支持的FPSO维护和改造项目，以及恢复SPS-92和PRA-2 Ba閿熺单a油井的全面生产，同时继续推进Who Dat油田的增值加密钻井。我们深知同时开展所有这些活动所面临的挑战，并正在进行详细的规划工作以降低执行风险。这项工作的完成至关重要，因为由此产生的现金流是我们增长机会的基础，例如Neon、Who Dat East、Who Dat South和桑托斯盆地勘探（在低油价环境下，这些项目需具备良好的经济效益），以及股东的资本回报。

由于上半年Ba閿熺单a油田的密集投资计划，预计2026年巴西市场将呈现截然不同的上下半年。我们计划在浮式酒店支持的扩大维护和改造计划以及2026年第一季度开始的年度计划全面停产检修期间，解决Ba油田FPSO剩余的诸多安全隐患。FPSO效率的提升，加上Ba油田油井作业（目标是将Ba油田日产量恢复4,000至5,000桶），预计将使Ba油田从2026年中期开始业绩显著提升，但需视自然衰减情况而定。此外，随着Ba油田FPSO的运​​营权移交给Karoon公司，预计2026年下半年运营成本将有所下降。

在美国，待合资企业获得批准后，另一处Who Dat侧钻井平台A1ST预计将于2026年第二季度开工，如果成功，也将有助于下半年的产量提升。总部位于英国的Harbour Energy近日宣布，已就拟收购Who Dat油田运营商LLOG达成协议。我们期待与Harbour、LLOG团队以及合资伙伴Westlawn Americas Offshore紧密合作，继续提升Who Dat油田及其周边地区的价值。

Karoon拥有简洁的运营模式，旗下拥有两处世界级生产资产、具有竞争力的成本结构以及稳健灵活的资产负债表。这在油价低迷时期尤为有利。我们将继续专注于确保安全、可靠和高效的运营，同时持续评估自身内生增长机会，严格控制成本，并根据Karoon资本配置框架实现资本回报。

巴西桑托斯盆地BA项目，

股权比例：100%。作业者：Karoon。BA
项目（BM-S-40）2025年第四季度产量为172万桶，平均日产量为18,752桶。

该期间的产量反映了SPS-92井产量下降、PRA-2井大部分时间停产以及油藏自然衰减的影响。尽管如此，2025年全年产量为767万桶，比2024年（745万桶）增长3%，这反映出FPSO（浮式生产储卸油装置）的运行时间显著提高。2025年第四季度FPSO效率（实际产量除以预测油藏产量，不包括计划停产）为98.8%，高于2025年第三季度的92.7%，这是自Karoon于2020年11月收购Ba閿熺单a油田以来最高的季度效率；全年效率为95.1%，高于2024年的84.5%。

该期间共装卸了四船原油，总计199万桶，这些原油已运往北美和欧洲的炼油厂。 2025年第四季度销量包含一批于2025年第三季度末开始装船的货物。该批货物的平均实现价格为每桶61.53美元，较上一季度平均实现价格下降10%，反映出全球油价走低。

卡伦公司目前正在敲定一份合同，拟租用一座半潜式钻井平台对SPS-92井进行干预作业，以更换2025年部分失效的井下电潜泵（ESP）系统。预计作业将于2026年第一季度末开始，但需获得监管部门批准并做好作业准备。干预作业将包括拆除现有ESP系统并安装一套库存中的新ESP。预计该井将于2026年年中恢复生产。此外，PRA-2海底控制脐带缆的回收和修复工作也在稳步推进，该脐带缆于2025年9月在FPSO（浮式生产储卸油装置）处脱落，恢复该井的生产工作也在进行中。如果脐带经过检查和测试后状况良好，预计 PRA-2 也将在 2026 年年中恢复运行。

本季度对2026年年度计划停产检修和浮式酒店支持的延期检修及改造项目进行了详细规划，预计将于2026年第一季度启动。WHO

DAT资产，美国墨西哥湾沿岸近海。
股权权益：Who Dat和Dome Patrol各占30%，Abilene占16%。作业者：LLOG。Who

Dat在2025年第四季度的总产量为268万桶油当量（MMboe），较2025年第三季度（240万桶油当量）增长12%，这主要得益于设施正常运行时间提升至100%，油井正常运行时间达到83%，以及E6ST油井在本季度末投产，部分抵消了油藏自然衰减的影响。本季度按净收益权益（NRI）计算的产量为65万桶油当量，较上一季度（59万桶油当量）增长10%。 2025年全年NRI产量为260万桶油当量，与预期相符，而2024年为290万桶油当量。E6

井侧钻作业（包括从E6井筒钻探并完井至Who Dat其他油井正在生产的油藏）已于本季度成功完成。清理工作完成后，E6ST井的初始总产量约为4000桶/日，伴生气量为220万标准立方英尺/日（按NRI计算约为1050桶油当量/日），符合预期，且未出现自然油藏产量下降。该项目在预算内完成。Who

Dat油气（包括原油、凝析油和天然气凝液）的平均实现价格为57.06美元/桶，较上一季度下降8%，与全球油价下跌和Mars基准原油价差扩大的情况一致。 Who Dat 平均天然气实现价格为每千立方英尺 4.29 美元，较上一季度上涨 3%，反映出由于季节性需求提前到来，亨利枢纽基准价格上涨。

本季度开展了 A1 生产井侧钻项目的成熟技术研究，预计将于 2026 年第二季度完成，但需获得合资企业的批准。

商业和公司

资本支出¹：
2025 年第四季度总资本支出（按权责发生制计算）为 4400 万美元，主要用于 E6 侧钻项目以及桑托斯盆地新区块的 1530 万美元签约奖金。2025 年总资本支出包括用于收购 Ba 浮式生产储卸油船 (FPSO) 的 1.224 亿美元（含交易成本）。

现金、流动性和现金流
截至 2025 年 12 月 31 日，Karoon 的净债务为 1.439 亿美元，其中包括 2.061 亿美元的现金及现金等价物和 3.5 亿美元的已提取债务。

本季度现金流入包括出售油气所得款项1.643亿美元。除运营成本和特许权使用费外，主要现金流出包括债券利息1840万美元（每半年支付一次）、预扣税1230万美元（预扣税详情请参见指引部分）、与桑托斯盆地相关的签约奖金1530万美元以及主要与E6侧钻井相关的1930万美元。此外，本季度还支出980万美元用于股票回购。场内

股票回购：
本季度，Karoon启动了此前宣布的7500万美元场内股票回购计划的第二阶段，其中包括最高2500万美元的投资¹。本季度，公司以每股1.58澳元的平均价格（980万美元）回购了940万股Karoon股票。公司资本回报政策允许支付税后净利润的20%至40%，并在没有其他更高回报的未承诺现金用途（例如目前的场内股票回购）的情况下，根据市场情况酌情进行额外回报。鉴于当前的经济和市场状况，董事会正在积极评估是否继续进行场内股票回购计划，原因是预计可用自由现金流将减少，而目前油价下跌正对其造成影响。对冲方面，

Karoon
剩余的289,500份买入的看跌期权和289,500份卖出的看涨期权在本季度到期，均为价外期权。公司循环贷款（RBL）在提取时包含最低商品对冲要求。然而，由于该贷款目前尚未提取，Karoon目前没有进行任何对冲，但保留在适当情况下进行对冲的酌情权。巴西

潜在发展项目：

NEON油田，SM-1037（KAR：持股100%，作业者）
本季度，Karoon继续推进Neon油田及周边区块30%至50%权益的竞购，目标是在2026年上半年完成该流程。

与此同时，Neon油田开发阶段的其他几个组成部分也取得了进展，包括地下油藏开发研究、海底设施布局优化、成本削减研究以及寻找合适的FPSO（浮式生产储卸油船），目前正在筛选多个方案。

鉴于当前油价低迷的前景，Neon团队也开始审查其他开发方案和项目优化机会，例如分阶段开发井钻探。

美国墨西哥湾沿岸——WHO DAT EAST（KAR：40%）、WHO DAT SOUTH（KAR：30%），作业者：LLOG。Who
Dat East的FEED研究在此期间取得了进展，其首选开发方案是先开发一口井，并通过海底回接直接连接到Who Dat生产设施。2025年第四季度，已向美国安全与环境执法局（负责监管海上能源的美国联邦机构）提交申请，以获得该项目的特许权使用费减免。预计将于2026年第一季度获得该申请的审批结果。

合资企业将在特许权使用费减免审批结果公布后，对Who Dat East项目做出最终投资决定。Who

Dat South的成熟度研究也在推进中，合资企业计划尽快启动地震数据重处理项目，以协助评估潜在的开发方案。 巴西桑托斯盆地深水

勘探与评价项目： SM-1356、SM-1358、SM-1482、SM-1484、SM-1603、SM-1605（KAR：100%权益，作业者）、Esmeralda区块（KAR：100%权益，待定，作业者）。 正如2025年第三季度报告披露，Karoon于10月份成功通过ANP第三轮永久性生产分成合同招标，获得Esmeralda区块100%的权益。Esmeralda 区块位于Karoon现有桑托斯盆地深水区块以东70公里处，位于正在生产的Ba项目以东130公里处。该区块与卡伦公司在近期巴西油气区块招标中获得的其他深水区块形成互补，这些区块均已探明一个未经勘探但具有潜在重要性的盐下第三纪油藏。 本季度，公司持续推进该新油藏的开发，该油藏包含一个此前在桑托斯盆地未被发现的潜在深水浊积岩储层带。 公司已利用全球知名的地震数据处理专家Viridien公司，对油藏西部现有的三维地震数据进行了广泛的先进地球物理重处理，并辅以区域二维地震数据。卡伦公司正在开展案头研究，以圈定并降低一系列勘探前景和潜在油藏的风险，从而进行储量和经济分析以及未来钻探的规划。 本季度已启动一项或多项深水区块转让计划，目标是在2026年上半年完成转让。 美国墨西哥湾沿岸 密西西比峡谷（MC）587区块（表面上的最高出价者）
















12月，卡伦公司参与了“美丽海湾1号”油气租赁权拍卖，并成功中标密西西比峡谷587区块。美国海洋能源管理局（BOEM）将审核所有投标，并于2026年第一季度确认租赁权授予。

可持续性方面，
BaQLA生产设施本季度燃烧天然气量为2600万标准立方英尺（MMscf），较2025年第三季度下降13%，较2024年第四季度下降74%。BaQLA燃烧量减少的原因在于：2025年第一季度进行了维护，随后可靠性得到提升，并根据天然气产量采取了选择性的油井管理措施。

2025年第四季度，Who Dat生产设施的燃烧天然气量为750万标准立方英尺（MMscf），较2025年第三季度下降42%，较2024年第四季度下降52%，下降的主要原因是前几个季度进行的预防性维护提高了燃烧率。Ba

閿熺单a资产的排放强度在本季度略有上升，原因是Ba閿熺单a产量下降以及自然衰减。Who Dat资产的排放强度下降抵消了这一影响。2025财年，两个资产的综合排放强度为9.9千克二氧化碳当量/桶油当量（不包括现场物流和支持活动，需经第三方保证）。

本季度Ba閿熺单a和Who Dat均未发生重大环境事件。Karoon

在巴西继续推进其2025年社会投资目标，目前所有21个激励性项目和4个自愿性项目均已启动。这些社会项目与联合国可持续发展目标相一致，旨在改善我们员工以及受我们运营影响的社区的生活质量。

本季度，Karoon Brazil基金会的志愿社会项目“创意连接氛围”（Ambience for Creative Connections，简称ACC）进入第二阶段——项目遴选。该项目旨在将社会机构中未充分利用的空间改造为无障碍、互动性强且设施齐全的环境。在对12个地点进行技术评估后，项目组正在制定量身定制的改造方案，预计将根据预算和最终成本，启动8个项目。改造内容可能包括改善无障碍设施、添置耐用家具和设备、更新视觉设计以及整合技术和学习资源。该项目将持续到2026年中期。

2025年和2026年全年业绩指引

更新 2025年业绩指引
Karoon公司将于2026年2月26日（星期四）向市场发布2025年全年业绩。

如第9页表格所示，2025年全年Ba油田产量为770万桶，而Who Dat油田按非居民权益（NRI）计算的产量为260万桶油当量（MMboe）。总产量为1030万桶油当量，接近Karoon公司此前980万至1040万桶油当量的产量指引范围上限。

财务成本指引为6900万至7100万美元，高于此前预期。这是由于卡伦集团内部融资安排需要对来自巴西和美国的资金流动缴纳预提税，用于资本配置。这项额外成本可全额抵扣应纳税额，并在合并损益表中计入所得税费用。2025

财年总资本支出预计为9600万至1.01亿美元（不包括FPSO收购），低于此前预期，主要原因是E6侧钻井项目已在预算内完成。

以下项目不包含在业绩指引中，这些项目将从2025年基本净利润中剔除：

2025年上半年发生的2110万美元浮式酒店成本；
600万至700万美元的一次性FPSO过渡成本；
以及将公司总部职位从墨尔本迁至美国和巴西相关的600万至700万美元。

2025年的业绩取决于财务报表的最终编制、董事会审核以及财政年度审计。

2026 年初步指导意见

2026 年的指导意见基于以下假设：
生产方面
，Ba FPSO 计划停产 28 天进行年度维护，并计划在 2026 年上半年开展为期四个月的浮式酒店支持 FPSO 维护和改造活动（可延长至六个月）。Ba
FPSO 的 SPS-92 井（目前以较低产量生产）和 PRA-2 井（已停产）以及 Who Dat A1 侧钻加密井的生产将于 2026 年年中恢复。Ba FPSO 的
效率（不包括计划停产）预计在 90% 至 95% 之间。
计划内和计划外停产、油井正常运行时间和潜在天气干扰均已纳入正常考虑范围。在Who Dat油田，
Baa和Who Dat油田的自然储层衰减率均为每年12-15%，不包括加密钻井和修井作业。

运营成本方面
，A&O FPSO过渡服务协议的成本已计入生产成本，直至2026年第二季度末。预计从2026年下半年Karoon全面接管该船的运营控制权后，生产成本将有所下降。Who
Dat油田的成本与2025年大致相同。
单位成本基本持平，反映出较低的总成本分摊到较低的产量基数上。
单位折旧和摊销包括与FPSO收购相关的折旧。
财务和利息成本指引包括集团内部融资的预提税，截至2025年。
2025财年计入财务费用的预提税总额为1780万美元，其中1230万美元与2025年第四季度的资金流动有关。资金流动的金额取决于多种因素，包括澳大利亚实体所需的预计资金以及美国和巴西子公司的可用现金。由于预提税已在所得税费用中完全抵消，对净利润没有实质性影响，因此预计财务费用和利息中的该项目会有一定的波动。

资本支出
包括恢复巴西Baa SPS-92和PRA-2井全面生产的活动以及Who Dat A1侧钻井的成本。
根据付款计划和2025年布伦特原油平均价格，支付给巴西石油公司（Petrobras）的倒数第二笔或有对价款项将远低于2025年第一季度。
勘探和评估包括Neon项目进入下一决策阶段的成本、签约奖金以及桑托斯盆地深水勘探许可证的地震研究。Neon项目进入下一阶段以及Who Dat East项目获得最终投资决定为积极的前提下产生的或有资本支出不包括在内。

与 2025 财年的做法一致，2026 财年指引表不包括以下项目：

预计 2026 年上半年将产生的 4300 万至 5300 万美元浮式酒店成本；
600 万至 700 万美元的一次性 FPSO 过渡成本；
以及将公司总部职位从墨尔本迁至美国和巴西相关的 300 万至 400 万美元。

单位生产成本和折旧、损耗及摊销 (DD&A) 指引采用 Who Dat 油田的净工作权益 (NWI) 产量，而非净收入权益 (NRI)。这能更好地反映 Karon 油田和 Who Dat 油田每桶油当量 (boe) 的实际成本和 DD&A。（NRI 产量已扣除政府和超额特许权使用费，在 Who Dat 油田，这些费用约占产量的 20%）。

本公告已获得 Karoon Energy Ltd. 董事会授权。

HIGHLIGHTS

锟� 2025 fourth quarter (4Q25) production on a Net Revenue Interest (NRI) basis was 2.37 MMboe, compared to 2.59 MMboe in the third quarter of 2025 (3Q25), reflecting continued downtime on two Ba锟絥a wells, as previously reported, and natural reservoir decline. Total production for CY25 was 10.3 MMboe, towards the upper end of the guidance range of 9.8 锟� 10.4 MMboe and only marginally below CY24锟絪 record production of 10.4 MMboe.
锟� Ba锟絥a FPSO efficiency increased to 98.8% (from 92.7% in 3Q25), driven by FPSO maintenance improvements and increased equipment redundancy. Full year FPSO efficiency was 95.1%, a material improvement on efficiency of 84.5% in CY24.
锟� 4Q25 sales volumes of 2.65 MMboe were 5% higher than 3Q25 and 12% above 4Q25 production due to timing of shipments. Higher sales were offset by lower realized oil prices, with 4Q25 sales revenue of US$156.1 million, compared to US$164.1 million in 3Q25.
锟� Karoon achieved a good safety performance during the quarter, with no recordable personal safety injuries or process safety Tier 1 or 2 incidents. The Company marked one year of no Lost Time Injuries.
锟� The Who Dat E6 sidetrack was brought online in mid-November 2025. Flow rates achieved from the well were in line with pre-drill expectations.
锟� Effective from 3 November 2025, Ms Carri Lockhart was appointed as Managing Director and Chief Executive Officer, succeeding Dr Julian Fowles.
锟� The current tranche of the on-market share buyback announced on 25 September continued during the quarter. Since the buyback commenced in the second half of 2024, Karoon has acquired and cancelled 82.5 million shares, or approximately 10% of shares on issue. The buyback is being regularly reassessed as part of Karoon锟絪 capital management process.
锟� The 2025 full year results are scheduled to be released on Thursday 26 February 2026. With CY25 production in line with forecasts, other 2025 guidance metrics have been narrowed and updated.
锟� Preliminary 2026 production guidance is 8.1 锟� 9.2 MMboe (NRI basis), with production expected to increase in the second half of the year following the Ba锟絥a investment program. Unit production cost guidance (NWI basis) is US$12 锟� 15/boe, reflecting lower costs spread over a lower production base. Operating costs are forecast to decline once the transition of Ba锟絥a FPSO operatorship is completed. Capex guidance is US$110 - 135 million (see page 9 for full guidance details).

Commenting on the results, Karoon锟絪 CEO and MD, Ms Carri Lockhart, said:
锟紻uring the fourth quarter of 2025, the Ba锟絥a FPSO achieved its best quarterly efficiency rate (98.8%) since the asset was acquired in 2020. As a result, Ba锟絥a production for the full year was at the upper end of our guidance range. This is testament to the progress made by the Ba锟絥a team over the past year in improving maintenance and critical equipment reliability on the FPSO. Meanwhile, at Who Dat, 4Q25 production improved 10%, with full year output within our CY25 guidance range. Pleasingly, the E6ST well was delivered below budget during the quarter and is helping mitigate natural decline.

I look forward to updating the market on our financial results for CY25 at the results briefing at 11am on 26 February 2026.

In 2026, our highest priorities are to complete, safely and efficiently, the Ba锟絥a FPSO operatorship transition, a flotel-supported FPSO maintenance and revitalization campaign, and activities to reinstate full production from the SPS-92 and PRA-2 Ba锟絥a wells, while continuing to pursue value accretive infill drilling at Who Dat. We do not underestimate the challenges associated with undertaking all these activities in parallel and are undertaking detailed planning work to reduce execution risk. Delivery on this work is critical, as the cash flow generated underpins our growth opportunities such as Neon, Who Dat East, Who Dat South and Santos Basin exploration (subject to attractive economics in a lower oil price environment) and capital returns to shareholders.

2026 is expected to be a year of two contrasting halves in Brazil, due to the intensive first half Ba锟絥a investment program. We are aiming to address many of the remaining Ba锟絥a FPSO vulnerabilities during the flotel supported expanded maintenance and revitalization campaign and the annual scheduled full shutdown, commencing in 1Q26. Improved FPSO efficiency, together with the Ba锟絥a well activities that are targeting to restore 4,000 锟� 5,000 bopd to Ba锟絥a production rates, should result in a materially better performance from Ba锟絥a from mid-2026 onwards, subject to ongoing natural decline. In addition, operating costs are anticipated to fall in the second half of 2026, following the transition of operatorship of the Ba锟絥a FPSO to Karoon.

In the US, subject to JV approvals, another Who Dat sidetrack, A1ST, is expected to commence in the second quarter of 2026 which, assuming success, would also benefit second half production. UK-based Harbour Energy has recently announced agreed terms for the proposed acquisition of the Who Dat operator, LLOG. We look forward to working closely with Harbour, the LLOG team and JV partner Westlawn Americas Offshore, to continue maximising the value of Who Dat and the surrounding area.

Karoon has a simple operating model with two world class producing assets, a competitive cost structure and a strong and flexible balance sheet. This is a good position to be in during a period of lower oil prices. Our focus will remain on ensuring safe, reliable and efficient operations, while continuing to assess our organic growth opportunities, maintaining strict cost control, and implementing capital returns in line with Karoon锟絪 capital allocation framework.锟�

BA锟絅A PROJECT, SANTOS BASIN, BRAZIL

Equity interest: 100%. Operator: Karoon
Ba锟絥a Project (BM-S-40) production in 4Q25 was 1.72 MMbbl, produced at an average rate of 18,752 bopd.

Production during the period reflected reduced rates from the SPS-92 well, and PRA-2 being offline for most of the period, as well as natural reservoir decline. Despite this, 2025 full year production of 7.67 MMbbl was 3% higher than CY24 (7.45 MMbbl), reflecting materially higher FPSO uptime. 4Q25 FPSO efficiency (actual production divided by forecast reservoir production, excluding scheduled shutdowns) was 98.8%, compared to 92.7% in 3Q25, the highest quarterly rate since Karoon acquired the Ba锟絥a field in November 2020, while efficiency for the year was 95.1% compared to 84.5% in CY24.

Four cargoes were lifted during the period, totalling 1.99 MMbbl, with the cargoes delivered to refineries in North America and Europe. 4Q25 sales volumes included a cargo that commenced loading in late 3Q25.The average realized price for the cargoes, was US$61.53/bbl, 10% lower than the average realized price in the prior quarter, reflecting lower global oil prices.

Karoon is currently finalizing a contract for a semi-submersible drilling rig to undertake an intervention on the SPS-92 well to replace the downhole Electrical Submersible Pump (ESP) system which partially failed in 2025. Operations are expected to commence in late 1Q26, subject to receipt of regulatory approvals and operational readiness. The intervention will comprise removing the existing ESP system and installing a new ESP, which is in inventory. The well is anticipated to be back online by mid-2026 Plans to recover and repair the PRA-2 subsea control umbilical, that disconnected at the FPSO in September 2025, and reinstate production from the well are also making progress. Subject to the condition of the umbilical once it is inspected and tested, PRA-2 is also anticipated to be back online by mid-2026.

Detailed planning took place during the quarter for both the 2026 annual scheduled maintenance shut down and the flotel-supported extended maintenance and revitalisation campaign, which are expected to commence in 1Q26.

WHO DAT ASSETS, OFFSHORE GULF COAST, US
Equity interests: Who Dat and Dome Patrol 锟� 30%, Abilene 锟� 16%. Operator: LLOG

Gross Who Dat production in 4Q25 was 2.68 MMboe, 12% higher than 3Q25 (of 2.4 MMboe), reflecting improved facility uptime of 100%, well uptime of 83%, and the impact late in the quarter of the E6ST well coming online, which helped partially offset natural reservoir decline. Production for the quarter was 0.65 MMboe on an NRI basis, 10% higher than the prior quarter (0.59 MMboe NRI). 2025 full year NRI production was 2.60 MMboe, which was in line with guidance, and compares to 2.90 MMboe for 2024.

The E6 well sidetrack operations, comprising drilling and completing a sidetrack from the E6 wellbore into a reservoir that is producing in other Who Dat wells, were successfully completed during the quarter. Following clean-up, E6ST flowed at an initial gross rate of approximately 4,000 bopd plus 2.2 MMscf/d associated gas (approximately 1,050 boepd on an NRI basis), in line with expectations, prior to natural reservoir decline. The program was completed under budget.

The average realised price for Who Dat liquids (including oil, condensate and NGLs) was 8% lower than the previous quarter at US$57.06/bbl, in line with the decline in global oil prices and wider differentials for Mars benchmarked crudes. The Who Dat average realized gas price was US$4.29/mcf, up 3% on the previous quarter, reflecting an increase in Henry Hub benchmark pricing due to early seasonal demand.

Technical studies to mature the A1 production well sidetrack opportunity took place during the quarter, with activities expected to be completed during 2Q26, subject to Joint Venture approvals.

COMMERCIAL AND CORPORATE

CAPITAL EXPENDITURE1
Total capital expenditure (on an accruals basis) for 4Q25 was US$44.0 million, largely associated with the E6 sidetrack and signature bonuses of US$15.3 million for the new blocks in the Santos Basin. 2025 total capital expenditure includes US$122.4 million spent on the Ba锟絥a FPSO acquisition (including transaction costs).

CASH, LIQUIDITY AND CASH FLOWS
At 31 December 2025, Karoon锟絪 net debt position was US$143.9 million, comprising US$206.1 million in cash and cash equivalents and US$350.0 million of drawn debt.

Cash inflows during the quarter consisted of proceeds from the sale of hydrocarbons of US$164.3 million. In addition to operating costs and royalty payments, the major cash outflows were bond interest of US$18.4 million (paid bi-annually), withholding tax of US$12.3 million (see guidance section for details on withholding tax), signature bonuses of US$15.3 million associated with the Santos Basin and US$19.3 million primarily relating to the E6 sidetrack. In addition, US$9.8 million was spent on share buybacks over the quarter.

ON-MARKET SHARE BUYBACK
During the quarter, Karoon commenced the second phase of the previously announced US$75 million on market share buyback program, comprising an investment of up to US$25 million1 . Over the quarter, the Company purchased 9.4 million Karoon shares at an average price of A$1.58 per share (US$9.8 million). The Company锟絪 capital returns policy allows for the payment of 20-40% of underlying net profit after tax, with additional discretionary returns (such as the current on-market share buyback) made in the absence of alternative, higher return uses of uncommitted cash subject to market conditions. Given the current economic and market conditions, the Board is actively assessing the continuation of the on-market share buyback program, based on an anticipated reduction in available free cash flow, which is currently being impacted by the lower oil price.

HEDGING
Karoon锟絪 remaining 289,500 bought put options and 289,500 sold call options expired out of the money during the quarter. The Company锟絪 RBL includes minimum commodity hedging requirements when drawn. However, as the facility is currently undrawn, Karoon has no hedges in place but retains discretion to hedge, if appropriate.

POTENTIAL DEVELOPMENTS

BRAZIL 锟� NEON, S-M-1037 (KAR: 100%, OPERATOR)
During the quarter, Karoon continued to progress the competitive farm down of a 30% to 50% interest in Neon and surrounding licenses, with the aim of advancing the process in the first half of 2026.

In parallel, work took place on several other components of the Neon 锟紻efine锟� phase. This included subsurface reservoir development studies, subsea facility layout optimisation, cost reduction studies and sourcing a suitable FPSO, with several options being screened.

The Neon team also commenced reviewing alternative development concepts and project optimisation opportunities, such as phased development well drilling, in light of the current lower oil price outlook.

US GULF COAST - WHO DAT EAST (KAR: 40%), WHO DAT SOUTH (KAR: 30%), OPERATOR: LLOG
Who Dat East FEED studies progressed during the period, based on the preferred development concept of an initial one well development connected via a subsea tieback directly to the Who Dat production facility. An application was made in 4Q25 to the US Bureau of Safety and Environmental Enforcement (the US Federal agency responsible for regulating offshore energy) to receive royalty relief for this development. A decision on this filing is expected in 1Q26.

The Joint Venture will assess a Final Investment Decision on Who Dat East after the royalty relief decision is known.

Studies to mature Who Dat South were also progressed, with the Joint Venture aiming to commence a seismic reprocessing project shortly, to assist with the assessment of potential development options.

EXPLORATION AND APPRAISAL

DEEPWATER SANTOS BASIN, BRAZIL
S-M-1356, S-M-1358, S-M-1482, S-M-1484, S-M-1603, S-M-1605 (KAR: 100%, OPERATOR), ESMERALDA (KAR: 100%, PENDING EQUITY INTEREST, OPERATOR)
As disclosed in the 2025 Third Quarter Report, in October, Karoon was successful in its bid to secure a 100% interest in the Esmeralda block through the ANP 3rd Permanent Offer Cycle for Production Sharing Contracts.

Esmeralda is located 70 kilometres east of Karoon锟絪 existing Santos Basin deepwater blocks and 130 kilometres east of the producing Ba锟絥a Project. The block complements the other deepwater blocks that Karoon has acquired in recent Brazil licensing rounds, in which an untested and potentially material post-salt Tertiary oil play has been identified.

Over the quarter, work continued to mature this new play, which comprises an interpreted, potential deepwater turbidite reservoir fairway, previously unidentified in the Santos Basin.

The Company has undertaken extensive advanced geophysical reprocessing of available 3D seismic over the western part of the play using globally recognised seismic processing specialists, Viridien, complemented by regional 2D data. Karoon is undertaking desktop studies to delineate and derisk a suite of prospects and leads for volumetric and economic analysis and potential future drilling.

Planning for a farm-down of one or more of the deepwater blocks commenced during the quarter, with the aim of completing a farm-out during the first half of 2026.

UNITED STATES GULF COAST

MISSISSIPPI CANYON (MC) BLOCK 587 (APPARENT HIGH BIDDER)
In December, Karoon participated in the Big Beautiful Gulf 1 Oil & Gas Lease Sale and was successful as the apparent high bidder for Mississippi Canyon Block 587. The Bureau of Ocean Energy Management (BOEM) will review all bids and confirm lease awards in 1Q26.

SUSTAINABILITY
Flared gas at the Ba锟絥a production facility was 26.0 MMscf for the quarter, which was 13% lower than 3Q25 and 74% lower than 4Q24. Reductions in Ba锟絥a flaring were due to a combination of maintenance undertaken in the first quarter of 2025 and subsequent improvements in reliability, and selective well management based on gas production.

4Q25 flared gas at the Who Dat production facility of 7.5 MMscf was 42% lower than 3Q25 and 52% lower than 4Q24, with the decrease primarily due to preventative maintenance undertaken in the prior quarters which increased flaring rates.

Emissions intensity for the Ba锟絥a asset increased slightly in the quarter, due to lower production at Ba锟絥a and natural decline. This was offset by a decrease in intensity for the Who Dat asset. Across both assets, the combined emissions intensity for CY25 was 9.9 kgCO2e/boe, excluding field logistics and support activities (subject to third party assurance).

There were no material environmental incidents at either Ba锟絥a or Who Dat for the quarter.

Karoon continued to progress its 2025 social investment goals in Brazil, with all 21 incentivised projects and four voluntary projects now underway. These social projects are aligned with the UN Sustainable Development Goals and aim to improve the quality of life for both our employees and the communities impacted by our operations.

During the quarter, Karoon Brazil锟絪 foundation voluntary social project, Ambience for Creative Connections (ACC), progressed to its second phase, selection of projects. The project transforms underutilised spaces in social institutions into accessible, engaging and well-equipped environments. After technical assessments of 12 sites, tailored renovation plans are being developed, with eight projects expected to proceed based on budget and final costs. Upgrades may include accessibility improvements, durable furniture and equipment, refreshed visual design, and the integration of technology and learning materials. This project will continue through to mid-2026.

2025 AND 2026 FULL YEAR GUIDANCE

UPDATED 2025 GUIDANCE
Karoon锟絪 2025 full year results will be released to the market on Thursday 26 February 2026.

As highlighted in the table on page 9, 2025 full year Ba锟絥a production was 7.7 MMbbl, while production from Who Dat on an NRI basis was 2.6 MMboe. Total production of 10.3 MMboe was towards the upper end of Karoon锟絪 production guidance range of 9.8 锟� 10.4 MMboe.

Finance cost guidance of US$69 锟� 71 million is higher than the previous range. This is due to Karoon锟絪 intragroup funding arrangements which attract withholding tax on associated funds movements from Brazil and the USA, for capital allocation purposes. This additional cost is fully creditable against tax payable and is offset in Income Tax Expense in the Consolidated Statement of Profit or Loss2 .

Total capex for CY25 is expected to be US$96 - 101 million (excluding the FPSO acquisition), lower than prior guidance, primarily reflecting the completion of the E6 sidetrack under budget.

Guidance does not include the following, which will be excluded from underlying 2025 NPAT:

锟� US$21.1 million of flotel costs incurred in 1H25.
锟� One off FPSO transition costs of US$6 锟� 7 million.
锟� US$6锟�7 million related to relocating corporate head office roles from Melbourne to USA and Brazil.

The 2025 results are subject to the finalisation of the financial statements, Board review and the financial year audit.

PRELIMINARY 2026 GUIDANCE

2026 guidance reflects the following assumptions:
Production
锟� A 28-day planned shutdown of the Ba锟絥a FPSO for annual maintenance and a four-month flotelsupported FPSO maintenance and revitalisation campaign (with capacity to extend to six month), planned to take place in the first half of 2026.
锟� Reinstated production from SPS-92 (currently producing at reduced rates) and PRA-2 (offline) at Ba锟絥a, as well as production from the Who Dat A1 sidetrack infill well, by mid-2026.
锟� Ba锟絥a FPSO efficiency, excluding scheduled shutdowns, in the range of 90 锟� 95%.
锟� Normal allowances for planned and unplanned shutdowns, well uptime and potential weather disruption at Who Dat.
锟� Natural reservoir decline at both Ba锟絥a and Who Dat of 12 - 15% pa, excluding infill drilling and workover activities.

Operating costs
锟� A&O FPSO Transition Services Agreement costs included in production costs until late 2Q26, with production costs anticipated to decline from 2H26 onwards when Karoon assumes full operational control of the vessel.
锟� Who Dat costs broadly similar to CY25.
锟� Largely flat unit costs reflecting overall lower costs spread over a lower production base.
锟� Unit DD&A includes depreciation associated with the FPSO acquisition.
锟� Finance and interest cost guidance includes withholding tax on intragroup funding, as per 2025.
2 Total withholding tax included in finance costs is US$17.8 million in CY25, with US$12.3 million related to 4Q25 funds movements. The quantum of movements is dependent on a number of factors, including estimated funds required in Australian entities and available cash within USA and Brazil subsidiaries. As the withholding tax is fully offset in Income Tax Expense, with no material net impact on NPAT, some variability is expected for this item within Finance Costs and Interest.

Capital expenditure
锟� Capex includes activities to restore full production from the Ba锟絥a SPS-92 and PRA-2 wells in Brazil and Who Dat A1 sidetrack well costs.
锟� Based on the payment schedule and the average Brent oil price in 2025, the penultimate contingent consideration payment to Petrobras will be materially lower than in 1Q25.
锟� Exploration and appraisal comprises Neon costs to the next decision gate, and signature bonuses as well as seismic studies for the Santos Basin deepwater exploration licenses. Capex contingent on Neon moving through to the next phase and a positive Final Investment Decision on Who Dat East is excluded.

Consistent with the approach for CY25, the CY26 guidance table does not include the following items:

锟� US$43 锟� 53 million of flotel costs expected to be incurred in 1H26.
锟� One off FPSO transition costs of US$6 锟� 7 million.
锟� US$3 - 4 million related to relocating corporate head office roles from Melbourne to USA and Brazil.

Unit production cost and DD&A (depreciation, depletion and amortisation) guidance is provided using Who Dat production on a Net Working Interest (NWI) basis rather than Net Revenue Interest (NRI). This better represents Karoon锟絪 actual costs and DD&A for Ba锟絥a and Who Dat per boe produced. (NRI production is after government and overriding royalties, which at Who Dat comprise approximately 20% of production).

This announcement has been authorised by the Board of Karoon Energy Ltd.