FPSO Cidade de Itaja Annual General Meeting 29 November 2019
Resources summary AGR assessed Reserves and Contingent Resources estimates for the Bana assets are the probabilistic sum of individual well reserves and not the arithmetic sum of the individual well reserves. These have been produced on…
Section 1 Corporate Review Robert Hosking, Managing Director 3
Corporate overview Karoon has an exciting portfolio focused on South America and now diversified between production, development and exploration The acquisition of Bana gives Karoon a strong foundation of cashflow generated from…
Application of corporate strategy in the short term The acquisition of Bana delivers on pillar one in Karoons three pillar corporate strategy 1 Acquire a high quality cash generating production asset 2 Realise value by operating…
Why are we so focused on South America More than 10 years of knowledge and working experience in South America places Karoon at an advantage when navigating regulatory regimes and searching for quality opportunities in the region…
Bana acquisition complements the existing portfolio Bana cash flows to underpin Karoons growth via optimization of capital allocation to highest value assets Bana includes a large proven and probable reserves base and opportunity to…
Bana transaction detail and progress Expected financial close of the Bana transaction is during first quarter 2020, with an effective transaction date of 1 January 2019 Transaction Karoon acquires 100% interest in Concession BM- S-40…
Bana production and peer comparison Long-term production profile Karoon ranks fourth against ASX producing oil companies 2018 2P and 2C reserves 2018 Production rate per annum 9
Peru drilling, on target for spudding in January 2020 Stena Forth modern, powerful drillship Drillship mobilised from Ghana on 22 November 2019 and on target for Q1 2020 spud Drilling time expected to be 4-6 weeks Marina is a 256…
HSSE: our People and those around us HSSE and Stakeholder engagement - commitment to worlds best practice Karoons objective is to undertake safe and secure operations, which protect employees, local communities, the environment and…
Section 2 Development and Operations Review Jos Formigli, Production and Development Project Advisor 12
Brazil: Bana asset overview Bana has favourable reservoir characteristics and identified production growth opportunities Asset summary BM-S-40 Concession Concession BM-S-40 is in the southern Santos Basin, 50-60km from Karoons Neon and…
Key people in Brazilian operations Production and Development Steering Committees include two former senior executives from Petrobras Jos Coutinho Barbosa (Karoon Board Member) Jos Formigli (Project Advisor) Petrobras Executive Vice…
Key people in Brazilian operations Karoon Brazil has hired personnel with extensive experience in Brazilian production operations Karoon is close to having filled all key roles for Ricardo Abi-Ramia (Asset Manager) Silvia Latorre…
Bana operations transfer Karoon is well prepared to take over field operations Karoon is well advanced in preparing all necessary resources to successfully operate the Bana field FPSO contract transfer (negotiations ongoing with…
Bana revitalisation program Karoon is performing a complete review of the asset to identify all production enhancement opportunities Current Operations Plan Karoon intends to replace up to three failed Electrical 2019 2020 2021…
Contingent resource opportunities Short term, low cost production upgrades Depth Structure Reservoir Depth Mapping High SPS-57 Patola: Discovered, undeveloped oil Discovered and drilled in 2011 by SPS-91. Seismic amplitude response…
Neon: Progressing toward FID Value add with Bana operational synergies Key Development Milestones Karoon is evaluating options to drill Neon control well during the Bana work program in 2021, taking advantage of the rig synergies /…
Brazil: Santos Basin, Neon & Goi fields Progressing field development planning and nearfield exploration target evaluations Risk sharing and funding flexibility with possible deferred capex payment, equipment financing Aim to…
Brazil: Prolific proven petroleum systems value potential Karoons portfolio includes assets in some of the worlds most prolific basins scope for growth Karoon has a decade of Experience in the southern Santos basin Surrounding acreage…
Pre-salt exploration1 1. ANP Presentation The Oil and Gas Industry in Brazil, R, D & I Perspective, 13 November 2019 22
ANP Bidding Rounds 20191 2019 Year to Date 1. ANP Presentation The Oil and Gas Industry in Brazil, R, D & I Perspective, 13 November 2019 23
Brazilian Proven Reserves1 1. ANP Presentation The Oil and Gas Industry in Brazil, R, D & I Perspective, 13 November 2019 24
Expected impact of 2017-2019 Bidding Rounds1 1. ANP Presentation The Oil and Gas Industry in Brazil, R, D & I Perspective, 13 November 2019 25
Section 3 Technical Review Mark Smith, Exploration Director 26
Brazil: Santos Basin, Bana geological summary Excellent subsurface characteristics Bana Well Log Piracaba Well Log Depth Structure Vcl Poro Vcl Reservoir Depth Mapping Poro High 10m Low Piracaba Bana Patola Work…
Brazil: Santos Basin, Neon and Goi fields Subsurface summary - high quality 3D seismic Neon Neon Neon PSDM RTM- Fullstack Amplitude map at Top PalB Water depth: 300 m Reservoir depth: 1700 m Contingent Resource (Statistical…
Brazil: Santos Basin, S-M-1537 Clorita prospect Leveraging a decade of geological knowledge and operational experience in Bid Round 14 The 171 sq. km. block is located in the Southern Santos Basin, a known oil and gas producing region…
Peru: Tumbes Basin, exploration The undiscovered potential of offshore NW Peru Wrench basin model History The presence of petroleum in coastal northwest Peru has been Oblique known for centuries subducting of Nazca oceanic Spanish…
Peru: Tumbes Basin, drilling of the Marina-1 well during 2020 This frontier well has the potential to be a play opener for the offshore Peruvian E&P industry Karoon 40% (Operator), Tullow 35%1, Pitkin 25%2 Tullow (joint-venture…
Peru: Tumbes Basin, Block Z-38 Marina Prospect Large Marina Prospect with nearby follow-up SW NE Anchoveta Prospect Marina Prospect Merluza Prospect The Marina exploration prospect is a large fault bounded There are…
Peru: Tumbes Basin, Block Z-38 Marina Prospect Advanced geophysical studies have identified targets Detailed mapping and seismic pore-fill attribute extraction support the presence of trapped hydrocarbons Reservoirs are stacked,…
Australia: Carnarvon Basin, WA-482-P The right address - Australias newest oil province Permit extended with G&G work program only Karoon 50%, Santos 50% (Operator) Western WA-482-P has the same play type as Io/Jansz The right…
A bright and prosperous future Karoon is now looking to forward to a fully funded and very exciting near-term operational phase with long term benefits for Shareholders. This will comprise production, development and exploration…
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