Highlights

  • Production rebounded to 2.27 MMboe, 110% above the June quarter.
  • Sales Revenue reached USD 191.6 million, increasing 64%.
  • Baúna and Who Dat developments advanced alongside Facility maintenance.

In its company announcement, Karoon Energy Ltd (ASX:KAR) set out developments across its energy portfolio. The shares were quoted at AUD 1.67 on 28 October 2026, down 2.91%. Separately, the corporate filing provides operational measures, Capital activity and progress on projects. The following account reports those disclosures without attributing the market movement to an individual announcement.

Quarterly production and sales

Karoon reported 2.27 million barrels of oil equivalent in third-quarter 2026 production, compared with 1.08 MMboe in the June quarter. Sales rose to 2.39 MMboe from 1.23 MMboe. Sales revenue increased to USD 191.6 million from USD 116.4 million, while realised Baúna oil pricing was USD 80.60 a barrel, down from USD 94.56 in the previous quarter.

Brazilian and US operations

The Baúna FPSO recorded 96% operating efficiency and the Who Dat floating production system reported 100%. The revitalisation and maintenance program at Baúna contributed to the change in output. The SPS-92 electric submersible pump experienced an electrical fault late in September; the well continued at a reduced rate while the company examined the cause and Options for intervention.

Development activity

The Who Dat East joint venture sanctioned development in August, targeting initial net production of approximately 6,000 barrels of oil equivalent per day in the second half of 2028. Karoon also progressed planning for a Who Dat G1 sidetrack and E-field remediation. The proposed Neon project remained under technical and commercial assessment, including an arrangement with TechnipFMC as preferred subsea supplier.

Cash and Shareholder payments

Karoon reported cash of USD 80.8 million at quarter end. It paid an Interim Dividend of AUD 1.2 cents per share and repurchased 13.3 million shares during the quarter. The company stated that operating cash flows funded capital expenditure, payments relating to earlier accruals and shareholder distributions. Its calendar-year production and unit cost guidance remained unchanged from the September update.

Other Disclosed Activity

The announcement also sets out management’s stated operational priorities, the relevant planning or reporting periods and factors that may affect the timing of projects. Where future dates or capacities appear, these are company expectations, targets or conditional development scenarios rather than completed outcomes. The distinction is especially relevant to proposed investments, exploration wells, commissioning programs and licence or joint-venture arrangements. The figures presented above reflect the company’s disclosed basis of measurement and should be read within the relevant reporting period.

Production mix and project scheduling

The operational summary separates the Brazilian Baúna field from the US Gulf of Mexico Who Dat interests. Baúna produced 1.83 million barrels in the September quarter compared with 0.84 million barrels in June. Who Dat production measured on a net revenue interest basis rose to 0.44 MMboe from 0.24 MMboe. The A1 sidetrack increased its reported production from approximately 1,700 barrels of oil equivalent per day in early July to about 2,400 per day at the time of the announcement. Karoon also reported an electrical fault at SPS-92 and said evaluation of remediation remained underway. These production metrics are not interchangeable with sales or revenue figures.