Karoon Energy Ltd Announces 23% Increase in BM-S-40 (Baúna) 2P Reserves
SPS-56; Revised subsurface modelling of Patola capturing reservoir properties at the PAT-1 and PAT-2 wells which were better than pre-drill predictions; An extension of the assessed economic field life, with reserves now including production up to 2032. Production beyond this date has not been classified as reserves, due to the greater uncertainty on the FPSO maintenance requirements after this date; A long term oil price assumption of USD65/bbl; Production between 30 June 2022 and 31 December 2022 of 3.4 MMbbl. Based on these revisions, the conversion of the Patola Project contingent resources into reserves and total production of 11.2 MMbbl between taking over operatorship of Baúna in November 2020 and 31 December 2022, Karoon has achieved a 2P reserves replacement of 259%. Baúna contingent resources relating to the potential hook-up of the SPS-57 well have also been reassessed. Given the current uncertainty in resource potential and possible timing of this intervention, 1C, 2C and 3C contingent resources of 1.9 MMbbl, 4.2 MMbbl and 8.3 MMbbl, respectively, have been removed from the contingent resource estimates. No other changes to contingent resources have been made, with the Neon and Goiá contingent resources assessment unchanged from the 2022 Annual Report statement.