Ann: FY22 Half Year Results Announcement & Investor Presentation, page-2

Key points I picked out ar first glance:

• “Operating cash flow for the first half was US$83.9 million, which, together with the draw-down of US$30 million from the Company’s new debt facility, helped lift the cash balance from US$133 million at the end of June 2021 to US$204 million at the end of December 2021. Including US$130 million of undrawn debt, our liquidity position is US$334 million, which should be sufficient to fund the estimated cost of the forthcoming Baúna intervention campaign and Patola development program.
• Given that the interventions and Patola wells will utilise existing infrastructure, we expect to capture material operating and logistical efficiencies as production rates increase. Indicative unit operating costs are targeted to fall from US$28-30/bbl in FY2022 to US$12 – 18/bbl in FY2023.
• “Karoon enters the second half of FY2022 in a strong financial and operating position with more than US$200 million in cash and US$130 million undrawn from our debt facility. Reliable production from our high quality Baúna asset combined with higher oil prices are currently generating strong cash flow to help fund Karoon’s sanctioned growth projects. Over the longer term we shall continue to balance investment in high value growth relative to returns to shareholders.”