Ann: Karoon Energy FY23 Half Year Presentation, page-16

Overall a steady result from KAR, reporting lower headline earnings vs
expectations while cash earnings were closer.
KAR maintaining FY23 unit cost and production guidance highlights the bulk of
earnings are skewed to 2H23.
Even the lower-than-expected 1H23 result with EBITDAX of US$176m puts KAR
on an EBITDAX multiple of just ~2.0x, a sector low.
Bauna wells continues to post a steady performance, now declining at typical rates.
Neon could compete seriously for capital in KAR’s next phase of growth.
We maintain our ADD rating on KAR, with an updated TP of A$3.60 (from A$3.70).


Source: Morgans