Ann: Presentation to RBC, page-2

Conference call recording is now available on the website with the Password. Runs for 1 hour. Q&A starts from 28min onwards.
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Key takeaways listed below :

- Slight delay with timeframes On the 2nd well they had issues with setting the Rig anchors on the sub-stratum & an unexpected hurricane in May at PRA2.
- SPS-56 should finish by mid-month. Currently running Tubing. So by the time FY results r due on 25th Aug wee should see it online.
- Not pushing the ESP's to 100% and building up rates gradually.
- After SPS56, rig moves to SPS-92 which is doing 6k BOPD & is the best well.
- SPS-92 will take 35 days So mid-late Sept completion for the 3rd well.
- Then the last well BAN-1, which will take less time & money to reopen a interval that Petrobras had shut down.
- Each wellhead is different, not sure why Petrobras did that in their collective wisdom.
- Good reservoir with strong Acquifer drive & light oil gives a High recovery factor for Bauna & Piracaba fields.
- Patola should also have over 50% rec factr of oil reserves.
- Cost of diesel is up, so the current program costs will b towards the higher end. Interesting problem to have for an Oil Company.
- By Q1 2023 we should see the flowrates from Patola & the intervention on top of current flowrates, ie flowrates of 25-30k BOPD.
- Decline rate has been very low since Acquisition (just around 10-12%).
- Good relationship with Maersk, their office is on the floor above Karoon's Rio office.
- Uptime on the Maersk Developer Rig has been good given the challenges.
- Bauna Crude fetches a premium to Brent.
- Investor field trip in September, probably for Insto's,