Karoon Energy Ltd is an ASX-listed international oil and gas exploration and production company with assets in Brazil, the United States of America and Australia. Karoon has two key producing assets 鈥� the Ba煤na Project in the Santos Basin, Brazil and the Who Dat assets in the Gulf of Mexico, USA. The 100% owned and operated Ba煤na Project (which comprises the Ba煤na, Piracaba and Patola oil fields) is located in the BM-S-40 production license in the southern Santos Basin, offshore Brazil. Karoon acquired and assumed operatorship of BM-S-40 from Petrobras SA in November 2020 for a consideration of US$380 million plus additional oil-price related contingent payments of up to US$285 million, assessable over 2022 to 2026. This acquisition was transformational and resulted in Karoon evolving from an exploration company to a producer and developer. In FY23, Karoon completed an intervention campaign in Ba煤na and developed the Patola oil field. These projects were delivered safely and within the original budgets and have resulted in a material increase in production levels. Karoon also holds a 100% interest in the undeveloped Neon oil field, located approximately 60 kilometres north east of Ba煤na. An evaluation of a potential Neon development is currently underway. In December 2023, Karoon completed the purchase of varying interests in the Who Dat production and exploration assets in the US Gulf of Mexico (GoM) for US$720 million. Who Dat significantly increases Karoon鈥檚 production and provides other strategic benefits. These include diversification of the Company鈥檚 asset base, an entry into the GoM, one of the world鈥檚 most prolific hydrocarbon basins with a stable fiscal jurisdiction, and a joint venture with a highly experienced operator, LLOG. In addition, there is substantial growth potential in and around the Who Dat producing assets. Karoon鈥檚 aim is to provide energy safely, reliably, and responsibly to create lasting benefits for all our stakeholders. The Company was Carbon Neutral for Scope 1 and 2 GHG emissions in FY22. The Company is targeting to remain Carbon Neutral for the Ba煤na Project and for new assets, such as Who Dat, within five years of purchase, and to be Net Zero for Scope 1 and 2 greenhouse gas emissions by 2035.