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Karoon Energy (KAR · ASX)

Mid-cap E&P — HQ Australia. Oil & gas valuation, proved reserves, production, break-even, net-asset-value and jurisdiction-risk screen.
Category Mid-cap E&PRegion Asia-PacificCEO Julian Fowles (2021)Jurisdiction risk Med (50)

Overview

Australian-listed offshore oil producer with the Baúna cluster (Santos Basin, Brazil) as its core and a 2024-acquired stake in Who Dat (US Gulf of Mexico); pursuing infill/tieback growth (Neon, Who Dat expansions).

Balanced small-cap with modest leverage, initiated shareholder returns. Flags: two-asset concentration, offshore reservoir/execution risk, Brazil/US regulatory exposure.

Valuation snapshot (FY2025)

Market cap
$0.9bn
Enterprise value
$1.1bn
EV / EBITDA
2.9x
P / E
7.5x
FCF yield
-3.9%
Dividend yield
2.8%
ROACE
10%
Debt / equity
33%
Net debt / EBITDA
0.4x
EV / reserves
$24.32/boe
EV / flowing
$45k/boe/d
Free cash flow
$-0.0bn

Its EV/EBITDA of 2.9x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of -3.9% is lower than the 6.5% median, and at $24.32/boe of proved reserves it is richer than the $13.51/boe median.

On a balanced screen across the universe, Karoon Energy scores 53/100, strongest on asset quality (58/100). Sub-scores: value 50, quality 58, growth 51, risk 48 (higher = riskier).

Reserves & production

Karoon Energy holds approximately 0.04 billion boe of proved (1P) reserves with FY2025 production of about 24 thousand boe/d (88% liquids), a reserve life of roughly 5.0 years. Break-even: ~$40 (Brent FCF breakeven) — Baúna + Who Dat offshore oil generate free cash flow around $40/bbl Brent.

Net asset value (public-source)

For Karoon Energy, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.

Jurisdiction risk · production-weighted country risk

50 /100
Medium jurisdiction risk
Production-weighted average of the country scores below (0 = safest, 100 = riskiest).
Country / regionProd. shareCountry riskKey jurisdiction risk
Brazil70%61Complex tax/local-content rules; Petrobras policy swings, strong pre-salt.
United States30%23Stable, deep; federal-lands leasing and permitting policy swings.
How this is scored. Each country's risk (0–100) is anchored to two named public indices — the OECD Country Risk Classification (0–7 official export-credit country risk) and the World Bank Worldwide Governance Indicators (Political Stability & Absence of Violence percentile) — blended 55/45 and rescaled to 0–100. A company's jurisdiction risk is the production-weighted average across the countries where it operates. This is a pure country measure, kept separate from company & financial risk (leverage, governance). Source: OECD Country Risk Classification (CRC) as of 24 July 2025, sourced via the German Federal Export Credit Guarantees (exportkreditgarantien.de) which applies the OECD consensus country risk category directly (values 0-7; 0 = lowest risk). High-income OECD members are not individually rated by the OECD and are set to crc=0 per the model spec (US, UK, Norway, Canada, Australia, Japan, NZ, and most of Europe incl. OECD members Israel, Poland, Hungary, Czechia, Lithuania, Ireland). 'ps' = World Bank Worldwide Governance Indicators (WGI) 'Political Stability and Absence of Violence/Terrorism' percentile rank, latest available (2023 vintage), 0-100 with higher = more stable; ps values are best sourced estimates rounded to the WGI percentile scale. Yemen not on OECD list ('./.') so crc estimated at 7. Iraq-Kurdistan and Falklands are non-standard model rows using judgment, not official OECD entries..

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Key assets & projects

AssetLocationTypeNotes
Baúna clusterBrazilOffshore oilCore FPSO asset (Santos)
PatolaBrazilOffshore oilBaúna infill tie-in
NeonBrazilOffshore oilDevelopment option
Who DatUnited StatesOffshore oil/gasGoM stake (2024)
Who Dat expansionsUnited StatesOffshore oilTiebacks
Peru explorationPeruExplorationFrontier optionality

Five-year trend (FY2021–FY2025)

Metric20212022202320242025
Production (mboe/d)1629313024
Proved reserves (bnboe)0.060.120.130.130.04
Revenue ($bn)0.40.80.80.80.6
EBITDA ($bn)0.20.50.50.50.4
Net income ($bn)0.10.20.10.10.1
Free cash flow ($bn)0.10.20.10.1-0.0

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Peer companies — Mid-cap E&P

FANG · Diamondback EnergyPR · Permian ResourcesCHRD · Chord Energy CorporationMTDR · Matador Resources CompanyMGY · Magnolia Oil & Gas CorporationMUR · Murphy Oil CorporationTVE · Tamarack Valley Energy Ltd.CRC · California Resources CorporationNVPT · Navitas PetroleumCRGY · Crescent EnergyBTE · Baytex Energy Corp.POU · Paramount Resources Ltd.TALO · Talos Energy Inc.ENRG · Energi Mega Persada

Sources

✓ FY2025 figures verified against primary sources:

↗ Compare KAR against 141 peers in the interactive screener

Disclaimer. Screening research only — a starting point, not investment or transactional advice. Figures are drawn from public sources (~mid-2026), may contain errors, and require independent due diligence before any decision.
Enerquill Advisory. Data compiled from company FY2025 filings and results releases; market data ~mid-2026. Larger names are verified against primary sources (shown on each page); smaller names are best-estimates pending verification. © Enerquill Advisory. enerquilladvisory.com