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.
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).
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 $40/bbl Brent.
For Karoon Energy, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Brazil | 70% | 61 | Complex tax/local-content rules; Petrobras policy swings, strong pre-salt. |
| United States | 30% | 23 | Stable, deep; federal-lands leasing and permitting policy swings. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Baúna cluster | Brazil | Offshore oil | Core FPSO asset (Santos) |
| Patola | Brazil | Offshore oil | Baúna infill tie-in |
| Neon | Brazil | Offshore oil | Development option |
| Who Dat | United States | Offshore oil/gas | GoM stake (2024) |
| Who Dat expansions | United States | Offshore oil | Tiebacks |
| Peru exploration | Peru | Exploration | Frontier optionality |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 16 | 29 | 31 | 30 | 24 |
| Proved reserves (bnboe) | 0.06 | 0.12 | 0.13 | 0.13 | 0.04 |
| Revenue ($bn) | 0.4 | 0.8 | 0.8 | 0.8 | 0.6 |
| EBITDA ($bn) | 0.2 | 0.5 | 0.5 | 0.5 | 0.4 |
| Net income ($bn) | 0.1 | 0.2 | 0.1 | 0.1 | 0.1 |
| Free cash flow ($bn) | 0.1 | 0.2 | 0.1 | 0.1 | -0.0 |
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✓ FY2025 figures verified against primary sources: