Karoon Energy (ASX:KAR) has announced an updated assessment of reserves and resources as at 31 December 2022 for its 100% owned Santos Basin concession, BM-S-40, in Brazil.
Karoon Energy says the revised reserves assessment showed a 17%, 23%, and 7% increase to 42.8 MMbbl, 55.0 MMbbl and 65.5 MMbbl, respectively, compared to 30 June 2022.
It says the increase was due to recent production data confirming better than expected performance from existing wells, revised subsurface modelling, and extension of the assessed economic field life.
Karoon Energy says its achieved a 2P reserves replacement of 259% and will now undertake work regarding the impact of the Baúna reserves increase on its decommissioning obligations.