Karoon advises that production from its 100% owned and operated BM-S-40 production license in Brazil restarted on 9 May 2023 BRT (Brasilia time) following the completion of maintenance works on Train 1 ofthe two production trains on the FPSO, Cidade de Itajaí. Train 2 production restarted on 11 May 2023 BRT, following a planned gradual ramp-up of Train 1 and the completion of Train 2 maintenance works.

Production from BM-S-40 is currently above 32,000 bopd from six of seven production wells, including the two Patola wells, with daily rates continuing to ramp up. Peak rates above 40,000 bopd are targeted over the next week, representing flush production after the shutin. Production is then expected to decline to a stabilised rate of approximately 33,000 - 35,000 bopd within a few weeks before entering a more gradual natural decline phase through FY2024 and beyond.

Karoon advises that the annual maintenance shutdown is still planned to take place in July, although the scope and timing are being examined to determine if the shutdown can be deferred, given the work that has already taken place.

KeyFacts Energy: Karoon Gas Brazil country profile