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SEPTEMBER 2021 QUARTERLY ACTIVITIES REPORT & APPENDIX 5B * Issued 28 October 2021 ● Highlights : During the quarter ended 30 September 2021 , oil production from the Baúna Field in the Santos Basin , Brazil , totalled 1.28 million barrels ( MMbbl ) , produced at an average rate of 13,862 barrels of oil per day popd ) . This was the highest quarterly oduction achieved since Karoon took ove operat ship of Baúna in November 2020 and reflects very high levels of facilities uptime and continued good reservoir performance . ● Karoon ● Karoon trenge ● Oil sales for the quarter were 1.04 MMbbl , lower than production due to timing of shipments , with a cargo loaded shortly after the end of the quarter . Two oil cargoes were lifted during the period , realising an average net price of US $ 68.00 / bbl , up from US $ 65.31 / bbl in the June quarter . Oil revenue for the quarter from the two cargoes lifted was US $ 70.7 million , while cash receipts from oil sales were US $ 104.5 million ( compared to oil revenue of US $ 95.7 million and cash receipts of US $ 61.9 million in the June quarter ) . Cash receipts in the September quarter included payment for the June 2021 cargo ( received in July 2021 ) . Good progress was made on planning and preparations for the Baúna intervention program and the Patola development , with more an 95 % of contract suppliers selected and more than 60 % by value of contracts executed as at 30 September 2021 . Karoon's good safety and environmental performance continued during the quarter . There were no significant safety or environmental incidents recorded , and no material impacts from COVID - 19 . During the period , Karoon's executive management team was strengthened with the appointment of Mr Antonio Guimarães as Executive Vice President & President of Karoon Brazil and Mr Ray Church as the Company's new Executive Vice President & Chief Financial Officer . Cash and cash equivalents at 30 September 2021 were US $ 175.0 million and the Company had no external loans . Guidance for the 2022 financial year , shown on page 7 , is unchanged . Karoon will be holding an Investor Briefing via webcast at 9.30am today , 28 October 2021 , to discuss the results of the recent Strategic Refresh . To register for the webcast , please go to the following link : https://webcast.boardroom.media/karoon-energy-ltd/20211027/NaN6154f3907e9840001a6a0bf1 Comments from Chief Executive Officer / Managing Director , Dr Julian Fowles : " During the quarter , Karoon recorded its highest quarterly production since taking control of the Baúna assets . This was a result of a strong reservoir performance combined with 98 % facilities uptime , an excellent result and testament to the strong operating credentials of our team in Brazil . * While Karoon is now an oil producer , it remains an " oil and gas exploration entity " for the purposes of the ASX Listing Rules and , as such , will continue to report as one until it becomes an " oil and gas producing entity " for the purposes of the ASX Listing Rules .