Karoon Energy (ASX:KAR) said production in the first quarter on a net revenue interest basis of 2.4 million barrels of oil equivalent, 9% lower than the preceding quarter, due to a planned 20-day shutdown for maintenance at its Baúna project in Brazil, according to a Wednesday Australian bourse filing.

Sales volumes during the period came in at 2.2 million barrels of oil equivalent, 32% lower than the previous quarter, which reflected lower production and the timing of the Baúna shipments. Sales revenue during the period was $148.6 million.

The acquisition of the Baúna floating production, storage, and off-loading facility remains on track to close at the end of April, and a tender for a new contractor to operate and maintain the facility is underway, per the filing.

The SPS-88 well at the Baúna project resumed production on March 28, following a successful intervention.

The firm's investment expenditure guidance for the year increased to around $105 million to $125 million, reflecting the addition of the first stage of Neon development opportunity, which moved into the first stage of the define phase costing of $7 million to $10 million.