Meren Energy (MER) investor relations material

Executive summary

• Completed Prime consolidation/amalgamation, doubling reserves and production, simplifying the business, and distributing four quarterly dividends under a new policy.

• Delivered $100 million in base dividends and $8 million in share buybacks in 2025, with a first quarterly dividend of $25.1 million declared for 2026.

• Maintained disciplined balance sheet management, optimizing debt and ensuring significant liquidity.

• Achieved working interest production of 30,800 boepd and entitlement production of 35,100 boepd in 2025, in line with guidance.

• Ended 2025 with a net debt position of $155.3 million and a strong balance sheet.

Financial highlights

• Completed 12 oil liftings totaling 12 million barrels at an average realized price of $72.2/bbl, above Brent average.

• 2025 EBITDAX was $440.7 million, near the lower end of guidance, and cash flow from operations was $261.8 million.

• Free cash flow before debt service and distributions reached $288.6 million.

• CAPEX was $100.2 million, at the lower end of guidance due to a pause in infill drilling.

• Ended 2025 with $174.7 million cash, down from $461 million, after significant debt repayment and shareholder returns.

Outlook and guidance

• 2026 guidance: WI production 23.0–28.0 kboepd, entitlement production 28.0–33.0 kboepd.

• 2026 EBITDAX expected at $270–360 million; cash flow from operations $185–255 million; CAPEX at $100–140 million.

• Sustained drilling campaigns planned for Akpo, Egina, and Agbami to commence late 2026, leveraging 4D seismic survey results.

• First quarterly dividend of $25.1 million for 2026 announced.

• Minimum liquidity target of $150 million and Net Debt/EBITDAX ratio of 1x or less maintained.