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Meren Energy
Meren Energy (MER) investor relations material
Meren Energy Corporate presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Corporate presentation summary22 Jan, 2026
Strategic portfolio and operations
High netback production from deepwater Nigeria, with three of the top five producing fields and low lifting costs averaging $11.8/boe in 9M 2025.
Infrastructure-led exploration in Equatorial Guinea, including the Gardenia gas discovery and large oil prospects in Block EG-18.
Venus project in Namibia is fully funded to production, with a 160 kbopd peak capacity and 20-year life; South Africa exploration is fully carried.
Partnerships with TotalEnergies, Chevron, and QatarEnergy de-risk balance sheet and support high-impact exploration.
Organic growth underpinned by quick payback infill drilling, subsea tie-backs, and near-field exploration.
Financial performance and capital allocation
Market capitalization of ~$945M as of January 2026, with net debt/EBITDAX at 0.4x and 9M'25 average production of 36.3k boepd.
End Q3'25 cash of $178M, net debt of $183M, and 9M'25 EBITDAX of $368M; FY'25 guidance: $475M EBITDAX, $385M CFFO, $120M CAPEX.
Four quarterly dividends totaling $100M in FY'25 and $8.6M in share buybacks.
Minimum liquidity target of $150M and net debt/EBITDAX maintained below 1.0x.
Refinancing of RBL debt facility to lower borrowing costs and improve amortization profile.
Growth opportunities and near-term catalysts
Nigerian near-field exploration and undeveloped discoveries (Preowei, Egina South, Ikija) totaling 42 MMboe (2P+2C net) and Akpo Far East prospect (23 MMboe net mean recoverable).
Equatorial Guinea farm-down process underway for Block EG-31 and EG-18, with potential for significant resource development.
Namibia Venus project approaching final investment decision; South Africa Nayla and Aardwolf prospects offer high-impact exploration.
Focus on producing asset acquisitions that meet strict strategic, financial, and operational criteria.
Base dividend policy targets $100M/year, anchoring shareholder returns.
Quantify PIA's impact on Meren's Nigeria assets
Detail Venus project's funding and capex structure
What is the expected outcome of the EG farm-down?
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Next Meren Energy earnings date
Q4 202525 Feb, 2026
Meren Energy
Next Meren Energy earnings date
Q4 202525 Feb, 2026
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Frequently asked questions
Meren Energy formerly known as Africa Oil Corp is a full-cycle Independent upstream oil and gas company with interests offshore Nigeria, Namibia, South Africa and Equatorial Guinea. Its main assets are producing and development assets in deepwater Nigeria operated by Majors. The Company holds a leading position in the Orange Basin including its effective interest in the Venus light oil project, offshore Namibia, and its direct interest in Block 3B/4B, offshore South Africa. The Company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol "MER".
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