Meren Energy (MER) Corporate presentation summary

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.