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www.mereninc.com www.mereninc.com Delivering Value Through Every Cycle Third Quarter 2025 Results 17 November 2025 Meren Energy Inc.
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Speakers Third Quarter 2025 Results Presentation | November 2025 2 Roger Tucker President, CEO & Director Aldo Perracini CFO Shahin Amini Head of IR & Communications Oliver Quinn CCOO Agenda Introduction Business Highlights Q3 Financial and Operational Results Business Outlook Q&A
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Forward-Looking Statements 3Third Quarter 2025 Results Presentation | November 2025 Certain statements and information contained herein constitute "forward-looking information" (within the meaning of applicable Canadian securities legislation), including statements related to: the enlarged base dividend distribution; annual dividend distribution of $100 million; the declaration of the $25 million quarterly dividend; timing and the pricing of future Nigerian oil liftings; liquidity headroom and future payments under the RBL facility; statements related to 2025 Management Guidance, including future production, EBITDA, CFFO and capital investment ranges; schedules and costs of drilling activity including those offshore Namibia and Nigeria; the outcome and timing of exploration, appraisal and development activities including those offshore Namibia and Nigeria; the development of the Venus discovery; the development of the Preowei field; the ability of Meren to secure farminee partners on acceptable terms in Equatorial Guinea; the ability of Meren to deliver further growth or increased shareholder returns including by monetizing its assets; the ability of Meren to grow into a leading independent E&P; the continuing benefits from funded, high value growth opportunities, including the Venus oil project in the Orange Basin; expectations regarding free-cash flow; the ability of Meren to influence its JV partners to sustain and enhance production in Nigeria; and statements regarding access to business opportunities in Meren’s regions of focus and unlocking new sources of growth capital. Such statements and information (together, "forward-looking statements") relate to future events or the Company's future performance, business prospects or opportunities. All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect, "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in oil prices, results of exploration and development activities, uninsured risks, regulatory changes, defects in title, availability of materials and equipment, timeliness of government or other regulatory approvals, actual performance of facilities, availability of financing on reasonable terms, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. Actual results may differ materially from those expressed or implied by such forward-looking statements. This update contains certain forward-looking information that reflect the current views and/ or expectations of management of the Company with respect to its performance, business and future events including statements with respect to financings and the Company’s plans for growth and expansion. Such information is subject to a number of risks, uncertainties and assumptions, which may cause actual results to be materially different from those expressed or implied including the risk that the Company is unable to obtain required financing and risks and uncertainties inherent in oil exploration and development activities. Readers are cautioned that the assumptions used in the preparation of such information, such as market prices for oil and gas and chemical products, the Company’s ability to explore, develop, produce and transport crude oil and natural gas to markets and the results of exploration and development drilling and related activities, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking information. The Company assumes no future obligation to update these forward-looking information except as required by applicable securities laws. Certain data in this presentation was obtained from various external data sources, and the Company has not verified such data with independent sources. Accordingly, no representation or warranty, express or implied, is made and no reliance should be placed, on the fairness, accuracy, correctness, completeness or reliability of that data, and such data involves risks and uncertainties and is subject to change based on various factors. No reliance may be placed for any purposes whatsoever on the information contained in this presentation or on its completeness. The Company and its members, directors, officers and employees are under no obligation to update or keep current information contained in this presentation, to correct any inaccuracies which may become apparent, or to publicly announce the result of any revision to the statements made herein except where they would be required to do so under applicable law, and any opinions expressed in them are subject to change without notice, whether as a result of new information or future events. No representation or warranty, express or implied, is given by the Company or any of its subsidiaries undertakings or affiliates or directors, officers or any other person as to the fairness, accuracy, correctness, completeness or reliability of the information or opinions contained in this presentation, nor have they independently verified such information, and any reliance you place thereon will be at your sole risk. Without prejudice to the foregoing, no liability whatsoever (in negligence or otherwise) for any loss howsoever arising, directly or indirectly, from any use of this presentation or its contents or otherwise arising in connection therewith is accepted by any such person in relation to such information.
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Delivering Returns & Disciplined Capital Allocation 4 1 Delivering meaningful shareholder returns 2 Substantial deleveraging underpins strong balance sheet 3 Significant liquidity position with the strength and flexibility to drive long-term value Capital Returns Dividends / Share Buybacks $108.6m Debt Management RBL Repayment YTD $420.0m Liquidity Cash / RBL Headroom (Q3’25) $369.0m Third Quarter 2025 Results Presentation | November 2025
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Quarterly Production Performance 1) Refer to Meren’s Third Quarter 2025 Report to Shareholders and results press release of November 13, 2025, for further information. 5 Average daily production (kboepd) 9M W.I.1 Production 31.8 kboepd FY’25 Guidance: 30.0-33.0 kboepd 9M Entitlement Production 36.3 kboepd FY’25 Guidance: 34.5-37.5 kboepd 0 5 10 15 20 25 30 35 40 45 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 W.I. Entitlement Third Quarter 2025 Results Presentation | November 2025
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Oil Sales 6 Premium Brent Pricing NO CARGO LIFTINGS Average Q3’25 Sales Price $70.8/bbl Average Dated Brent: $69.1/bbl 0 10 20 30 40 50 60 70 80 90 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Sales Price Dated Brent Average 9M sales price of $74.9/bbl Average Dated Brent: $70.9/bbl Third Quarter 2025 Results Presentation | November 2025
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Financial Highlights1 1) Highlights are reported on a constructed financial information basis, see pages 10-11 of the Q3 2025 Report to Shareholders for further information. 2) EBITDAX/CFFO/FCF are not generally accepted IFRS term. Refer to Reader Advisory Section (slide 16) of this document for important information on non-IFRS measures. 3) CFFO is cash flow from operations before working capital and interest expenses. 7 EBITDAX2 / CFFO2,3 / Capex / FCF2 ($ Million) Third Quarter 2025 Results Presentation | November 2025 120 66 22 0 50 100 150 200 250 300 350 400 126 EBITDAX CFFO CAPEX FCF 368 0 50 100 150 200 250 300 350 400 EBITDAX CFFO CAPEX FCF 243 80 229 9M 2025 FY’25 GUIDANCE $450-500 FY’25 GUIDANCE $260-310 FY’25 GUIDANCE $100-140 Q3 2025
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Cash Movements 8 Meren Cash Balances & Q3’25 Movements ($ million) Q2'25 Cash Balance Net cash generated in operating activities before working capital Changes in working capital Investments in O&G properties & intangible exploration assets RBL repayment Dividends paid to shareholders Interest expense paid Other End Q3’25 Cash Balance Third Quarter 2025 Results Presentation | November 2025 266.6 65.6 81.1 -21.8 -180 -25.1 -10.6 0.9 176.7 0 50 100 150 200 250 300 350 400 450
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Liquidity Management 9 Debt, net debt and borrowing base amounts (US$M) Borrowing base redetermination and headroom (US$M) 1) Combined Meren cash and Prime net debt for YE 2023/2024; Meren reported numbers for Q1/Q2/Q3 2025 2) Due beyond 12-month from end Q3 2025; refer to Q3 2025 Report to Shareholders for further information 3) Due in the 12-month period from end Q3 2025 RBL Repayment YTD $420.0m Outstanding RBL End Q3’25 $360.0m YTD $330.0m Net Debt Position End Q3’25 Net Debt $183.3m (YE’24: $289.1m) Net Debt / EBITDAX End Q3’25 0.4x Third Quarter 2025 Results Presentation | November 2025 0 200 400 600 800 1000 1200 YE 2023 YE 2024 Q1'25 Q2'25 Q3'25 Combined Debt (1) Combined Net Debt (1) RBL Availability 296.6 63.4 0 200 400 600 800 1000 1200 End Q2'25 BB Amount - Mar'25 Redetermination End Q3'25 BB Amount - Sept'25 Redetermination End Q3'25 Outstanding RBL Amount L-T Repayments (2) S-T Repayment Liability (3) 330 US$222.3m headroom Outstanding RBL balance YTD
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Nigeria PML 2, PML 3, PML 4 and PML 52 10 Akpo/Egina drilling campaign set to resume following 4D seismic interpretation and rig mobilisation process. Preowei - JV partners are advancing project optimization toward FID. Further validation and optimization work will continue through 2025. Near-Term Catalysts Akpo Far East Drilling: H2 2026 Agbami - 4D seismic interpretation and rig contracting underway for a 2027 infill drilling campaign. Ikija Appraisal well: Q4 2026 Third Quarter 2025 Results Presentation | November 2025
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Orange Basin – Namibia Block 2912 & 2913B 11 The Venus development plan is for up to 40 subsea wells tied back to an FPSO with peak capacity of 160,000 barrels per day. 39.5% stake in Impact Oil & Gas, offering exposure to the Venus development and future exploration upside, fully funded to first oil. Third Quarter 2025 Results Presentation | November 2025 Pre-FID planning for the Venus development is progressing, alongside continued work for exploration drilling. Near-Term Catalysts Venus contingent resources/reserves report (Q1’26) Venus Final Investment Decision: 2026 Next Exploration Well: 2026/27
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Orange Basin – South Africa Block 3B/4B 12 The Nayla prospect, northwest of the license area is currently identified as the potential drilling target Direct 18% interest in Block 3B/4B Block 3B/4B Third Quarter 2025 Results Presentation | November 2025 Operator planning to drill first exploration well as soon as environmental authorisation is confirmed and appeals process is completed.
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Equatorial Guinea EG-31, EG-18 13 EG-31 Shallow-water gas prospects (<80m) close to existing infrastructure, including the Alba field and Punta Europa LNG terminal. EG-18 Large, highly prospective Cretaceous basin-floor fan identified, aligned with proven plays in Namibia and South Africa, advancing through early exploration Third Quarter 2025 Results Presentation | November 2025 Near-Term Catalysts Potential farm-down deal announcement (Q1’26)
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Differentiated Independent E&P Investment Case: Delivering Compelling Total Shareholder Returns 14 High netback production from world-class offshore assets with tier-1 operators Funded organic growth opportunities underpin long-term production outlook Robust balance sheet with low debt and material liquidity headroom Transparent and committed shareholder returns policy Positioned to be a leading player in consolidation of the Independent E&P space Third Quarter 2025 Results Presentation | November 2025
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Q&A 15Third Quarter 2025 Results Presentation | November 2025
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Reader Advisory 16 Non-IFRS Measures References are made to “Earnings Before Interest, Tax, Depreciation, Amortization and Exploration Expenses (“EBITDAX”), cash flow from operations (“CFFO”) and free cash flow to firm (“FCF”). These are not generally accepted accounting measures under International Financial Reporting Standards (IFRS) and do not have any standardized meaning prescribed by IFRS and, therefore, may not be comparable with definitions of EBITDAX, CFFO and FCF that may be used by other public companies. Non-IFRS measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Management believes that non-IFRS measures are useful supplemental measures that may assist shareholders and investors in assessing the cash generated by and the financial performance and position of the Company. Management also uses non-IFRS measures internally in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess the Company’s ability to meet its future capital expenditure and working capital requirements. ▪ EBITDAX is a non-GAAP measure. This is used as a performance measure to understand the financial performance from the Company’s business operations without including the effects of the capital structure, tax rates, DD&A and impairment expenses. ▪ Cash flow from operations before working capital is a non-GAAP measure. This represents cash generated by removing the impact from working capital from cash generated by operating activities and is a measure commonly used to better understand cash flow from operations across periods on a consistent basis and when viewed in combination with the Company’s results provides a more complete understanding of the factors and trends affecting the Company’s performance. ▪ Free cash flow is a non-GAAP measure. This measure represents cash generated after costs, and is a measure commonly used to assess the Company’s profitability. Refer to Q3 2025 Report to Shareholders for a reconciliation of non-IFRS measures to the reported accounts. Oil and Gas Information Aggregate oil equivalent production data are comprised of light and medium crude oil and conventional natural gas. These production rates only include sold gas volumes and not those volumes used for fuel, reinjected or flared. Net entitlement production is calculated using the economic interest methodology and includes cost recovery oil, tax oil and profit oil and is different from working interest production that is calculated based on project volumes multiplied by Prime’s effective working interest in each license. The terms BOE (barrel of oil equivalent) is used throughout this press release. Such terms may be misleading, particularly if used in isolation. Production data are based on a conversion ratio of six thousand cubic feet per barrel (6 Mcf: 1bbl). This conversion ratio is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. All dollar amounts are in United States dollars unless otherwise indicated. Third Quarter 2025 Results Presentation | November 2025