Meren Energy Inc. · TSX:MER
Meren Energy — Pareto Securities' 21st Annual E&P Independents Conference 2026
14 slides from Meren Energy's conference presentation, Jan 22, 2026
Slide 1: Delivering Value Through Every Cycle
Delivering Value Through Every Cycle Pareto Securities’ 21st Annual E&P Conference 22nd January 2026 www.mereninc.com www.mereninc.com
Slide 2: Forward Looking Statements
Forward Looking Statements Certain statements and information contained herein constitute "forward-looking information" (within the information is subject to a number of risks, uncertainties and assumptions, which may cause actual results meaning of applicable Canadian securities legislation), inclu
Slide 3: Introduction to Meren
Introduction to Meren Production Development Tickers Exploration & Appraisal MER-TSX, MER-Nasdaq-Stockholm, MRNFF-OTCQX Market capitalization1 Deepwater Nigeria: ~US$945M ▪ High netback producing assets ▪ Short cycle, high IRR developments Net Debt / EBITDAX2 0.4x 2P reserves3 101.6 MMBOE Equatorial
Slide 4: Disciplined Approach to Portfolio Management
Disciplined Approach to Portfolio Management Organic growth opportunities underpin long-term outlook Company Making Assets 1. Production ▪ Quick payback infill drilling opportunities ▪ 3 of the top 5 Nigerian fields by production ▪ Subsea tie-backs with material scale ▪ High netback production ▪ Wor
Slide 5: Nigeria: Advantaged High-Netback Production
Nigeria: Advantaged High-Netback Production 3 of the Top 5 Fields in Nigeria by production ~245k boepd Aggregate gross field production (FY’25) Operators TotalEnergies and Chevron Low lifting costs First 9M 2025 average: US$11.8/boe Premium Brent pricing First 9M 2025 average differential: US$4/bbl
Slide 6: Nigeria: Investor-Friendly Jurisdiction
Nigeria: Investor-Friendly Jurisdiction Competitive oil and gas climate supported by Nigeria USD Credit Spreads Signal Improving a motivated government Confidence1 1,229.6bps Petroleum Industry Act (“PIA”) Presidential Executive Orders Headline tax rate reduced to Key directives to enhance 790.4bps
Slide 7: Nigeria: Growth Opportunities
Nigeria: Growth Opportunities Undeveloped discoveries ▪ Preowei, Egina South and Ikija – 42 MMboe1,2 (2P+2C net) within 20-30km of the existing production hubs with spare capacity Near-field exploration opportunities ▪ Benefit from substantial geological and sub-surface knowledge ▪ Extensive drillin
Slide 8: Orange Basin Leading Independent Position
Orange Basin Leading Independent Position Namibia – Blocks 2912/2913B (3.8% effective interest ) ▪ Nation-defining project: Venus is a priority for Namibia ▪ Long-life production: 160 kbopd1 peak capacity, 20-year life ▪ Funded to first oil with no upfront capex ▪ Follow-on exploration fully carried
Slide 9: Equatorial Guinea: Development & Exploration
Equatorial Guinea: EG-31 (80% operated interest)1 Development & Exploration Shallow-water gas discovery and exploration prospects (<80m) close to existing infrastructure, including Punta Europa LNG terminal. ▪ Gardenia discovery – greater than 200 bcfe (33 MMboe)2,3 ▪ Massif/Whistler prospects – gre
Slide 10: Meren's Capital Allocation Priorities
Meren’s Capital Allocation Priorities 2. O 3. Shareholder 4. Inorganic 1. Balance sheet strength rg returns growth Gro an w i th c S Nam o u th Africa Balance Sheet i b ia & i lli n g Strength Underpins Organic Growth ill Dr In f E G ev p el prai a d op sal ri a s me & Ni g e e nt nt e v e l opm D P
Slide 11: Financial Highlights and Near-Term Goals
Financial Highlights and Near-Term Goals End Q3’25: US$178m cash; US$183m net debt; and net debt / EBITDAX1 of 0.4x 9M’25: US$368m EBITDAX1; US$243m CFFO1; and US$80m CAPEX FY’25 guidance: US$475m EBITDAX1 ; US$385m CFFO1; and US$120m CAPEX FY’25: four quarterly dividends (total of US$100m) under th
Slide 12: Differentiated Independent E&P Investment Case
Differentiated Independent E&P Investment Case High netback Funded organic Robust balance Demonstrated production from growth opportunities sheet with low debt track record of world-class offshore underpin long-term and material liquidity shareholder returns assets with tier-1 production outlook hea
Slide 13: Reader Advisory
Reader Advisory Non-IFRS Measures Oil and Gas Information 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 Aggregate oil equivalent production data
Slide 14: Thank you
Thank you For further information, please contact: Shahin Amini Head of Investor Relations and Communications shahin.amini@mereninc.com +44 (0) 20 8017 1511 www.mereninc.com www.mereninc.com
Meren Energy — Pareto Securities' 21st Annual E&P Independents Conference 2026 on 6ix