Meren Energy Inc. · TSX:MER
Meren Energy — Q2 2025 Earnings Presentation
17 slides from Meren Energy's earnings presentation, August 2025
Slide 1: The Next Phase of Value Creation: Second Quarter 2025 Results
M e r e n E n e r g y In c . Th e N e x t P h a s e o f V a l u e C r e a t io n S e c o n d Q u a r t e r 2 0 2 5 R e s u lt s August 2 0 2 5 www.mereninc.com
Slide 2: Speakers and Agenda
Speakers Agenda R oger Tucker I n t r o d u c t io n P r e s id e n t , C E O & D ir e c t o r B u s i n e s s H ig h l i g h t s G r o w t h C a t a ly s t s A ld o P e r r a c in i CFO Q 2 F in a n c ia l a n d O p e r a t i o n a l R e s u l t s B u s in e s s O u t lo o k Q&A O liv e r Q u in n
Slide 3: Forward-Looking Statements
Forw ard-Looking Statements C e r t a i n s t a t e m e n t s a n d i n f o r m a t i o n c o n t a in e d h e r e i n c o n s t i t u t e " f o r w a r d - l o o k i n g i n f o r m a t io n " ( w it h i n t h e Th i s u p d a t e c o n t a i n s c e r t a in f o r w a r d - l o o k i n g i n f o r
Slide 4: Delivering on Our Capital Allocation Plans
Delivering on Our Capital Allocation Plans D iv id e n d D is t r ib u t io n s H 1 T o t a l D is t r ib u t io n s ~$ 5 0 .0 M A n n o u n c e d 3 r d D iv id e n d D is t r ib u t io n ~$ 2 5 .0 M W e r e m a in fi r m l y o n t r a c k t o d e l iv e r o n o u r $ 1 0 0 M b a s e d i v id e n d d
Slide 5: Growth Catalysts
Grow th Catalysts M e r e n i s w e l l p o s it i o n e d t o c a p i t a l i s e o n a p ip e l i n e o f p o t e n t i a l g r o w t h c a t a ly s t s s u p p o r t in g p r o d u c t io n a n d e n a b l i n g l o n g - t e r m s u s t a in a b le s h a r e h o ld e r r e t u r n s 1 N a m ib i
Slide 6: Quarterly Production Performance
Quarterly Production Performance A v e r a g e d a ily p r o d u c t io n ( b o e p d ) Q 2 ’2 5 W .I .1 p r o d u c t io n o f 3 0 ,9 0 0 b o e p d 4 5 ,0 0 0 R e v i s e d F Y 2 0 2 5 G u id a n c e : 3 0 ,0 0 0 - 3 3 ,0 0 0 b o e p d 4 0 ,0 0 0 3 5 ,0 0 0 Q 2 ’2 5 e n t it l e m e n t 1 3 0 ,0 0
Slide 7: Oil Sales
Oil Sales A v e r a g e Q 2 ’2 5 s a l e s p r ic e o f P r e m iu m B r e n t P r ic in g f o r H 1 2 0 2 5 $ 6 4 .2 / b b l A v e r a g e D a t e d B r e n t : $ 6 7 .9 / b b l S a l e s P r ic e D a te d B re n t A v e r a g e H 1 ’2 5 s a l e s p r ic e o f 90 NO CARGO LIFTINGS $ 7 7 .0 / b b l
Slide 8: Financial Highlights
Financial Highlights1 E B I T D A X 2 / C F F O 2 ,3 / C a p e x / F C F 2 ( $ M il l io n ) H1 2025 Q 2 2025 FY’25 GUIDANCE FY’25 GUIDANCE FY’25 GUIDANCE $450-500 $260-310 $100-140 248 250 250 200 200 178 150 142 150 122 100 107 103 100 100 78 59 50 28 30 50 0 0 -1 9 -5 0 Q1 2025 E B IT D A X CFFO
Slide 9: Cash Movements
100 200 300 400 500 600 0 Q 1 '2 5 C a s h B a l a n c e 428.4 N e t c a s h g e n e r a t e d in o p e r a t in g a c t iv it ie s 95.2 b e f o r e w o r k in g c a p it a l C h a n g e s in w o r k in g c a p it a l -84.8 Cash Movements In v e s t m e n t s in o il a n d g a s p r o p e r t ie s a
Slide 10: Liquidity Management
Liquidity Management P o s t q u a rte r R B L R e p a y m e n t $ 6 0 .0 M D e b t , n e t d e b t a n d b o r r o w in g b a s e a m o u n t s B o r r o w in g b a s e r e d e t e r m in a t io n a n d h e a d r o o m (U S $ M ) (U S $ M ) R B L R epaym ent Y T D 1200 1200 $ 2 7 0 .0 M 1000 1000 O
Slide 11: Revised Management Guidance
Revised Management Guidance O r ig i n a l 2 0 2 5 G u id a n c e R e v i s e d 2 0 2 5 g u id a n c e H 1 2 0 2 5 a c t u a ls W .I . p r o d u c t io n ( k b o e p d ) ( 1 ) 2 8 .0 – 3 3 .0 3 0 .0 – 3 3 .0 3 2 .1 E n t it l e m e n t p r o d u c t io n ( k b o e p d ) ( 2 ) 3 2 .0 – 3 7 .0 3 4 .5
Slide 12: Orange Basin – Namibia
Orange Basin – Namibia M e r e n h o l d s a 3 9 .5 % s t a k e in I m p a c t O il & G a s , w it h e x p o s u r e t o Block 2912 & 2913B h ig h - im p a c t c a t a l y s t s , in c l u d i n g t h e V e n u s d e v e l o p m e n t , w it h a f u l l y c a r r i e d p o s i t i o n in o n g o in
Slide 13: Orange Basin – South Africa
Orange Basin – South Africa Block 3B/4B M e r e n h o l d s a d i r e c t 1 8 % in t e r e s t i n B l o c k 3 B / 4 B a ft e r f a r m d o w n a g r e e m e n t w it h T o t a l E n e g ie s a n d Q a t a r E n e r g y a n d it s t r a n s f e r o f o p e r a t o r s h ip t o T o t a l E n e r g ie
Slide 14: Equatorial Guinea
Equatorial Guinea E G -3 1 S e v e r a l p o t e n t ia l g a s -p r o n e p r o s p e c t s in s h a llo w w a t e r d e p t h s o f le s s t h a n 8 0 m e t e r s a n d c l o s e t o e x i s t i n g in f r a s t r u c t u r e , in c l u d i n g t h e o ff s h o r e A l b a g a s fi e l d a n d t h
Slide 15: Differentiated Independent E&P Investment Case
Differentiated Independent E&P Investment Case: Delivering Compelling Total Shareholder Returns H ig h n e t b a c k F u n d e d o r g a n ic R o b u s t b a la n c e T ra n s p a re n t a n d p r o d u c t io n f r o m g r o w t h o p p o r t u n it i e s s h e e t w it h lo w d e b t c o m m it t e
Slide 16: Q&A
Q &A S e c o n d Q u a r t e r 2 0 2 5 R e s u l t s P r e s e n t a t io n | A u g u s t 2 0 2 5 16
Slide 17: Reader Advisory
Reader Advisory N o n -IF R S M e a s u r e s O il a n d G a s I n f o r m a t io n R e f e r e n c e s a r e m a d e t o “ E a r n i n g s B e f o r e I n t e r e s t , T a x , D e p r e c i a t i o n , A m o r t iz a t io n a n d E x p l o r a t io n E x p e n s e s ( “ E B I T D A X ” ) , c a s h