Meren Energy Inc. · TSX:MER
Meren Energy — Q1 2025 Earnings Presentation
16 slides from Meren Energy's earnings presentation, May 16, 2025
Slide 1: The Next Phase of Value Creation – First Quarter 2025 Results
Africa Oil Corp. THE NEXT PHASE OF VALUE CREATION FIRST QUARTER 2025 RESULTS 16th May 2025 WWW.AFRICAOILCORP.COM www.AFRICAOILCORP.COM
Slide 2: Speakers and Agenda
First Quarter 2025 Results Presentation | 16 May 2025 AFRICA OIL CORP. SPEAKERS AGENDA Roger Tucker President, CEO & Director • Introduction • Corporate Identity Aldo Perracini • First Quarter 2025 Highlights CFO • Financial and Operational Results • Business Outlook • Q&A Oliver Quinn CCO Shahin Am
Slide 3: Forward-Looking Statements
First Quarter 2025 Results Presentation | 16 May 2025 AFRICA OIL CORP. FORWARD-LOOKING STATEMENTS Certain statements and information contained herein constitute "forward-looking information" (within Actual results may differ materially from those expressed or implied by such forward-looking the mean
Slide 4: Introducing Meren
First Quarter 2025 Results Presentation | 16 May 2025 AFRICA OIL CORP. INTRODUCING MEREN A Leading Full-Cycle E&P Positioned to Deliver Strong Shareholder Returns The Company’s rebranding follows the recent completion of the transformative Prime consolidation Strategic Objectives Launch: Monday May
Slide 5: First Quarter 2025 Highlights
First Quarter 2025 Results Presentation | 16 May 2025 AFRICA OIL CORP. FIRST QUARTER 2025 HIGHLIGHTS Amalgamation completed, doubling reserves and production Q1 2025 avg. daily production: 33.4k boepd (W.I.), 37.7k boepd (entitlement) Ended Q1 2025 with $428.4M cash and Net Debt/EBITDAX of 0.3x 5 ca
Slide 6: Quarterly Production Performance
First Quarter 2025 Results Presentation | 16 May 2025 AFRICA OIL CORP. QUARTERLY PRODUCTION PERFORMANCE Average daily production (boepd) Q1’25 W.I.1 production of 33,400 boepd FY 2025 Guidance: 28,000-33,000 45,000 boepd 40,000 Q1’25 entitlement1 35,000 production of 37,700 FY’25 GUIDANCE boepd 30,0
Slide 7: Oil Sales
First Quarter 2025 Results Presentation | 16 May 2025 AFRICA OIL CORP. OIL SALES Oil sales continue to achieve superior Brent pricing Average Q1’25 sales price of 100 90 Sales Price Dated Brent $79.5/bbl Average Dated Brent: $75.7/bbl NO CARGO LIFTINGS 80 70 Cargo Schedule Update 5 cargoes lifted in
Slide 8: Financial Highlights
First Quarter 2025 Results Presentation | 16 May 2025 AFRICA OIL CORP. FINANCIAL HIGHLIGHTS EBITDAX1 / CFFO1,2 / Capex / FCF1 ($ Million) Reported as if amalgamation completed on 1st Jan. 2025 160 FY’25 GUIDANCE $500-600 140 141.6 120 FY’25 GUIDANCE Includes +$31.6M 121.6 Pre debt service costs and
Slide 9: Cash Movements
First Quarter 2025 Results Presentation | 16 May 2025 AFRICA OIL CORP. CASH MOVEMENTS Cash Position End Q1’25 Cash Balance Africa Oil Cash Balances & 3M 2025 Movements ($ million) 600.0 380.4 $428.4m (YE’24: $61.4m) 500.0 428.4 Post Quarter Highlights -130.0 -8.3 -4.0 400.0 First Quarterly Dividend
Slide 10: Liquidity Management
First Quarter 2025 Results Presentation | 16 May 2025 AFRICA OIL CORP. LIQUIDITY MANAGEMENT Debt, Net Debt and Borrowing Borrowing Base Redetermination Base Amounts ($ million) and Headroom ($ million) RBL Repayment 1200 1200 Year-to-Date $210.0m 1000 1000 Outstanding RBL As at End Q1’25 800 800 +99
Slide 11: Nigeria Operations Outlook
First Quarter 2025 Results Presentation | 16 May 2025 AFRICA OIL CORP. NIGERIA OPERATIONS OUTLOOK Operational progress across core assets with active infill drilling, 4D seismic interpretation, and forward planning to unlock future value. • At Egina, two new producers drilled in Q1, expected onstrea
Slide 12: Orange Basin / Equatorial Guinea – Operations
First Quarter 2025 Results Presentation | 16 May 2025 AFRICA OIL CORP. ORANGE BASIN / EQUATORIAL GUINEA – OPERATIONS NAMIBIA SOUTH AFRICA EQUATORIAL GUINEA BLOCK 2912 & 2913B BLOCK 3B/4B EG-18 & EG-31 NAMIBIA Latest exploration campaign completed in April, with rig demobilised; next campaign Environ
Slide 13: Focused Capital Allocation to Anchor Shareholder Returns
First Quarter 2025 Results Presentation | 16 May 2025 AFRICA OIL CORP. FOCUSED CAPITAL ALLOCATION TO ANCHOR SHAREHOLDER RETURNS Capital Allocation Priorities Balance Sheet Strength Shareholder Returns Organic Growth Inorganic Growth • Minimum liquidity • Annual base dividend of ▪1 Increase short cyc
Slide 14: Differentiated Independent E&P Investment Case
First Quarter 2025 Results Presentation | 16 May 2025 AFRICA OIL CORP. Differentiated Independent E&P Investment Case Delivering Compelling Total Shareholder Returns High netback Funded organic Robust balance Transparent and production from growth sheet with low debt committed world-class offshore o
Slide 15: Q&A
Africa Oil Corp. Q&A WWW.AFRICAOILCORP.COM www.AFRICAOILCORP.COM
Slide 16: Reader Advisory
First Quarter 2025 Results Presentation | 16 May 2025 AFRICA OIL CORP. READER ADVISORY Non-IFRS Measures Oil and Gas Information References are made to “Earnings Before Interest, Tax, Depreciation, Amortization and Exploration The reserves estimates presented have been evaluated by RISC in accordanc