Meren Energy Inc. · TSX:MER
Meren Energy — Q3 2025 Earnings Presentation
16 slides from Meren Energy's earnings presentation, Nov 17, 2025
Slide 1: Delivering Value Through Every Cycle
Meren Energy Inc. Delivering Value Through Every Cycle Third Quarter 2025 Results 17 November 2025 www.mereninc.com www.mereninc.com
Slide 2: Speakers and Agenda
Speakers Agenda Roger Tucker President, CEO & Director Introduction Business Highlights Aldo Perracini CFO Q3 Financial and Operational Results Business Outlook Q&A Oliver Quinn CCOO Shahin Amini Head of IR & Communications Third Quarter 2025 Results Presentation | November 2025 2
Slide 3: Forward-Looking Statements
Forward-Looking Statements Certain statements and information contained herein constitute "forward-looking information" (within the This update contains certain forward-looking information that reflect the current views and/ or meaning of applicable Canadian securities legislation), including statem
Slide 4: Delivering Returns & Disciplined Capital Allocation
Delivering Returns & Disciplined Capital Allocation 1 Delivering meaningful shareholder returns Capital Returns Dividends / Share Buybacks $108.6m 2 Substantial deleveraging underpins strong balance sheet Debt Management RBL Repayment YTD $420.0m 3 Significant liquidity position with the strength an
Slide 5: Quarterly Production Performance
Quarterly Production Performance Average daily production (kboepd) 9M W.I.1 Production 31.8 kboepd FY’25 Guidance: 30.0-33.0 kboepd 45 40 9M Entitlement Production 35 36.3 kboepd 30 FY’25 Guidance: 34.5-37.5 kboepd 25 20 15 10 5 0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 W.I. Entitlem
Slide 6: Oil Sales
Oil Sales Average Q3’25 Sales Price Premium Brent Pricing Sales Price Dated Brent $70.8/bbl Average Dated Brent: $69.1/bbl 90 80 NO CARGO LIFTINGS Average 9M sales price of 70 $74.9/bbl Average Dated Brent: $70.9/bbl 60 50 40 30 20 10 0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Third Q
Slide 7: Financial Highlights
Financial Highlights1 EBITDAX2 / CFFO2,3 / Capex / FCF2 ($ Million) 9M 2025 FY’25 GUIDANCE FY’25 GUIDANCE FY’25 GUIDANCE $450-500 $260-310 $100-140 400 400 368 350 350 300 300 250 250 243 229 200 200 150 126 150 120 100 100 80 66 50 22 50 0 0 EBITDAX CFFO CAPEX FCF Q3 2025 EBITDAX CFFO CAPEX FCF 1)
Slide 8: Meren Cash Balances & Q3'25 Movements
100 150 200 250 300 350 400 450 0 50 Q2'25 Cash 266.6 Balance Net cash generated in 65.6 operating activities before working capital Cash Movements Changes in 81.1 working capital Investments in O&G properties & intangible Meren Cash Balances & Q3’25 Movements ($ million) -21.8 exploration assets RB
Slide 9: Liquidity Management
Liquidity Management Debt, net debt and borrowing base amounts Borrowing base redetermination and headroom (US$M) (US$M) RBL Repayment YTD 1200 1200 $420.0m Outstanding RBL 1000 1000 End Q3’25 800 $360.0m 800 YTD 600 600 $330.0m US$222.3m headroom 330 Net Debt Position 400 400 Outstanding RBL End Q3
Slide 10: Nigeria
Nigeria PML 2, PML 3, PML 4 and PML 52 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. Agbami - 4D se
Slide 11: Orange Basin – Namibia
Orange Basin – Namibia Block 2912 & 2913B 39.5% stake in Impact Oil & Gas, offering exposure to the Venus development and future exploration upside, fully funded to first oil. 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.
Slide 12: Orange Basin – South Africa
Orange Basin – South Africa Block 3B/4B Direct 18% interest in Block 3B/4B Operator planning to drill first exploration well as soon as environmental authorisation is confirmed and appeals process is completed. Block 3B/4B The Nayla prospect, northwest of the license area is currently identified as
Slide 13: Equatorial Guinea
Equatorial Guinea EG-31, EG-18 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 th
Slide 14: Differentiated Independent E&P Investment Case
Differentiated Independent E&P Investment Case: Delivering Compelling Total Shareholder Returns High netback Funded organic Robust balance Transparent and production from growth opportunities sheet with low debt committed world-class offshore underpin long-term and material liquidity shareholder ret
Slide 15: Q&A
Q&A Third Quarter 2025 Results Presentation | November 2025 15
Slide 16: 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