Meren Energy Inc. · TSX:MER
Meren Energy — Africa Oil — Q2 2024 Earnings Presentation
15 slides from Meren Energy's earnings presentation, Aug 15, 2024
Slide 1: The Next Phase of Value Creation: Second Quarter 2024 Results
Africa Oil Corp. THE NEXT PHASE OF VALUE CREATION SECOND QUARTER 2024 RESULTS 15th August 2024 WWW.AFRICAOILCORP.COM
Slide 2: Speakers and Agenda
Q2'24 Results Presentation | 15 August 2024 AFRICA OIL CORP. SPEAKERS AGENDA Roger Tucker President & CEO • Introduction • Financial Results Highlights Pascal Nicodeme • Operational Highlights CFO • Business Outlook • Strategic Priorities • Q&A Oliver Quinn CCO Shahin Amini Head of IR & Communicatio
Slide 3: Forward-Looking Statements
Q2'24 Results Presentation | 15 August 2024 AFRICA OIL CORP. FORWARD-LOOKING STATEMENTS This document has been prepared and issued by and is the sole responsibility of Africa Oil Corp. (the Actual results may differ materially from those expressed or implied by such forward-looking “Company”) and it
Slide 4: AOC Corporate Cash Management
Q2'24 Results Presentation | 15 August 2024 AFRICA OIL CORP. AOC CORPORATE CASH MANAGEMENT AOC Debt-Free Africa Oil Cash Balances & H1 2024 Movements ($ million) Balance Sheet End Q2’24 AOC Cash Balance $185.6m (YE’23: $232.0m) Prime (net to AOC’s 50%) End Q2’24 Prime Net Debt $222.2m (YE’23: $298.9
Slide 5: AOC Shareholder Capital Returns
Q2'24 Results Presentation | 15 August 2024 AFRICA OIL CORP. AOC SHAREHOLDER CAPITAL RETURNS Total Returns Dividends and Share Buybacks ($ million) Since the First Dividend in Mar’22 60 Dividends Share Buybacks $143.4m Dividends of $58.4m 50 Share buybacks of $85.0m 40 Declared the Second 30 2024 Se
Slide 6: Financial Highlights
Q2'24 Results Presentation | 15 August 2024 AFRICA OIL CORP. FINANCIAL HIGHLIGHTS AOC Net Income ($ million) Primes EBITDAX1 and CFFO2 ($ million) Notes: Notes: Q2’24: impairment on AFE level impacts AOC share of loss from equity investments in AFE and Impact by $7.1m 1 EBITDAX is not a generally ac
Slide 7: Oil Sales
Q2'24 Results Presentation | 15 August 2024 AFRICA OIL CORP. OIL SALES The Oil Marketing Strategy Implemented in 2H’22 Continues To Achieve Superior Realised Sales Prices to Dated Brent Sales Price Dated Brent Q2’24 Average Sales Price 120 $89.0/bbl Q2’23 Dated Brent: $85.3/bbl 100 Post Q2’24 Sold O
Slide 8: Production Performance
Q2'24 Results Presentation | 15 August 2024 AFRICA OIL CORP. PRODUCTION PERFORMANCE Full year 2024 production outlook remains Last Rolling Monthly within management guidance W.I. Production (as of Aug. 4, 2024) ~18.0k BOE/d Q2’24: 15,800 BOE/d Q1’24: 17,100 BOE/d FY’24 Management Guidance is Unchang
Slide 9: Three Key Strategic Transactions Signed
Q2'24 Results Presentation | 15 August 2024 AFRICA AfricaOIL OilCORP. Corp. THREE KEY STRATEGIC TRANSACTIONS SIGNED Major Steps in Capturing Significant Value (>US$1bn) Namibia 2912/2913B JUL 2023 SEP 2023 JAN 2024 MAR 2024 JUNE 2024 farm down with significant New President & Strategy approved Farm
Slide 10: Value Proposition
Q2'24 Results Presentation | 15 August 2024 AFRICA AFRICA OIL CORP. OIL CORP. VALUE PROPOSITION Market Cap. (as of 14 Aug. 2024) NAV Build Out (US$ million) ~US$700m ~C$960m Share Price (as of 14 Aug. 2024) C$2.17 AOC MC 36% discount to NAV (~C$3.4/sh)4 Pro-Forma AOC NAV5 ~C$3.5/sh Pro-Forma NAV (5)
Slide 11: Pro-Forma Outlook: Funded Projects Support the Business
Q2'24 Results Presentation | 15 August 2024 AFRICA OIL CORP. PRO-FORMA OUTLOOK: FUNDED PROJECTS SUPPORT THE BUSINESS1 Net Entitlement Production (kboepd) EBITDAX (US$ million)3, 4 40.0 Potential for Venus and other Orange Basin opportunities to backfill future profile2 35.0 800 Potential for Venus a
Slide 12: Portfolio of Material Assets to Deliver Transformational Growth
Q2'24 Results Presentation | 15 August 2024 AFRICA OIL CORP. PORTFOLIO OF MATERIAL ASSETS TO DELIVER TRANSFORMATIONAL GROWTH Tier-1 Operators Production Chevron, TotalEnergies Development Exploration & Appraisal World Class Production Assets 3 of the top 5 fields in Nigeria with production base thro
Slide 13: Differentiated Independent E&P Investment Case
Q2'24 Results Presentation | 15 August 2024 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 opportuniti
Slide 14: Africa Oil Corp.
A AfricaOil Corp.
Slide 15: Reader Advisory
Corporate Presentation | August 2024 AFRICA OIL CORP. READER ADVISORY Accounting for Africa Oil’s (Africa Oil, AOC or the Company) Interest in Prime The 50% shareholding in Prime is accounted for using the equity method and presented as an Aggregate oil equivalent production data are comprised of li