First Quarter 2026 Results - 13 May 2026

‌Meren Energy Inc.

Delivering Value Through Every Cycle

First Quarter 2026 Results

13 May 2026

https://www.mereninc.com

‌Speakers

Oliver Quinn

CEO

Aldo Perracini

CFO

Shahin Amini

Head of IR and Comms

Agenda

Introduction Business Highlights

Q1 Financial and Operational Results Business Outlook

Q&A

‌Forward-Looking Statements

This presentation contains certain statements and information that constitute "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact are forward-looking statements.

Forward-looking statements in this presentation include, but are not limited to, statements relating to future production, capital expenditures, cash flows, dividends and shareholder returns, liquidity, debt levels, business strategy, farm-downs, development, exploration and appraisal activities, project timing, and management guidance.

Forward-looking statements are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied. These risks include, among others, changes in commodity prices, operating and technical risks, regulatory approvals, availability of financing, and general economic and market conditions.

Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of this presentation, and the Company undertakes no obligation to update or revise such statements except as required by applicable law.

For a discussion of material risk factors and assumptions, please refer to the Company's most recent Management's Discussion and Analysis and Annual Information Form available on SEDAR+ and on our website (https://www.mereninc.com).

‌Q1 2026: Operational Stability and Financial Strength

Increased financial flexibility via RBL refinancing

Disciplined capital returns

Core asset performance on track, achieving higher gas pricing

Well-positioned for growth and returns through market cycles

Capital Returns

Dividends / Share Buybacks

$50m

Balance Sheet Strength

Net Debt to EBITDAX

0.5x

Liquidity

Cash / RBL Headroom

$366m

‌Quarterly Production Performance

Average daily production (kboepd)

40,000

35,000

30,000

25,000

20,000

15,000

10,000

5,000

0

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

W.I

Entitlement

Q1 2026 W.I. Production

28.4 kboepd

FY'26 Guidance: 23-28 kboepd

Q1 2026 Entitlement Production

31.0 kboepd

FY'26 Guidance: 28-33 kboepd

Akpo and Egina performed in line with expectations during the period.

Agbami production back to expected levels going into Q2 following planned maintenance.

‌Oil Sales

Premium Dated Brent Pricing

Conflict in the Middle East drove a sharp increase in Dated Brent

90

80

70

60

50

40

30

20

10

0

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Sales Price Dated Brent

1 February cargo sold at

$64/bbl

Q1 Average Dated Brent: $81/bbl

Dated Brent for February 2026:

$71bbl

‌Q1 Financial Highlights

EBITDAX1 / CFFO1,2 / Capex / FCF2 ($ Million)

180

160

140

120

100

80

60

40

20

0

-20

-40

79

9

100

-36

EBITDAX CFFO2 CAPEX FCF

Q1 2026

1. EBITDAX/CFFO/FCF are not generally accepted IFRS term. Refer to Reader Advisory Section (slide 14) of this document for important information on non-IFRS measures.

2. CFFO is cash flow from operations before working capital of -$106.4m and interest expenses.

‌Q1 Cash Movements1

Cash Balances & Q1'26 Movements ($ Million)

40

162

-9

-27

-6

-10

175

200

180

160

140

120

100

80

60

40

20

Net cash generated in operating activities

Q1'26 Cash Balance

0

FY'25 Cash Balance

Investments in O&G properties

RBL drawdown

RBL modification

fees

Interest expense and other items

1. Refer to Q1 2026 Shareholder Report for more information

‌Liquidity Management

1200

Debt, net debt and borrowing base

amounts (US$M)

1200

Borrowing base redetermination and

headroom (US$M)

1000

1000

800 800

600

400

600

400

US$204m

liquidity headroom

200 200

0

YE 2023 YE 2024 YE 2025 Q1 2026

Combined Debt (1) Combined Net Debt (1) RBL Availability

0

End Q4'25 BB

Amount

End Q1'25 BB

Amount - Post-refinancing

End Q1'25 RBL

Drawn Amount

1. Combined Meren cash and Prime net debt for YE 2023/2024 prior to Prime Amalgamation in March 2025; Meren reported numbers for YE 2025/Q1 2026

RBL Drawdown

Q1'26

$40m

RBL Drawn Amount

Q1'26

$370m

Net Debt Position

Q1'26 Net Debt

$208m

(YE'25: $155m)

Net Debt / EBITDAX

Q1'26

0.5x

‌Portfolio Updates

Akpo/Egina: Rig mobilisation is expected in H2 2026, starting with Akpo Far East before moving to Akpo and Egina infill wells, with first production from these wells anticipated in 2027

Agbami: Rig contracting is on schedule ahead of infill drilling commencing in Q4 2026, starting with

Ikija, with six wells planned across 2027 and 2028

FDP submitted by TotalEnergies, under review by Namibian authorities

FEED finalised, capital costs firmed through competitive EPC bidding

Final investment decision planned for around mid-2026, with first oil targeting 2030

Licence extensions approved (up to 2 years on first exploration sub-period for each block)

Forward plan advancing with partnership discussions underway

‌Meren's Capital Allocation Priorities

1. Balance sheet strength 3. Shareholder

returns

Balance Sheet Strength Underpins Organic Growth

4. Inorganic growth

Maintain minimum liquidity US$150m

Net

Debt/EBITDAX1

< 1.0x

Nigerian deepwater short-cycle and high IRR investments

Nigerian Infrastructure-led exploration limited to a small percent of total annual capex and funded from CFFO

Appraisal and development in EG and latter development phases in Namibia

1) Non-IFRS measure. Refer to slide 14 for important information.

‌Differentiated Independent E&P Investment Case

Demonstrated track record of shareholder returns

Positioned to deliver sustainable long-term value through every cycle

Robust balance sheet with low debt and material liquidity headroom

Funded organic growth opportunities underpin long-term production outlook

High netback production from core producing assets

‌Q&A

First Quarter 2026 Results Presentation | May 2026

‌Reader Advisory

Non-IFRS Measures

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 not generally accepted accounting measures under International Financial Reporting Standards (IFRS) and do not have any standardized meaning prescribed by IFRS and, therefore, may not be comparable with definitions of EBITDAX, CFFO and FCF that may be used by other public companies. Non-IFRS measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Management believes that non-IFRS measures are useful supplemental measures that may assist shareholders and investors in assessing the cash generated by and the financial performance and position of the Company. Management also uses non-IFRS measures internally in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess the Company's ability to meet its future capital expenditure and working capital requirements.

• EBITDAX is a non-GAAP measure. This is used as a performance measure to understand the financial performance from the Company's business operations without including the effects of the capital structure, tax rates, DD&A and impairment expenses.

• Cash flow from operations before working capital is a non-GAAP measure. This represents cash generated by removing the impact from working capital from cash generated by operating activities and is a measure commonly used to better understand cash flow from operations across periods on a consistent basis and when viewed in combination with the Company's results provides a more complete understanding of the factors and trends affecting the Company's performance.

• Free cash flow is a non-GAAP measure. This measure represents cash generated after costs, and is a

measure commonly used to assess the Company's profitability.

Refer to Q1 2026 Report to Shareholders for a reconciliation of non-IFRS measures to the reported accounts.

Oil and Gas Information

Aggregate oil equivalent production data are comprised of light and medium crude oil and conventional natural gas. These production rates only include sold gas volumes and not those volumes used for fuel, reinjected or flared. Net entitlement production is calculated using the economic interest methodology and includes cost recovery oil, tax oil and profit oil and is different from working interest production that is calculated based on project volumes multiplied by Prime's effective working interest in each license.

The terms BOE (barrel of oil equivalent) is used throughout this press release. Such terms may be misleading, particularly if used in isolation. Production data are based on a conversion ratio of six thousand cubic feet per barrel (6 Mcf: 1bbl). This conversion ratio is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

All dollar amounts are in United States dollars unless otherwise indicated.

First Quarter 2026 Results Presentation | May 2026 14