Meren Energy (MER) investor relations material

Executive summary

• Q1 2026 delivered robust operational and financial results, with production on track and successful RBL refinancing enhancing financial flexibility and liquidity to $366 million.

• Two quarterly dividends totaling just over $50 million have been declared year-to-date.

• Nigerian assets outperformed, especially after Agbami field's post-maintenance recovery, and benefited from higher gas pricing.

• West Africa's strategic value increased amid global oil market disruptions, positioning the region as a key alternative supply source.

Financial highlights

• Q1 2026 EBITDA/EBITDAX reached $100–100.2 million, with cash flow from operations before working capital at $79 million and capex at $8.9–9 million, mainly in Nigeria.

• Free cash flow was negative $36 million, mainly due to working capital outflow and increased trade receivables.

• Net debt at quarter end was $208–208.4 million, up from $155 million at year end; net debt to EBITDA/EBITDAX ratio at 0.5x.

• Liquidity headroom stood at $204–204.2 million, with total liquidity (cash plus RBL headroom) at $366 million.

• Additional gas revenue of $40.8 million recognized after amending gas sales agreements.

Outlook and guidance

• Full-year 2026 guidance unchanged: working interest production of 23–28.4 kboepd and entitlement production of 28–33 kboepd.

• Drilling campaigns in Nigeria (Akpo, Egina, Agbami) to begin late 2026, with first production from new wells expected in 2027.

• Venus project in Namibia targets FID in July 2026 and first oil by 2030; Meren remains fully carried through to production.

• Agbami infill drilling program on track, with six wells planned for 2027–2028.

• South Africa and Equatorial Guinea progressing regulatory and partnership activities for future exploration.