Meren Energy (MER) Water Tower Research Virtual Insights Conference summary

Strategic advantages of West African assets

• West Africa offers excellent geology, diverse asset types, and strong government support for the energy sector.

• The region provides security of supply, especially relevant for European markets.

• Political and regulatory environments are supportive due to the strategic importance of oil and gas.

Definition and application of advantaged oil and gas assets

• Advantaged assets are defined by low cost of supply, high recovery per well, and low carbon intensity.

• High-quality infrastructure and efficient operations are key to maintaining low unit costs.

• Nigeria fields exemplify these traits, with multi-billion barrel recoverable reserves and lifting costs under $15/BOE.

Exploration and development portfolio

• Namibia's Venus project is nearing FID, offering long-term, low-cost, low-carbon production.

• Near-field exploration in Nigeria targets quick tiebacks and low-risk, short-cycle returns.

• South Africa's Orange Basin block is a high-reward opportunity, with risk managed through farm-downs and carried interests.