MEREN ANNOUNCES THIRD QUARTER 2025 RESULTS AND FOURTH QUARTERLY DIVIDEND

Executive Summary

• Meren Energy Inc. reported Q3 2025 financial and operating results, showing net income of $5.2 M for the quarter and $59.2 M year‑to‑date, with EBITDAX of $119.8 M (Q3) and $368.0 M (nine months).
• The company declared a fourth quarterly cash dividend of approximately $25.1 million ($0.0371 per share), bringing total 2025 distributions to about $100.3 million.
• Significant balance‑sheet improvement: RBL debt reduced by $180 M in Q3 and an additional $30 M thereafter, leaving net debt of $183.3 M (Net Debt/EBITDAX = 0.4x).

Key Details

• Dividend: Fourth 2025 quarterly cash dividend – approx. $25.1 M ($0.0371 per share); payable to shareholders of record Nov 21, 2025; CAD payment Dec 9, 2025 (TSX) and SEK Dec 12, 2025 (Nasdaq Stockholm).
• Production: Average daily working‑interest production 31,100 boepd; entitlement production 35,600 boepd in Q3 2025.
• Sales: Sold three cargoes (~3 MMbbl) at an average price of $70.8/bbl during the quarter.
• Debt Reduction: RBL facility reduced by $180 M in Q3; total RBL reduction YTD $420 M; remaining debt balance $330 M; net debt $183.3 M; Net Debt/EBITDAX 0.4x.
• Cash Position: End‑Q3 cash balance $176.7 M; net debt position $183.3 M.
• Operating Cash Flow: $65.6 M for the quarter; $243.1 M for first nine months (before working‑capital adjustment).
• EBITDAX: $119.8 M Q3; $368.0 M YTD.
• Capital Expenditures: $21.8 M in Q3; $80.4 M YTD.

Operational Updates

• Nigeria (Akpo, Egina, Agbami): Break in Akpo/Egina drilling campaign to interpret 4D seismic; planning deep‑water rig for Akpo Far East prospect (estimated 143.6 MMboe).
• Namibia Orange Basin (Venus Field, Blocks 2912/2913B): ESIA and stakeholder engagement completed; FEED underway; FID targeted 2026; first oil expected 2030. Meren holds indirect 3.8% interest via Impact Oil & Gas with fully carried cost structure.
• South Africa (Block 3B/4B): Environmental Authorization pending Supreme Court decision; strategic farm‑down agreement with TotalEnergies/QatarEnergy provides up to $46.8 M potential value and staged cash payments ($10 M total, $3.3 M received).

Guidance vs. Actuals (2025)

Management Call

• Conference call scheduled for Monday, Nov 17, 2025 at 09:00 ET / 14:00 GMT / 15:00 CET. Registration link provided in release.

Notable Quotes

“The completion of the Prime amalgamation marked a step‑change for Meren and we have now honored our enhanced dividend policy with $100 million in 2025 distributions. We have also materially reduced our outstanding RBL debt amount to underpin a stronger, more agile company…” – Roger Tucker, President & CEO.