VANCOUVER, BC — February 24, 2026 — Leads & Copy — Meren Energy Inc. has released its financial and operating results for the three months and year ending December 31, 2025, and posted its 2025 statement of reserves on SEDAR+ (www.sedarplus.ca) as part of its Annual Information Form, the company announced today.
The company (TSX: MER) (Nasdaq-Stockholm: MER) (OTCQX: MRNFF) also declared its first quarterly distribution in 2026 of approximately $25.1 million under its base dividend policy.
Meren President and CEO Oliver Quinn said 2025 was a strong year for Meren. He cited the closing of the Prime consolidation, delivering shareholder returns, and strengthening the balance sheet. He added that these actions have reshaped the company into a simpler business that can deliver value.
Quinn also stated that as the company enters 2026, its priority is consistent execution with a focus on converting organic growth opportunities into long term value drivers and returns, while maintaining capital discipline.
Highlights from the release include:
During 2025, Meren closed the Prime amalgamation to take full control of Prime’s assets, doubling Meren’s reserves and production.
The company distributed approximately $100 million to its shareholders under the base dividend policy and repurchased 5.9 million shares at a cost of approximately $8 million.
Meren achieved average daily W.I. and entitlement production of 30,800 boepd and 35,100 boepd, respectively, for 2025, in line with the revised full-year management guidance.
The company sold three cargos in Q4 2025 at an average sales price of $64.4/bbl and twelve cargos in 2025 at an average sales price of $72.2/bbl, both of which were higher than average Dated Brent for the same periods.
In 2025, Meren reduced the RBL by $420.0 million, reducing interest expenses and ending 2025 with a debt balance of $330.0 million.
The company ended 2025 with a cash balance of $174.7 million, resulting in a net debt position of $155.3 million with a Net Debt/ EBITDAX of 0.4x as at December 31, 2025, with RBL facility headroom of $138.4 million.
During 2025:
EBITDAX was $440.7 million.
Cashflow from operations before working capital adjustment was $261.8 million.
Cash capital investments totaled $100.2 million.
Meren reported a net loss of $31.6 million ($0.05/share) for full-year 2025, primarily from a non-cash impairment of $105.3 million for the Agbami cash generating unit reflecting a more conservative oil price and cost outlook compared to prior assumptions.
Following continued strong operating performance and after consideration of organic investment requirements and balance sheet resilience, the Board has declared the first quarterly dividend in 2026 of approximately $25.1 million.
On February 2, 2026, the Company announced that Roger Tucker had stepped down from the role of President and CEO and as a director of Meren, and that Oliver Quinn had been appointed as his successor and joined the Board as director.
Meren’s year-end 2025 reserves determination has delivered after-tax 1P NPV(10) and 2P NPV(10) valuations of $588 million and $1,499 million respectively.
YE’25 W.I. and net entitlement 1P reserves of 48.8 MMboe and 62.5 MMboe, respectively.
YE’25 W.I. and net entitlement 2P reserves of 87.7 MMboe and 107.4 MMboe, respectively.
YE’25 aggregate W.I. 2P reserves and 2C contingent resources of 140.2 MMboe.
The Company’s full-year 2026 production will be generated solely by its deepwater Nigerian assets. The 2026 Management Guidance includes W.I. production guidance range of 23.0 – 28.0 kboepd and entitlement production range of 28.0 – 33.0 kboepd with approximately 68% expected to be light and medium crude oil and 32% conventional natural gas on a W.I. basis and 73% and 27% respectively on an entitlement basis. Meren is expected to sell 8 cargoes of approximately one million barrels each during 2026.
Senior management will hold a conference call to discuss the results on Wednesday, February 25, 2026.
Meren is a full-cycle Independent upstream oil and gas company with interests offshore Nigeria, Namibia, South Africa and Equatorial Guinea. Its main assets are producing and development assets in deepwater Nigeria.
The company holds a leading position in the Orange Basin including its effective interest in the Venus light oil project, offshore Namibia, and its direct interest in Block 3B/4B, offshore South Africa.
Visit us at www.mereninc.com.
Source: Meren Energy Inc.
