Meren Energy Inc.（简称“Meren Energy Inc.”或“Meren Energy Inc.”）公布了截至2025年12月31日止三个月及年度的财务和运营业绩，并在SEDAR+（www.sedarplus.ca）上发布了2025年储量声明，作为其年度信息表的一部分。Meren欣然宣布，根据其基本股息政策，将于2026年首次派发季度股息，金额约为2510万加元。Meren

总裁兼首席执行官Oliver Quinn评论道：“2025年对Meren来说是业绩斐然的一年。我们完成了转型性的主要业务整合，实现了强劲的股东回报，并通过严格的去杠杆化强化了资产负债表。这些举措使公司转型为一家更精简、更具韧性的企业，能够在经济周期中持续创造价值。”进入2026年，我们的首要任务是持续高效地执行各项策略，专注于将高质量的内生增长机会转化为长期价值驱动因素和回报，同时保持资本纪律和健康的资产负债表。

亮点*

2025年，完成了具有变革意义的Prime合并，全面掌控了Prime的资产，使Meren的储量和产量翻了一番；
根据基本股息政策，向公司股东分配了约1亿美元，并以约800万美元的成本回购了590万股股份；
2025年，WI1和权益2的日均产量分别达到30,800桶油当量/日和35,100桶油当量/日，与修订后的全年管理层指引一致；
2025 年第四季度售出三船原油，平均售价为每桶 64.4 美元；2025 年全年售出十二船原油，平均售价为每桶 72.2 美元，这两个价格均高于同期布伦特原油的平均价格；
2025年，RBL减少了4.2亿美元，从而降低了利息支出，2025年底债务余额为3.3亿美元；
2025年底现金余额为1.747亿美元，净债务为1.553亿美元，截至2025年12月31日，净债务/EBITDAX³为0.4倍，RBL额度上限为1.384亿美元。

2025年全年：
EBITDAX³为4.407亿美元；
营运资本调整前经营活动现金流³，⁴为2.618亿美元；
现金资本投资为1.002亿美元。
2025年全年报告净亏损3160万美元（每股0.05美元），主要原因是Agbami现金产生单元（閿熺春GU閿燂拷）的非现金减值1.053亿美元，这反映出与之前的假设相比，油价和成本预期更为保守；
鉴于持续强劲的经营业绩，并考虑到内生投资需求和资产负债表稳健性，董事会已宣布2026年首次季度分红约为2510万美元；
2026年2月2日，公司宣布Roger Tucker已卸任Meren总裁兼首席执行官及董事职务，Oliver Quinn已被任命为继任者并加入董事会担任董事。Meren2025年末储备金5

：2025年末
储备金的确定得出税后1P NPV(10)和2P NPV(10)估值分别为5.88亿美元（2024年末：12.48亿美元）和14.99亿美元（2024年末：21.28亿美元）6。
YE·25 WI 和净权益7 1P 储备分别为 48.8 MMboe（YE·24：59.8 MMboe）和 62.5 MMboe（YE·24：70.8 MMboe）。
YE·25 WI 和净权益 2P 储备分别为 87.7 MMboe（YE·24：101.6 MMboe）和 107.4 MMboe（YE·24：116.4 MMboe）。
YE～25 WI 2P 储量和 2C 或有资源总量为 140.2 MMboe（YE～24：129.6 MMboe）。

2025年第四季度业绩亮点：

2025年，公司确认收入，主要来自石油销售，这得益于与美伦石油合作社（Meren Co. Eratief UA，前身为Prime Oil & Gas Co. Eratief UA）的合并。2024年和2023年，公司持有美伦石油合作社50%的股份，作为合资企业进行会计处理，因此这两年未确认收入。

2025年，公司录得归属于普通股股东的净亏损3160万美元（2024年：净亏损2.791亿美元）。

截至2025年12月31日，公司认定其与Agbami油田现金产生单元相关的油气资产存在1.053亿美元的减值迹象，这反映出与先前假设相比，公司对油价和成本的预期更为保守。此项评估是基于近期油价波动和更新后的成本预测。

修订后的成本展望中，很大一部分与计划中的长期延寿活动有关，这些活动旨在确保Agbami FPSO在当前许可证期限内持续可靠、安全地运行。这些活动预计还将增强Agbami FPSO的灵活性，以支持未来的加密钻井和潜在的附近并网机会，这与公司长期的内生增长战略相一致。此类潜在收益与未计入CGU可采量的或有资源有关，该或有资源用于减值测试。减值并不反映Agbami油田的储层性能、储量分类或运行完整性的任何不利变化。

有关2025年及2024年对比期间的更多详情，请参阅2025年股东报告。

2025年末储量表

公司已在SEDAR+（www.sedarplus.ca）上发布了其2025年储量表，作为其年度信息表的一部分。本披露基于RISC (UK) Limited（以下简称“RISC”）根据加拿大国家石油天然气活动标准51-101号文件（“NI 51-101”）和加拿大石油天然气评估手册（“COGE手册”）为Meren公司编制的独立储量评估报告，该报告自2026年1月1日起生效。Meren的

主要资产包括间接持有的52号石油开采许可证（PML 52）8%的权益，以及间接持有的2、3、4号石油开采许可证（PML 2、3、4）16%的权益；这些许可证均位于尼日利亚深水区。PML 52由雪佛龙公司（Chevron Corporation）的关联公司运营，包含正在生产的阿格巴米油田（Agbami field）。 PML 2、PML 3 和 PML 4 由道达尔能源公司 (TotalEnergies SE) 的关联公司运营，包含正在生产的阿克波 (Akpo) 和埃吉纳 (Egina) 油田。

展望

尼日利亚，

宏观经济和特定行业的改革已开始显现切实成效，财政透明度提高，政府参与度增强，并出台了旨在维持油气行业投资的定向激励措施。联邦政府重申了其对上游开发的支持，通过监管稳定和商业激励措施，促进了海上油气项目资本投入的增加。近期邦加北部 (Bonga North)、乌贝塔天然气项目 (Ubeta Gas Project) 和 HI 海上天然气项目等重大开发项目的最终投资决定，印证了投资环境的改善，这些决定共同表明，各方对尼日利亚作为长期能源投资目的地的信心日益增强。

公司与其合资伙伴合作，在2025年钻井计划暂停后，继续推进阿克波/埃吉纳2026年钻井计划的重启。目前正在努力确保深水钻井平台到位，以钻探阿克波远东近场勘探区，这是该计划的第一口井。随后，公司将于2026年底至2027年初在阿克波和埃吉纳油田钻探更多加密开发井。值得注意的是，钻井计划的暂停为解释4D地震数据创造了宝贵的机会，这些数据主要用于评估加密井候选井的成熟度。

阿克波远东勘探区地理位置优越，具有快速循环的战略性回接机会，可充分利用阿克波现有设施。该勘探区位于目前正在生产的阿克波油田以东约5公里处，计划的钻探方法将评估该勘探区内所有已识别的潜在资源量。为支持该计划，目前正在努力完成所有必要的准备工作，以便在2026年开钻阿克波远东勘探井。PML

2/3/4许可证区域内剩余的地下资源和开发机会的工作也在积极推进中。普雷维油田的地下资源审查和开发验证活动在2025年第四季度继续进行，研究结果预计将于2026年上半年公布，以指导最终投资决定（FID）的时间和范围。道达尔能源公司计划于2026年在OPL 257的埃吉纳南区开展评估活动，该活动可能进一步降低邻近资源的风险，如果成功，则可能表明由于靠近现有基础设施，梅伦公司具有潜在的额外价值。

2026年初，Meren及其在PML 2/3区块的合资伙伴成功完成了天然气销售协议的修订，其中包括修订后的天然气定价指数，从而锁定了一个更能反映当前液化天然气经济状况的长期天然气价格，与2018年合同最初签署时的价格相比，该价格更具现实意义。该修订还包含一项机制，允许卖方收回自2020年原指数停止发布以来，中期天然气价格调整与新指数之间的历史差额。这部分历史差额将通过上调净回值价格来收回，净回值价格包含已售天然气的处理费，这将提高公司未来的天然气收入。

在Agbami油田，为确保资产长期完整性并提升设施运营性能而进行的FPSO装置延寿研究预计将于2026年完成。此外，Agbami加密钻井项目的4D地震解释和钻机租赁工作也按计划进行。阿格巴米加密钻井作业预计将于2027年第一季度启动，钻机计划于2026年第四季度抵达，届时伊基贾评价井将完成成熟，作为该作业的首口井。

纳米比亚橙盆地开发与勘探，2912和2913B区块

位于2913B区块的维纳斯油田仍然是奥兰治盆地最先进的深水油田发现，预计将成为纳米比亚首个大型海上石油开发项目的核心。该项目由道达尔能源（TotalEnergies，作业者，持股50.5%）与卡塔尔能源（QatarEnergy，持股30.0%）、纳米比亚国家石油公司（NAMCOR，持股10.0%）和Impact Oil & Gas（持股9.5%）共同推进。Meren通过其在Impact的持股，间接持有维纳斯油田开发项目3.8%的有效权益。根据Impact与道达尔能源的权益协议，Meren在2912和2913B区块的所有开发和勘探成本均得到全额资助，直至实现首次商业化生产，且无任何资金上限。

拟建的维纳斯油田开发项目的环境和社会影响评估（ESIA）已完成并发布，相关的环境许可证书（ECC）申请已提交给纳米比亚相关部门。ESIA的完成是该项目监管方面的一个重要里程碑，进一步降低了项目风险。目前，基于最多40口海底油井连接至单艘浮式生产储卸油船（FPSO）的基本方案，前端工程设计（FEED）工作正在进行中。该FPSO的额定产能约为每日16万桶原油，并伴生气将回注至近海。承包商的投标已收到，且符合预期。项目进度与现有规划框架保持一致，最终投资决定（FID）目标为2026年，首油生产目标为2030年，但前提是运营商与政府就该项目更优的财政条款完成谈判。该项目预计将成为纳米比亚首个生产油田，也是该国首个深水开发项目。

纳米比亚政府将维纳斯油田开发视为一项具有战略意义的国家项目，该项目有望使纳米比亚成为新的深水石油生产国。评估和勘探活动正在整个奥兰治盆地持续进行，并利用新近获取的2912和2913B区块三维地震数据对其他潜在油气藏进行评估。

纳米比亚的油气行业依然活跃且发展势头良好，国际运营商的大力投资、本地化政策的推行以及沃尔维斯湾和莱里茨港基础设施的升级改造都为该项目提供了有力支撑。然而，在纳米比亚努力吸引资本并拓展其深水供应链的过程中，项目执行和基础设施建设方面的挑战，包括海上服务能力、环境审批和天然气货币化等，既带来了风险，也带来了机遇。

维纳斯油田开发为Meren公司提供了一个长期增长的良机，该项目采用全额融资结构，在无需前期资金投入的情况下，能够带来未来的现金流和投资组合选择权。

南非奥兰治盆地，3B/4B区块：

2024年9月16日，南非共和国矿产资源和能源部批准了该区块的勘探活动（钻探至多5口勘探井）的环境许可。此后，南非的立法通知和上诉程序暂停，等待最高上诉法院就5/6/7区块作出判决。作业者表示，目前的计划是在环境许可确认后立即在3B/4B区块钻探第一口勘探井，并已确定位于许可证区域西北部的纳伊拉（Nayla）勘探区为潜在钻探目标。

赤道几内亚，EG-18和EG-31区块

2025年底，公司提交了两个区块勘探许可证期限的延期申请。2025年12月17日，公司收到赤道几内亚油气和矿业发展部的通知，批准将每个区块的首个勘探子期延长至多两年。

2025年期间，公司在两个区块完成了多项数据室调研工作，并积极推进潜在合作伙伴的洽谈。鉴于数据室调研阶段已引起业界的关注，公司目前正进入下一阶段的工作，重点是推进与潜在合作伙伴的洽谈。与此同时，公司继续与政府和赤道几内亚石油公司（GEPetrol）的代表协调，以制定两个区块的未来发展计划。

如果公司能够成功吸引到符合条件的合作伙伴参与这些区块的开发，并在获得包括政府和监管机构许可在内的惯例性同意和批准后，公司预计新成立的合资企业可在2026年底或2027年开始规划评估、开发以及勘探钻井工作。

尽管无法保证一定能找到符合条件的合作伙伴，但公司对业界的浓厚兴趣感到鼓舞，并将继续充满信心地推进合作洽谈。

股东回报方面，

公司的资本配置框架旨在平衡对增值型内生投资机会的再投资与对可持续股东回报的承诺，同时保持资产负债表的稳健性和财务灵活性。

鉴于公司持续强劲的运营业绩，并考虑到内生投资需求和资产负债表的稳健性，公司欣然宣布，董事会已批准派发公司2026年首季度现金股息，金额约为2510万美元，即每股0.0371美元。本次股息将于2026年3月20日营业结束时支付给登记在册的股东。

本次股息符合加拿大所得税规定的合格股息资格。在多伦多证券交易所（TSX）交易的股票的股息将于2026年4月7日以加元支付；但所有美国和外国股东将收到美元。在纳斯达克斯德哥尔摩交易所交易的股票的股息将最早于2026年4月10日根据欧洲清算银行（Euroclear）的原则以瑞典克朗支付。

为执行股息支付，欧洲清算银行将于2026年3月18日至20日期间实施临时跨境转账限制，在此期间，公司股票将无法在多伦多证券交易所和纳斯达克斯德哥尔摩交易所之间进行转让。

支付给非加拿大居民股东的股息将扣除任何适用的加拿大预扣税。更多详情，请访问：https://mereninc.com/investor-summary/total-shareholder-returns/。

董事会认为，鉴于已充分考虑公司资本配置方案以及在各种市场环境下保持稳健资产负债表的首要任务，此次2026年首季度股息派发是审慎之举。

尽管有上述规定，Meren是否宣布派发任何股息或其他股东分配，以及未来宣布和支付的现金股息或Meren向股东分配的金额（如有），均由董事会酌情决定，并可能因各种因素和情况而有所变化。这些因素和情况包括但不限于：业务表现、Meren资产所在地的经营环境、财务状况、增长计划、商品价格波动、产量水平、预期资本支出需求、运营成本、特许权使用费、汇率、利率、遵守Meren或其任何子公司不时签署的任何协议（包括但不限于管理RBL的融资协议）中关于宣布和支付股息的任何限制，以及满足卑诗省商业行为准则（BC BCA）对宣布和支付股息所规定的流动性和偿付能力测试。任何股息的实际金额、股权登记日和支付日均由董事会酌情决定。不能保证股息将按当前水平或未来任何水平支付。

2026年管理层展望

公司2026年全年产量将全部来自其位于尼日利亚的深水资产。2026年管理层展望包括：按权益分配（WI）计算的产量预期为23.0至28.0千桶油当量/日（kboepd），按权益分配（next）计算的产量预期为28.0至33.0千桶油当量/日（kboepd）。预计按权益分配计算，轻质和中质原油约占68%，常规天然气约占32%；按权益分配计算，轻质和中质原油约占73%，常规天然气约占27%。Meren预计在2026年将售出8船原油，每船约100万桶。

管理层电话会议

高级管理层将于2026年2月25日（星期三）美国东部时间上午9:00/格林尼治标准时间下午2:00/欧洲中部时间下午3:00召开电话会议，讨论业绩。可通过网络直播收听此次电话会议。

参与者应使用以下链接注册观看网络直播：

https://meren-energy-fourth-quarter-results-february-2026.open-exchange.net/registration

点击​​链接并填写在线注册表格。

注册成功后，您将收到一封确认邮件，其中包含登录链接和访问代码。

补充信息

：根据欧盟市场滥用监管条例 (EU Market Abuse Regulation) 和瑞典证券市场法 (Swedish Securities Market Act)，Meren 有义务公开此信息。此信息已于美国东部时间 2026 年 2 月 24 日下午 5:00 通过上述联系人提交发布。

Meren Energy Inc. (锟組eren锟� or the 锟紺ompany锟�) published its financial and operating results for the three months and the year ended December 31, 2025, and posted its 2025 statement of reserves on SEDAR+ (www.sedarplus.ca) as part of its Annual Information Form. Meren is also pleased to declare its first quarterly distribution in 2026 of approximately $25.1 million under its base dividend policy.

Meren President and CEO, Oliver Quinn commented: 锟�2025 was a strong year of delivery for Meren. We closed the transformational Prime consolidation, delivered strong shareholder returns, and strengthened the balance sheet through disciplined deleveraging. These actions have reshaped the company into a simpler, more resilient business that can deliver value through the cycle. As we enter 2026, our priority is consistent execution with a focus on converting our high-quality organic growth opportunities into long term value drivers and returns, whilst maintaining capital discipline and a healthy balance sheet.锟�

Highlights*

During 2025, closed the transformative Prime amalgamation to take full control of Prime锟絪 assets, doubling Meren锟絪 reserves and production;
Distributed approximately $100 million to the Company锟絪 shareholders under the base dividend policy and repurchased 5.9 million shares at a cost of approximately $8 million;
Achieved average daily W.I.1 and entitlement2 production of 30,800 boepd and 35,100 boepd, respectively, for 2025, in line with the revised full-year management guidance;
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 reduced the RBL by $420.0 million, reducing interest expenses and ending 2025 with a debt balance of $330.0 million;
End of 2025 cash balance of $174.7 million resulting in a net debt position of $155.3 million with a Net Debt/ EBITDAX3 of 0.4x as at December 31, 2025, with RBL facility headroom of $138.4 million.

During 2025:
EBITDAX3 of $440.7 million;
Cashflow from operations3,4 before working capital adjustment of $261.8 million; and
Cash capital investments of $100.2 million.
Reported 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 (锟紺GU锟�) 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; and
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锟絪 year-end 2025 reserves5:
YE锟�25 reserves determination has delivered after-tax 1P NPV(10) and 2P NPV(10) valuations of $588 million (YE锟�24: $1,248 million) and $1,499 million (YE锟�24: $2,128 million) respectively6.
YE锟�25 W.I. and net entitlement7 1P reserves of 48.8 MMboe (YE锟�24: 59.8 MMboe) and 62.5 MMboe (YE锟�24: 70.8 MMboe), respectively.
YE锟�25 W.I. and net entitlement 2P reserves of 87.7 MMboe (YE锟�24: 101.6 MMboe) and 107.4 MMboe (YE锟�24: 116.4 MMboe), respectively.
YE锟�25 aggregate W.I. 2P reserves and 2C contingent resources of 140.2 MMboe (YE锟�24: 129.6 MMboe).

2025 Fourth Quarter Results Highlights

In 2025, the Company recorded revenue, mainly related to oil sales, following the amalgamation with Meren Co锟絧eratief U.A. (previously known as Prime Oil & Gas Co锟絧eratief U.A) (锟組eren Coop锟�). In 2024 and 2023, the Company held a 50% investment in Meren Coop, accounted for as a Joint Venture and therefore no revenue was recognized in these years.

In 2025, the Company recorded a net loss attributable to common shareholders of $31.6 million ( 2024: net loss of $279.1 million).

As at December 31, 2025, the Company determined that there was an indicator of impairment of $105.3 million in respect of its oil and gas properties related to the Agbami field cash generating unit (锟紺GU锟�), reflecting a more conservative oil price and cost outlook compared to prior assumptions. This assessment was driven by recent oil price volatility and updated cost forecasts.

A significant portion of the revised cost outlook relates to planned long-term life-extension activities required to enable the Agbami FPSO to continue operating reliably and safely through the end of the current license period. These activities are also expected to enhance the flexibility of the Agbami FPSO to support future infill drilling and potential nearby tie-in opportunities, consistent with the Company锟絪 long-term organic growth strategy. Such potential upside relates to contingent resources which are not included in the recoverable amount of the CGU for impairment testing purposes. The impairment does not reflect any adverse change in reservoir performance, reserves classification or the operational integrity of the Agbami field.

Please refer to the 2025 Shareholder Report for further details on the 2025 and comparative 2024 periods.

Year-End 2025 Statement of Reserves

The Company has posted its 2025 statement of reserves on SEDAR+ (www.sedarplus.ca) as part of its Annual Information Form. This disclosure is based on an independent reserves evaluation, effective January 1, 2026, prepared by RISC (UK) Limited (锟絉ISC锟�) for Meren in accordance with Canadian National Instrument 51-101 锟� Standards for Oil and Gas Activities ("NI 51-101") and the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook").

Meren锟絪 main assets are an indirect 8% interest in Petroleum Mining License (锟絇ML锟�) 52 and an indirect 16% interest in PMLs 2, 3, 4; these are deep-water Nigeria concessions. PML 52 is operated by affiliates of Chevron Corporation and contains the producing Agbami field. PML 2, PML 3 and PML 4 are operated by affiliates of TotalEnergies SE and contain the producing Akpo and Egina fields.

Outlook

Nigeria

Nigeria锟絪 macroeconomic and sector-specific reforms are beginning to show tangible results, with improved fiscal clarity, stronger government engagement, and targeted incentives aimed at sustaining investment in the oil and gas sector. The Federal Government has reaffirmed its support for upstream development through regulatory stability and commercial incentives, contributing to renewed capital commitment across offshore oil and gas projects. This improved investment climate is evidenced by recent final investment decisions on major developments such as Bonga North, Ubeta Gas Project, and HI Offshore Gas Project, which collectively signal growing confidence in Nigeria as a destination for long-term energy investment.

In collaboration with its JV Parties, the Company is continuing to advance the restart of the Akpo/Egina 2026 drilling campaign following the break in the 2025 program. Work is underway to secure a deepwater rig with the drilling of the Akpo Far East near-field prospect, the first planned well in the campaign. This will be followed by the drilling of further infill development wells in the Akpo and Egina fields in late 2026 and into early 2027. Notably, the pause in the drilling program has created a valuable opportunity for the interpretation of 4D seismic data focused on the maturation of infill well candidates.

The Akpo Far East prospect presents a strategically-positioned fast-cycle tie-back opportunity that will utilise the existing Akpo facilities. The prospect lies about 5 km east of the currently producing Akpo field and the planned drilling approach will assess all prospective resource volumes identified within the prospect. To support this, efforts are ongoing to complete all the work required to spud the Akpo Far East exploratory well in 2026.

Work is actively progressing on the remaining subsurface and development opportunities within the PML 2/3/4 license area. Preowei Field subsurface review and development validation activities continued in Q4 2025 with study results expected in H1 2026 to guide the timing and scope of an FID. The planned appraisal activity by TotalEnergies in the Egina South area in OPL 257, currently expected in 2026, may further de-risk adjacent resources and, if successful, indicate potential additional value for Meren through proximity to existing infrastructure.

In early 2026, Meren and its JV Parties in PML 2/3 successfully executed an amendment to the gas sales agreement that includes a revised index for gas pricing, locking in a long-term gas price that is more reflective of the current LNG economics compared to 2018 when the contract was initially signed. The amendment also includes a mechanism for the sellers to recover the historical difference between the interim gas price adjustment and the new index, starting from 2020 when the previous index ceased to be published. This historical amount will be recovered through an upward adjustment to the netback pricing that includes the handling fee for the gas sold, which will improve future gas revenue for the Company.

In Agbami, the FPSO unit life extension studies to ensure long term asset integrity and to enhance operation performance of the facility, are expected to conclude in 2026. Also, the ongoing 4D seismic interpretation and rig contracting activities for the Agbami infill drilling program remain on schedule. The Agbami infill drilling campaign is expected to commence in Q1 2027, following the planned arrival of the rig in Q4 2026 with the Ikija appraisal well being matured to initiate the campaign as the first well.

Namibia Orange Basin Development and Exploration, Blocks 2912 and 2913B

The Venus Field in Block 2913B remains the most advanced deepwater discovery in the Orange Basin and is expected to anchor Namibia锟絪 first large-scale offshore oil development. The project is being progressed by TotalEnergies (Operator, 50.5%) together with QatarEnergy (30.0%), NAMCOR (10.0%) and Impact Oil & Gas (9.5%). Through its shareholding in Impact, Meren holds an effective 3.8 percent indirect interest in the Venus development. Under Impact锟絪 carried-interest arrangement with TotalEnergies, Meren锟絪 exposure to all development and exploration costs on Blocks 2912 and 2913B remains fully funded through to first commercial production, without any financial cap.

The Environmental and Social Impact Assessment (ESIA) for the proposed Venus development has been completed and published, and the associated Environmental Clearance Certificate (ECC) application has been submitted to the relevant Namibian authorities. Completion of the ESIA represents a key regulatory milestone, further de-risking the project. FEED work is proceeding on the base-case concept of up to 40 subsea wells tied back to a single FPSO with a nameplate capacity of approximately 160,000 barrels per day of oil, with reinjection of associated gas offshore. Contractor bids have been received and are within expectation. The project schedule remains consistent with the current planning framework with FID targeted for 2026 and first oil in 2030, subject to the completion of negotiations between the operator and the government on enhanced fiscal terms for the project, which is expected to be the first producing oil field and the first deepwater development in Namibia.

The Venus development is regarded by the Namibian government as a strategic national project with the potential to establish Namibia as a new deepwater oil producer. Appraisal and exploration activities continue across the broader Orange Basin and additional prospects are being evaluated using newly acquired 3D seismic data on Blocks 2912 and 2913B.

Namibia锟絪 oil and gas sector remains active and supportive, with strong investment from international operators, rollout of a Local Content Policy, and infrastructure upgrades at the Walvis Bay and L锟絛eritz ports. Execution and infrastructure challenges, including marine services capacity, environmental approvals, and gas monetization, present both risks and opportunities as the country positions itself to attract capital and expand its deepwater supply chain.

The Venus development presents Meren with a material long-term growth opportunity within a fully carried structure, offering potential for future cash-flow generation and portfolio optionality with no upfront funding commitments.

South Africa Orange Basin, Block 3B/4B

On September 16, 2024, the Department of Mineral Resources and Energy for the Republic of South Africa granted an Environmental Authorization for exploration activities (drilling of up to 5 exploration wells) on the block. Following that decision, the legislative notification and appeals process in South Africa was suspended pending a Supreme Court of Appeal judgement in respect of Block 5/6/7. The operator has stated that the current plan is to drill the first exploration well on Block 3B/4B as soon as the Environmental Authorization is confirmed and has identified Nayla, a prospect that lies in the northwest of the license area, as the potential drilling target.

Equatorial Guinea, Blocks EG-18 and EG-31

In late 2025 the Company submitted requests for extensions to the exploration license terms for both blocks. On December 17, 2025, the Company received notification from the Ministry of Hydrocarbons and Mining Development in Equatorial Guinea approving extensions of up to two years to the first exploration sub period on each block.

During the course of 2025, the Company completed a number of data room exercises across the two blocks and remains actively engaged in advancing potential partnership discussions. Following industry interest during the data room phase, the Company is now transitioning into the next stage of activity, focused on advancing discussions with prospective partners. In parallel, the Company continues to coordinate with government and representatives from GEPetrol to define the forward plan for both blocks.

Should the Company successfully attract a farm-in partner(s) on acceptable terms for these blocks, subject to customary consents and approvals including governmental and regulatory permissions, the Company anticipates that newly formed JVs could be positioned to plan for appraisal and development as well as exploration drilling in late 2026 or 2027.

While there can be no assurance of securing partners on acceptable terms, the Company remains encouraged by the level of industry interest and continues to advance partnership discussions with confidence.

Shareholder Returns

The Company锟絪 capital allocation framework balances reinvestment in value-accretive organic opportunities with a commitment to sustainable shareholder returns, while preserving balance sheet strength and financial flexibility.

Following continued strong operating performance and after consideration of organic investment requirements and balance sheet resilience, the Company is pleased to announce that its Board has declared the distribution of the Company锟絪 first quarterly cash dividend in 2026 of approximately $25.1 million or $0.0371 per share. This dividend will be payable to shareholders of record at the close of business on March 20, 2026.

This dividend qualifies as an 锟絜ligible dividend锟� for Canadian income tax purposes. Dividends for shares traded on the Toronto Stock Exchange (锟絋SX锟�) will be paid in Canadian dollars on April 7, 2026; however, all US and foreign shareholders will receive USD funds. Dividends for shares traded on Nasdaq Stockholm will be paid in Swedish Krona in accordance with Euroclear principles at the earliest on April 10, 2026.

To execute the payment of the dividend, a temporary administrative cross border transfer closure will be applied by Euroclear from March 18, 2026, up to and including March 20, 2026, during which period shares of the Company cannot be transferred between the TSX and Nasdaq Stockholm.

Payment to shareholders who are not residents of Canada will be net of any Canadian withholding taxes that may be applicable. For further details, please visit: https://mereninc.com/investor-summary/total-shareholder-returns/.

The Board views this first quarterly dividend of 2026 to be prudent, having given due consideration to the Company锟絪 capital allocation options and the Company锟絪 overarching priority of maintaining a robust balance sheet under a range of market scenarios.

Notwithstanding the foregoing, the decision to declare any dividend or other shareholder distribution and the amount of future cash dividends declared and paid by Meren or shareholder distributions made by Meren, if any, will be subject to the discretion of the Board and may vary depending on a variety of factors and conditions existing from time to time. These may include, without limitation, business performance, operating environment where Meren锟絪 assets are located, financial condition, growth plans, fluctuations in commodity prices, production levels, expected capital expenditure requirements, operating costs, royalties, foreign exchange rates, interest rates, compliance with any restrictions on the declaration and payment of dividends contained in any agreements to which Meren or any of its subsidiaries is a party from time to time (including, without limitation, financing agreements governing the RBL), and the satisfaction of liquidity and solvency tests imposed by the BC BCA for the declaration and payment of dividends. The actual amount, the record date and the payment date of any dividend are subject to the discretion of the Board. There can be no assurance that dividends will be paid at the current rate or at any rate in the future.

2026 Management Guidance

The Company锟絪 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 锟� 28.0 kboepd and entitlement production range of 28.0 锟� 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.

Management Conference Call

Senior management will hold a conference call to discuss the results on Wednesday, February 25, 2026, at 09:00 (ET) / 14:00 (GMT) / 15:00 (CET). The conference call may be accessed via webcast.

Participants should use the following link to register for the live webcast:

https://meren-energy-fourth-quarter-results-february-2026.open-exchange.net/registration

Click on the link and complete the online registration form.

Upon registering you will receive a confirmation email with a sign in link and access code.

Additional Information

This information is information that Meren is obliged to make public pursuant to the EU Market Abuse Regulation and information that Meren is required to make public pursuant to the Swedish Securities Market Act. The information was submitted for publication, through the agency of the contact persons set out above, at 5:00 p.m. ET on February 24, 2026.