Meren President and CEO, Oliver Quinn commented: "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."
Highlights*
During 2025, closed the transformative Prime amalgamation to take full control of Prime's assets, doubling Meren's reserves and production;
Distributed approximately $100 million to the Company's 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 ("CGU") 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's year-end 2025 reserves5:
YE'25 reserves determination has delivered after-tax 1P NPV(10) and 2P NPV(10) valuations of $588 million (YE'24: $1,248 million) and $1,499 million (YE'24: $2,128 million) respectively6.
YE'25 W.I. and net entitlement7 1P reserves of 48.8 MMboe (YE'24: 59.8 MMboe) and 62.5 MMboe (YE'24: 70.8 MMboe), respectively.
YE'25 W.I. and net entitlement 2P reserves of 87.7 MMboe (YE'24: 101.6 MMboe) and 107.4 MMboe (YE'24: 116.4 MMboe), respectively.
YE'25 aggregate W.I. 2P reserves and 2C contingent resources of 140.2 MMboe (YE'24: 129.6 MMboe).
2025 Fourth Quarter Results Highlights
Three months ended
Twelve months ended
Meren Highlightsi,ii
Unit
December 31, 2025
December 31, 2024
December 31, 2025
December 31,2024
Net (loss) / income
$'m
(90.8)
6.2
(31.6)
(279.1)
Net (loss)/ income per share, basic iii
$/ share
(0.13)
0.02
(0.05)
(0.62)
Net debt position iv
$'m
155.3
289.1
155.3
289.1
WI production iv
boepd
28,100
34,400
30,800
34,000
Entitlement production iv
boepd
31,500
39,000
35,100
38,800
Cash flow from operations v,vi
$'m
18.7
n/a
261.8
n/a
EBITDAXv
$'m
72.7
n/a
440.7
n/a
Capital investments v
$'m
19.8
n/a
100.2
n/a
Notes:
i.
The financial information in this table was selected from the Company's audited consolidated financial statements for the year ended December 31, 2025. The Company's consolidated financial statements, notes to the financial statements, management's discussion and analysis for the year ended December 31, 2025 and 2024 and the 2025 Report to Shareholders and Annual Information Form have been filed on SEDAR+ (www.sedarplus.ca) and are available on the Company's website (www.mereninc.com).
ii.
The table includes non-GAAP measures. Definitions and reconciliations to these non-GAAP measures are provided on pages 14-17 of the 2025 Shareholder Report.
iii.
Based on the weighted average number of shares outstanding for the three months and year ended December 31, 2025, of 675,685,556 and 624,464,015 respectively, which accounts for the newly issued shares to BTG Oil & Gas on March 19, 2025.
iv.
Net debt position and production numbers as presented for the comparative periods includes 100 percent of Meren Coöperatief U.A. (previously known as Prime Oil & Gas Coöperatief U.A) to be comparable with net debt position and production numbers for the three months and year ended December 31, 2025.
v.
Highlights are reported for the year 2025 only, on a constructed financial information basis, see pages 10-12 of the 2025 Shareholder Report for further information.
vi.
Cash flow from operations before working capital and interest payments.
In 2025, the Company recorded revenue, mainly related to oil sales, following the amalgamation with Meren Coöperatief U.A. (previously known as Prime Oil & Gas Coöperatief U.A) ("Meren Coop"). 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 ("CGU"), 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's 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 ("RISC") for Meren in accordance with Canadian National Instrument 51-101, Standards for Oil and Gas Activities ("NI 51-101") and the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook").
Meren's main assets are an indirect 8% interest in Petroleum Mining License ("PML") 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.
The year-end 2025 reserves and reconciliation of changes in W.I. reserves are summarized in the following tables:
Summary of Oil and Gas Reserves (Forecast Prices and Costs)
Light and Medium Oil
Natural Gas
Oil Equivalent
Reserve Category
Gross (MMstb)
Net (MMstb)
Gross (Bscf)
Net (Bscf)
Gross(MMboe)
Net(MMboe)
Proved
Developed Producing
20.2
29.1
52.0
52.0
28.8
37.8
Developed Non-Producing
-
-
-
-
-
-
Undeveloped
18.3
23.1
10.0
10.0
20.0
24.8
Total Proved
38.4
52.2
62.0
