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Meren Energy (MER) investor relations material
Meren Energy Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary17 Nov, 2025
Executive summary
Delivered strong Q3 2025 results with robust shareholder returns through dividends and buybacks, supported by substantial deleveraging and a strong balance sheet.
Completed the Prime amalgamation, consolidating core Nigerian assets and enhancing financial and operational strength.
Maintained significant liquidity, ending Q3 2025 with $176.7 million in cash and RBL headroom of $192.3 million.
Achieved average daily working interest production of 31,100 boepd and entitlement production of 35,600 boepd in Q3 2025.
Focused on disciplined capital allocation, balancing debt reduction, shareholder returns, and organic growth.
Financial highlights
Q3 2025 EBITDAX reached $120 million; nine-month EBITDAX totaled $368 million.
Q3 2025 net income was $5.2 million, with nine-month net income at $59.2 million.
Free cash flow for the first nine months was $228.7 million; Q3 2025 free cash flow was $22 million.
Q3 2025 total revenues were $216.7 million, with gross profit of $55.7 million.
Realized oil price averaged $70.8/bbl in Q3 2025, above Dated Brent, but down from $80.8/bbl in Q3 2024.
Outlook and guidance
2025 production guidance: working interest 30.0–33.0 kboepd, entitlement 34.5–37.5 kboepd.
2025 EBITDAX guidance: $450–500 million; cash flow from operations: $260–310 million; capex: $100–140 million.
Anticipates natural production decline in Nigeria through 2026, with infill drilling and project optimization expected to boost output in 2027.
Full-year management guidance for 2026 will be provided early next year.
Board maintains a prudent base annual distribution policy, prioritizing balance sheet strength.
What are the key remaining hurdles for Venus FID?
Akpo Far East: Production impact and timing?
Contingent payment due Q1 2026: Net exposure?
Akpo Far East: Strategic value and timeline?
2026 capital allocation and dividend outlook?
Orange Basin exploration: Key targets and funding?
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Next Meren Energy earnings date
Q4 202528 Feb, 2026
Next Meren Energy earnings date
Q4 202528 Feb, 2026
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Frequently asked questions
Meren Energy formerly known as Africa Oil Corp 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 operated by Majors. 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. The Company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol "MER".
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