In May 2025, Africa Oil announced a change of name to Meren Energy Inc. The Company’s rebranding follows completion of the transformative Prime consolidation, doubling reserves and production in high quality offshore assets that benefit from low lifting costs, premium Brent pricing and a favourable fiscal regime.

Meren is a leading independent, full-cycle E&P with production and development assets in deepwater Nigeria, a leading carried position in the Orange Basin across Namibia and South Africa, and operated licences in Equatorial Guinea.

The Company is focused on delivering a total shareholder return business model through sustainable growth and capital returns to its shareholders and for the benefit of all its stakeholders. During 2023 and 2024, the Company executed a number of strategic transactions to simplify and strengthen the Company’s fundamental business proposition including streamlined asset ownership and greater control of its core assets and value drivers. These efforts culminated in the completion of the amalgamation in March 2025 to consolidate full control and ownership of Prime Oil & Gas Coöperatief U.A (Prime) in Meren.

OVERVIEW OF OPERATIONS

NAMIBIA

Block 2912 & 2913B
Meren has indirect interests in these blocks through a 39.5% shareholding in its investee company Impact Oil & Gas Limited (“Impact”), which has a 9.5% interest in each Block 2912 and Block 2913B. These blocks are operated by TotalEnergies (47.2% in Block 2912 and 50.5% in Block 2913B). Other partners include QatarEnergy (28.3% in Block 2912 and 30% in Block 2913B) and NAMCOR (15% in Block 2912 and 10% in Block 2913B).

Block 2913B contains the world class Venus light oil and associated gas field that was discovered by the Venus-1X well drilled in 2022, which encountered high-quality light oil-bearing sandstone reservoir of Lower Cretaceous age. Three follow-on appraisal wells have de-risked the field with the results supporting the Venus development case – with FID targeted for 2026.

NIGERIA

PML 2, PML 3, PML 4 and PML 52
Following the completion of the Amalgamation Agreement with BTG in March 2025, the Meren group has a direct interest in producing assets in Nigeria’s deepwater Niger Delta Basin, operated by Chevron and TotalEnergies..

The main assets of Meren are a direct 8% WI in PML 52 and a direct 32% WI in PMLs 2, 3 and 4 as well as PPL 261. PML 52 is operated by affiliates of Chevron and covers part of the producing Agbami field.

PMLs 2, 3 and 4 and PPL 261 are operated by affiliates of TotalEnergies and contain the producing Akpo and Egina fields. The three fields in these PMLs are located over 100 km offshore Nigeria.

All three fields have high quality reservoirs and produce light to medium sweet crude oil through FPSO facilities. Akpo and Egina also export associated gas which feeds into the Nigerian liquified natural gas plant, whilst Agbami associated gas is mostly reinjected.

Akpo Field (PML 2)
The Akpo field is a major offshore oil and gas field located approximately 200 km off the coast of Rivers State, Nigeria, in water depths ranging from 1,100 to 1,700 meters.

• Field development began in 2005, with a total of 44 wells planned (22 production, 20 water injection, 2 gas injection).
• First production achieved in March 2009.
• The Akpo West tie-back project started up in early 2024, adding 14,000 barrels of condensate production per day.

Egina Field (PML 3)

• The Egina oil field is a significant ultra-deepwater oil field located approximately 150 kilometers off the coast of Nigeria in the Gulf of Guinea.
• The field is situated at water depths ranging from 1,150 to 1,750 metres.

Preowei Field (PML 4)

• The Preowei field was discovered in 2003 through the Preowei-1 well, which encountered three main hydrocarbon-bearing reservoirs
• The approved Field Development Plan proposes a two-phase development with 16 wells in Phase 1 (8 producers, 8 injectors) and 12 additional wells in Phase 2.

Agbami Field (PML 52)
The Agbami Field is a major offshore oil and gas field located in deepwater Nigeria, approximately 70 miles (113 km) off the coast of the central Niger Delta region.

• Discovered in 1998 and began production in 2008.
• The $3.5 billion development is one of Nigeria’s largest deepwater projects.

Equatorial Guinea

Blocks EG-18 and EG-31
In February 2023 the Company, through its wholly owned subsidiaries Africa Oil Alpha B.V and Africa Oil Beta B.V., entered into two new PSCs for Offshore Blocks EG-18 and EG-31 in the Republic of Equatorial Guinea.

The Company holds 80% operated interests in each block, with the balance to be held by GEPetrol, the national oil company of Equatorial Guinea. GEPetrol can acquire an additional 15% participating interest in each block. GEPetrol is carried during the exploration phase.

Block EG-31
From the existing data, the Company has already identified several potential gas-prone prospects in shallow water depths of less than 80 meters and close to existing infrastructure, including the offshore Alba gas field and the onshore Punta Europa Liquefied Natural Gas Terminal.

Block EG-18
From the existing data set the Company has already identified a potentially large and highly prospective basin floor fan prospect of Cretaceous age that is similar to those within the Company’s exploration portfolio in Namibia and South Africa and will continue to work this prospect as part of the initial exploration phase.

South Africa

In July 2019, the Company through its wholly-owned subsidiary, Meren SA Energy Corp., entered into a definitive farmout agreement with Azinam Limited to acquire a 20.0% participating interest and operatorship in the Exploration Right for Block 3B/4B, offshore South Africa.

The farmout was fully completed in February 2020 with Meren becoming the Operator for the block. The Block was awarded on March 27, 2019, for an Initial Period having a term of three years. An application to extend the Block 3B/4B license and to move into the first extension period of 2 years was approved on October 27, 2022. Following two transactions announced in 2024, Meren currently holds a direct non-operated 18.0% interest in Block 3B/4B. This block is operated by TotalEnergies with a 33.3% interest. Other partners are QatarEnergy with a 24.0% interest, Ricocure (Proprietary) Ltd. with a 19.8% interest and Azinam (a subsidiary of Eco Atlantic) with a 6.3% interest.

Block 3B/4B
Block 3B/4B covers an area of 17,581 km2 within the Orange Basin offshore of the Republic of South Africa.

Orange Basin Deep
Meren has an indirect interest in this block through a 39.5% shareholding in its investee company Impact Oil & Gas Limited (“Impact”) with a 22% working interest.

Impact was awarded the Orange Basin Deep TCP in December 2016 with Total joining as Operating partner in September 2017.

The license lies 220km west of Cape Town in water depths between 2,800 to 4,200 meters.

LEADERSHIP / CONTACT

Huw Jenkins, Chairman of the Board
Roger Tucker, President, CEO and Director
Aldo Perracini, Chief Financial Officer
Joanna Kay, Chief Legal Officer and Corporate Secretary
Oliver Quinn, Chief Commercial Officer
Craig Knight, Chief Operating Officer

Meren Energy Inc.
c/o Suite 2500, 666 Burrard Street, Vancouver B.C. Canada V6C 2X8

Meren Services Limited
50 Pall Mall, London, SW1Y 5JH

t. +44 20 8017 1511
e. info@mereninc.com