Meren Energy Inc.

Hello everyone, my name is Laura and I will be your conference operator today. At this time, I would like to welcome everyone to Africa Oils First Quarter 2025 Resorts presentation. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star then the number one. on your telephone. If you would like to withdraw your questions, please press star 2 or the palm key. Please note that any time participants on the webcast get the questions during the question button on the webcast interface. Please note this event is being recorded. The recording will be available for playback on the company's website. I will now pass the meeting to Mr. Shaheen Aminay, Africa Oils, Head of Investor Relations. Please go ahead, Mr. Amini.

Good morning, and thank you for joining us for Africa Oil Corporation's first quarter 2025 results presentation. My name is Shahid Amini. I'm Head of Investor Relations and Communications, and I'm joined today by Roger Tucker, our President and CEO, Aldo Perissini, our CFO, and Oliver Quinn, our Chief Commercial Officer. We will begin with prepared remarks and then open the floor for questions. Before we start, I would like to remind everyone that this presentation contains forward-looking statements. These are based on current assumptions and expectations and involve risks and uncertainties that may cause actual results to differ materially. You can find a full discussion of these risks on our regulatory filings available on CEDAW Plus and on our website. Before we turn to the financial and operational highlights for the quarter, I must also highlight that yesterday morning we announced a new brand identity for the company following the completion of Prime Amalgamation. This sets us on our way for the next phase of shareholder value delivery and growth. With that, I will hand over to Roger to share more on this exciting next chapter and to walk you through what has been truly a transformative quarter for the company. Roger, we are ready for you. Please go ahead.

Thanks, Shahin. Following the amalgamation of Prime, I'm proud to officially introduce our new corporate identity, Merin, which will take effect on Monday the 19th of May. The rebrand to Merin reflects a defining shift in our business. With the transformative deal now complete, we've doubled our reserves and production, taken direct control of Prime's balance sheet, and significantly strengthened our cash flow profile. We've also streamlined our business structure and evolved into a full cycle E&P business, one that is focused, resilient, and firmly committed to delivering strong and sustainable shareholder returns, complemented by our new enhanced payout policy. This is the right time for the change. We have refreshed board, a clear long-term strategy, and a business that is fundamentally advanced. I'm also pleased to bring aboard Aldo as our new chief financial officer. Starting 19th of May, our shares will trade under the new ticker MER on both the TSX and NASDAQ Stockholm. And our new website, merrininc.com, will go live to reflect our updated identity. Please note this is an administrative change and shareholders don't need to take any action. Now let's turn to the highlights of our first quarter 2025, moving to slide five. I'm pleased to report a strong quarter reflecting continued momentum across our operations. We have maintained a strong balance sheet with significant liquidity headroom. We have continued to benefit from robust high net back production premium Brent pricing. Our infill drilling program, targeting short cycle, high return opportunities, continued to support strong and reliable production. During the quarter, we lifted five cargoes out of the 12 expected for the year, achieving an average realized price of $79.50 per barrel, beating the average Brent price for the same period. This front-loading of cargoes at higher oil prices has significantly reduced our oil price exposure for the remainder of the year. The strong performance across our producing assets have enabled us to proactively reduce leverage and deliver on our plans for shareholder returns. During Q1 2025, we declared our first quarterly dividend of $25 million, and I am pleased that we have now declared the second quarterly dividend of $25 million for distribution next month. We ended the quarter with $428.4 million in cash and a net debt to EBITDAX ratio of just 0.3 times, a clear demonstration of our financial strength and disciplined approach to capital management. Altogether, this strong start to the year underscores the core strengths of our business, high-quality producing assets, a strong balance sheet, and a focused strategy centred on delivering meaningful, sustainable returns to shareholders. Now, let's take a closer look at production performance for the quarter by moving to slide six. Looking over the past year, it is encouraging to see that our infill drilling is performing well, with Q1 2025 production down only about 2% compared to Q1 2024. The infill drilling programme provides us with attractive short cycle and high return investment opportunities as we counter natural field declines. Average Q1 2025 working interest production of 33,400 barrels of oil equivalent per day was above the higher end of our full year guidance. At ACPO, strong delivery continued through the quarter, with the ACPO West wells producing above expectations and supporting steady volumes. We're planning additional activity in Q2, including a development well and a well intervention to sustain the momentum and manage natural decline. On EGINA, drilling resumed in January and led to the successful completion of two new production wells, Both are expected to come on stream in Q2 and will contribute to the stable production levels going forward. Operational uptime and efficiency at Agena remain high, supporting reliable delivery. Akbami performed in line with expectations, with compressor maintenance completed as planned in the quarter. This is part of our broader strategy to maintain long-term asset integrity. Overall, our Q1 results demonstrate the strength of our core assets that continue to deliver reliably and also present further upside potential, such as the ACPO Far East Well, which I will cover later in this presentation. With that, I will now hand over to Aldo for the financial highlights.