Meren Energy Inc.

Hello, everyone. My name is Sergei, and I will be your conference operator today. At this time, I would like to welcome everyone to Mercer's second quarter 2025 results 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, please press star, the number one on your telephone keypad. If you would like to withdraw your question, please press star, too. Please note that at any time participants on the webcast can submit their questions using the questions button at the webcast interface. Please note that this event is being recorded. The recording will be available for the playback on the company's website. I will now pass the meeting over to Mr. Shaheen Amini, Merson's Head of Investor Relations. Please go ahead, Mr. Amini.

Good morning, and thank you for joining us for Meron's second quarter 2025 results presentation. I'm joined today by Roger Tucker, our President and Chief Executive Officer, Albert Peresini, our Chief Financial Officer, 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 in our regulatory filings available on CDAR Plus and on our website. With that, I will now hand you over to Roger. Roger, please go ahead.

Thank you, Shadeen. Before going into the quarterly performance, I want to take a step back and reflect on the first half of the year and the progress we've made as a business. We've operated in a dynamic environment over the last six months, from fluctuations in oil prices to ongoing macroeconomic uncertainty. Despite this, our focus has remained clear, executing against our strategy and delivering long-term value for shareholders. This brings me to our capital allocation priorities, something we've been very deliberate about over the last two quarters. Since the prime amalgamation, we've made strong strides in aligning the business behind these priorities, starting with shareholder returns. We are firmly on track to deliver our $100 million annual dividend distribution. So far, we've returned $50 million, and I'm pleased to confirm a third quarterly dividend of $25 million, taking total distributions to $75 million by the end of Q3. This is a clear signal of our ongoing commitment to shareholder value and shareholder capital returns. We also remain fully committed to maintaining a strong balance sheet with appropriate liquidity headroom. Following the prime amalgamation, we have taken a proactive approach to deleveraging, repaying some $270 million of BRBL through disciplined cash management. with the aim of minimising interest expenses. If necessary, we have the option of drawing down under our evolving RBL facility. With an end of Q2 cash position of $266 million and the headroom under our RBL facility, we have substantial liquidity and the optionality to act quickly and decisively to changing business environments towards our goals of value creation and shareholder returns Overall, we are delivering on what we said we would do, maintaining financial discipline, focusing and delivering on our shareholder returns, and ensuring the business remains robust and well positioned for the future. In looking to the future, it is important to highlight our funded organic growth opportunity set. This slide outlines the catalysts that we see as potential near-term growth drivers for our business. Starting with the Venus development project in Namibia, I am encouraged by the recent positive updates and public statements by the operator, Total Energies. We are looking towards the final investment decision, possibly during the first half of 2026, with first oil by the end of 2029. This is a world-class project that will provide us with a long life production profile, and importantly, it is funded through to first commercial production. We have captured the resource base and bridged the exploration to production gap without stretching our balance sheet. Another important Venus catalyst for Meron is that as we get closer to the final investment decisions, there will be scope for us to report contingent resources and ultimately reserves as part of our annual NI51-101 reporting process. Moving to Preyaway, we are working closely with the operator and other partners to deliver a more economically robust project. The cost and subsurface optimisation work for the project continues and there are encouraging signs that the project can potentially capture more volumes with enhanced economics. Our Nigerian asset base also provides us with attractive near-field exploration opportunities, such as the ACPO Far East prospect. This is expected to be drilled during the next Agena ACPO drilling campaign to start during 2026. In case of exploration success, ACPO Far East will provide us with an attractive short cycle project investment that can utilise the existing ACCO infrastructure. And, of course, I must reiterate our leading position in the Orange Basin offshore Namibia and South Africa, where, as well as our interest in the Venus development, we also have exposure to follow-on, high-impact exploration opportunities. Again, these are funded and provide us with potentially transformational catalysts without stretching our balance sheet. In South Africa, we hold an 18% interest in 3B, 4B. We are carried for two exploration wells, and we are working with the operator to develop a drilling program. Oliver will shortly speak about our position in Equatorial Guinea, where we continue our farm-down efforts for blocks EG18 and EG31, with the aim of replicating our commercial deal-making success in Namibia and South Africa. Taken together, this set of opportunities gives us clear visibility on future reserves and production growth. I will now hand you over to Aldo to take you through the second quarter highlights.