VANCOUVER, BC, Aug. 12, 2025 /CNW/ – (TSX:MER) (Nasdaq-Stockholm: MER) – Meren Energy Inc. (“Meren” or the “Company”) today published its financial and operating results for the three and six months ended June 30, 2025, and is pleased to declare its third quarterly distribution of approximately $25 million under its base dividend policy. View PDF version
Meren President and CEO, Roger Tucker commented: “Against a backdrop of increased oil price volatility and global economic uncertainty, we continue to deliver material shareholder returns whilst maintaining a strong balance sheet and significant liquidity headroom. We have a resilient business and are confident of continuing to deliver growth and returns through the business cycle, supported by our high-quality, high netback assets and funded growth catalysts.“
Highlights*
- Declared the third 2025 quarterly dividend of approximately $25.0 million, bringing total distributions year-to-date to approximately $75.1 million.
- During Q2 2025:
- Achieved average daily working interest (“W.I.”) and entitlement production of 30,900 boepd and 35,700 boepd respectively, in line with expectations;
- Two new Egina wells brought on stream in May, which are performing in line with expectations, and a successful well intervention in Akpo providing strong support to production performance;
- Sold one cargo (approximately 1 MMbbl) at a sales price of $64.2/bbl;
- Pro-actively reduced the RBL by $80.0 million, reducing interest expenses and ending Q2 2025 with a debt balance of $540.0 million;
- Distributed the second quarterly cash dividend of approximately $25.1 million ($0.0371 per share) in June 2025;
- End of Q2 2025 cash balance of $266.6 million, resulting in a net debt position of $273.4 million with a Net Debt/ EBITDAX of 0.6x as at June 30, 2025. RBL facility headroom of $94.1 million at the end of Q2 2025;
- The Company cancelled its $65.0m standby Corporate Facility and the security has been released.
- During H1 2025:
- Cashflow from operations before working capital adjustment of $177.5 million;
- EBITDAX of $248.2 million;
- Cash capital investments of $58.6 million.
- Post period end, the Company pro-actively reduced the RBL debt balance by a further $60.0 million in July 2025, resulting, as of the date hereof in a debt balance of $480.0 million.
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* All dollar amounts in this press release are U.S. Dollars unless otherwise indicated. |
2025 Second Quarter Results Highlights
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Three months ended |
Six months ended |
Years ended |
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Meren Highlights |
Unit |
June 30, |
June 30, |
June 30, |
June 30, |
December 31, |
|
Net income/ (loss) |
$’m |
3.1 |
0.4 |
54.0 |
3.9 |
(279.1) |
|
Net income/ (loss) per share – basic |
$/share |
0.00 (2) |
0.00 |
0.09 (2) |
0.01 |
(0.62) |
|
Net debt position (3) |
$’m |
273.4 |
444.5 |
273.4 |
444.5 |
289.1 |
|
WI production (3) |
boepd |
30,900 |
31,600 |
32,100 |
33,400 |
34,000 |
|
Entitlement production (3) |
boepd |
35,700 |
36,600 |
36,700 |
38,600 |
38,800 |
|
Cash flow from operations (4, 5) |
$’m |
77.7 |
n/a |
177.5 |
n/a |
n/a |
|
EBITDAX (4) |
$’m |
106.6 |
n/a |
248.2 |
n/a |
n/a |
|
Capital investments(4) |
$’m |
30.4 |
n/a |
58.6 |
n/a |
n/a |
|
(1) |
The table includes non-GAAP measures. Definitions and reconciliations to these non-GAAP measures are provided on pages 13-16 of the Report to Shareholders for the period ended June 30, 2025.. |
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(2) |
Based on the weighted average number of shares outstanding for the three and six months period ended June 30, 2025, of 675,012,308 and 572,481,427 respectively, which accounts for the newly issued shares to BTG Oil & Gas on March 19, 2025. |
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(3) |
Net debt position and production numbers as presented for the comparative periods includes 100 percent of Meren Coop to be comparable with net debt position and production numbers for the three and six months period ended June 30, 2025. |