Mr. Shahin Amini reports

MEREN ANNOUNCES RENEWAL OF SHARE BUYBACK PROGRAM

The Toronto Stock Exchange has approved Meren Energy Inc.'s proposed normal course issuer bid (referred to as a share buyback program in Europe) (NCIB).

Pursuant to the NCIB, Meren is authorized to repurchase through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems, as and when considered advisable by Meren, up to 21,636,913 common shares of Meren for a total maximum amount of $35-million (U.S.), representing 5 per cent of the company's public float of 432,738,277 common shares as at Nov. 24, 2025. As of the same date, Meren had 675,725,593 common shares issued and outstanding. Purchases of common shares will occur over a period of 12 months commencing Dec. 8, 2025, and ending on the earlier of Dec. 7, 2026, the date on which the company has purchased the maximum number of common shares permitted under the NCIB and the date on which the NCIB is terminated by Meren.

The NCIB is being implemented for the purpose of reducing the capital of the company and is implemented in accordance with the Market Abuse Regulation (EU) No. 596/2014 and Commission Delegated Regulation (EU) No. 2016/1052 and the applicable rules and policies of the TSX and the Nasdaq Stockholm, and applicable Canadian and Swedish securities laws.

The maximum number of common shares that can be repurchased each day on the Nasdaq Stockholm will be 25 per cent of the average daily trading volume of the common shares for the 20 trading days preceding the date of purchase, subject to certain exceptions for block purchases. In addition, Meren will be limited to daily purchases of no more than 189,891 common shares on the TSX, being 25 per cent of Meren's average daily TSX trading volume of 759,567 common shares during the six months ended Nov. 30, 2025, subject to certain exceptions for block purchases and other prescribed exemptions available under applicable Canadian securities laws.

Meren has also entered into an automatic share purchase plan (ASPP) with the designated broker responsible for the NCIB to allow for the purchase of common shares under the NCIB at times when Meren would ordinarily not be permitted to purchase its common shares due to regulatory restrictions and customary self-imposed blackout periods. Pursuant to the ASPP, prior to entering into a blackout period, Meren may, but is not required to, instruct the designated broker to make purchases under the NCIB in accordance with the terms of the ASPP. Such purchases will be determined by the designated broker in its sole discretion based on parameters established by Meren prior to the blackout period in accordance with the rules of the TSX, the Nasdaq Stockholm, applicable securities laws and the terms of the ASPP. The ASPP has been precleared by the TSX and will be implemented effective Dec. 8, 2025.

Outside of the predetermined blackout periods, common shares may be purchased under the NCIB based on the discretion of Meren's management, in compliance with the rules of the TSX, the Nasdaq Stockholm and applicable securities laws. All repurchases made under the ASPP will be included in computing the number of common shares purchased under the NCIB.

Any common shares that the company repurchases under the NCIB will be purchased on the open market through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems at the prevailing market price at the time of such purchase and in accordance with the applicable rules and policies of the TSX and Nasdaq Stockholm, and applicable Canadian and Swedish securities laws. The actual number of common shares that will be repurchased, and the timing of any such purchases, will be determined by Meren, subject to the limits imposed by the TSX, Nasdaq Stockholm and under applicable Canadian securities laws.

There cannot be any assurances as to the number of common shares that will ultimately be acquired by the company. Any common shares purchased by Meren under the NCIB will be cancelled.

As of Nov. 30, 2025, the company had purchased a total of 8,438,153 common shares out of the 18,362,364 common shares authorized under the previous NCIB, which commenced on Dec. 6, 2024, and will end on Dec. 5, 2025, at a volume weighted average price per common share of $1.9329 (Canadian). All shares were purchased on the open market through the facilities of the TSX, Nasdaq Stockholm and alternative Canadian trading systems.

Meren believes that the repurchase of common shares for cancellation represents an effective use of the company's capital and an efficient way to return value to its shareholders.

About Meren Energy Inc.

Meren 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.

We seek Safe Harbor.