Mr. Aldo Perracini reports

MEREN ANNOUNCES SUCCESSFUL DEBT REFINANCING

Meren Energy Inc.'s subsidiary, Meren Cooperatief UA, has signed the refinancing of its reserves-based lending (RBL) facility, significantly increasing its debt capacity and extending its debt maturity profile.

Meren's chief financial officer, Aldo Perracini, commented: "We are grateful for the continuing and strong support of our banking group. The reduction in borrowing costs and greater than two times level of oversubscription underscore the quality of our production assets and our demonstrated track record of disciplined financial delivery."

The refinanced RBL facility will have a total commitment of $600-million (U.S.) with an accordion feature permitting an increase in the total facility size up to $1-billion (U.S.). Proceeds from the amended facility will be used to refinance in full the existing facility and to cover all related costs. The amended facility will accrue interest at the applicable SOFR (secured overnight financing rate) plus a margin of 4.00 per cent during years 1 to 3, increasing to 4.25 per cent during years 4 to 6. This represents a loan-life average margin reduction of 0.125 per cent compared with the existing facility terms. The amended facility has a six-year tenor from the closing of the refinancing.

As a revolving facility, the RBL provides Meren with significant operational flexibility to draw and repay the outstanding principal up to the lesser of the total facility commitments or the borrowing base amount. This structure allows Meren to minimize borrowing costs and optimize its capital structure as it executes its business plan. In addition, the accordion feature provides further flexibility to increase commitments as needed to support Meren's future growth initiatives.

As at Dec. 31, 2025, Meren had available RBL capacity of $468-million (U.S.) with outstanding principal of $330-million (U.S.) under its existing facility terms. On closing of the amended facility, Meren's expected RBL capacity will increase to $574-million with outstanding principal of $370-million.

Conditions precedents have been satisfied and the company expects the facility to close imminently.

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. 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.

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