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Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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<div><ul><li>Meren defines advantaged assets by low cost of supply, targeting barrels that generate free cash flow well below $100 oil.</li><li>Its three deepwater Nigerian fields each hold multi-billion-barrel resources and run on FPSOs with 98%+ uptime, delivering lifting costs below $15/Boe.</li><li>After an 18-plus-month drilling pause to evaluate new 4D seismic, operators are bringing two rigs and an intervention vessel back to Nigeria in 4Q26.</li></ul></div>

Meren defines advantaged assets by low cost of supply, targeting barrels that generate free cash flow well below $100 oil.Its three deepwater Nigerian fields each hold multi-billion-barrel resources and run on FPSOs with 98%+ uptime, delivering lifting costs below $15/Boe.After an 18-plus-month drilling pause to evaluate new 4D seismic, operators are bringing two rigs and an intervention vessel back to Nigeria in 4Q26.

MER: Multiple Avenues of Growth in West African Asset Base

<ul><li>Meren’s portfolio of development and exploration projects expose stakeholders to meaningful future organic production and reserve growth potential. </li><li>The project portfolio includes incremental development and exploration opportunities in Nigeria, a world-class development project at the Venus discovery in the Orange Basin in deepwater offshore Namibia, and exploration potential in the Orange Basin in deepwater offshore South Africa and offshore Equatorial Guinea.</li><li>Management expects the operator of the Agbami field (Chevron) and the Akpo/Egina fields (TotalEnergies) to commence new development drilling campaigns in 2H26 after a multi-year activity hiatus. </li></ul>

Meren’s portfolio of development and exploration projects expose stakeholders to meaningful future organic production and reserve growth potential. The project portfolio includes incremental development and exploration opportunities in Nigeria, a world-class development project at the Venus discovery in the Orange Basin in deepwater offshore Namibia, and exploration potential in the Orange Basin in deepwater offshore South Africa and offshore Equatorial Guinea.Management expects the operator of the Agbami field (Chevron) and the Akpo/Egina fields (TotalEnergies) to commence new development drilling campaigns in 2H26 after a multi-year activity hiatus. 

MER: Organic Project Portfolio Supports Future Production Profile

<ul><li>Meren’s offshore West African asset base includes a mix of large producing fields in Nigeria that offer meaningful incremental development opportunities along with high-potential exploration targets in Nigeria, Namibia, South Africa, and Equatorial Guinea. </li><li>Drilling campaigns are expected to commence during 2H26 around both the Agbami and Akpo/Egina complexes in deepwater offshore Nigeria.</li><li>The campaigns will include a mix of exploration wells and infill development wells. Exploration success could bring new volumes later this decade. </li></ul>

Meren’s offshore West African asset base includes a mix of large producing fields in Nigeria that offer meaningful incremental development opportunities along with high-potential exploration targets in Nigeria, Namibia, South Africa, and Equatorial Guinea. Drilling campaigns are expected to commence during 2H26 around both the Agbami and Akpo/Egina complexes in deepwater offshore Nigeria.The campaigns will include a mix of exploration wells and infill development wells. Exploration success could bring new volumes later this decade. 

MER: West Africa Asset Portfolio Includes Short- And Long-Cycle Organic Growth Opportunities

<ul><li>Meren Energy, Inc. is a Canadian oil &amp; gas exploration and production company whose assets are located offshore West Africa. </li><li>The company’s primary listing is on the TSX under the ticker symbol ‘MER’. </li><li>Meren also trades on the Nasdaq Stockholm exchange under the ‘MER’ ticker symbol. </li></ul>

Meren Energy, Inc. is a Canadian oil &amp; gas exploration and production company whose assets are located offshore West Africa. The company’s primary listing is on the TSX under the ticker symbol ‘MER’. Meren also trades on the Nasdaq Stockholm exchange under the ‘MER’ ticker symbol. 

MER: West Africa Asset Base Supports Cash Returns with Funded Upside Exposure

<ul><li>Meren is uniquely positioned as a disciplined, cash-generative independent E&amp;P focused on offshore African assets. </li><li>Current production is from deepwater Nigerian assets that have high netbacks and generate cash flows to fund both a $100-million annual base dividend and organic growth. </li><li>Meren has significant exposure to the world-class Orange Basin discoveries offshore Namibia and South Africa. </li></ul>

Meren is uniquely positioned as a disciplined, cash-generative independent E&amp;P focused on offshore African assets. Current production is from deepwater Nigerian assets that have high netbacks and generate cash flows to fund both a $100-million annual base dividend and organic growth. Meren has significant exposure to the world-class Orange Basin discoveries offshore Namibia and South Africa. 

MER: WTR Small-Cap Spotlight Recap - Balanced Growth and Capital Returns in Offshore Africa

Canada

Meren Energy Inc. operates as an oil and gas company. The Company focuses on the production, development, exploration, and appraisal of oil and gas assets in deep-water Nigeria. Meren Energy serves customers worldwide.

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Meren Energy (MER CN)

MER: Multiple Avenues of Growth in West African Asset Base

Its three deepwater Nigerian fields each hold multi-billion-barrel resources and run on FPSOs with 98%+ uptime, delivering lifting costs below $15...

Water Tower Research

MER: Organic Project Portfolio Supports Future Production Profile

Meren’s portfolio of development and exploration projects expose stakeholders to meaningful future organic production and reserve growth potential.

Water Tower Research

MER: West Africa Asset Portfolio Includes Short- And Long-Cycle Organic Growth Opportunities

Drilling campaigns are expected to commence during 2H26 around both the Agbami and Akpo/Egina complexes in deepwater offshore Nigeria.

Water Tower Research

MER: West Africa Asset Base Supports Cash Returns with Funded Upside Exposure

The company’s primary listing is on the TSX under the ticker symbol ‘MER’. Meren also trades on the Nasdaq Stockholm exchange under the ‘MER’...

Water Tower Research

MER: WTR Small-Cap Spotlight Recap - Balanced Growth and Capital Returns in Offshore Africa

Current production is from deepwater Nigerian assets that have high netbacks and generate cash flows to fund both a $100-million annual base...

Water Tower Research

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