Research from Water Tower Research, Water Tower Research

Water Tower Research

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.

Research from Water Tower Research

Equity Research Firm

Equity Bottom-Up

<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

Meren Energy

MER: Multiple Avenues of Growth in West African Asset Base