Africa Oil Corp. has changed its name to Meren Energy Inc. as a reflection of the transformative prime consolidation, doubling reserves and production in high-quality offshore assets that benefit from low lifting costs, premium Brent pricing and a favourable fiscal regime.
Africa Oil has indirect interests in Namibia through a 39.5% shareholding in its investee company Impact Oil & Gas Limited, which has a 9.5% interest in each Block 2912 and Block 2913B.
These blocks are operated by TotalEnergies (47.2% in Block 2912 and 50.5% in Block 2913B). Other partners include QatarEnergy (28.3% in Block 2912 and 30% in Block 2913B) and Namcor (15% in Block 2912 and 10% in Block 2913B).
Block 2913B contains the world-class Venus light oil and associated gas field discovered by the Venus-1x well drilled in 2022, which encountered a high-quality light oil-bearing sandstone reservoir of Lower Cretaceous age.
The name Meren is derived from an old nautical term representing the mooring of a vessel as it docks. Inspired by the maritime legends that set sail in pursuit of new worlds, the name mirrors the company’s stability, which is anchored by a diverse portfolio, strong cash flow profile, and proven ability to work side by side with industry leaders on world-class assets.
The company’s common shares will trade under the new symbol ‘MER’ on the TSX and Nasdaq OMX Stockholm.
Meren Energy CEO Roger Tucker says the recent completion of the prime consolidation felt like the natural catalyst to rebrand the company, given the transformational impact of that transaction.
Tucker says over the last couple of years, they have worked diligently to enhance their investment proposition by simplifying the business structure and gaining more direct interests in deepwater Nigeria’s large-scale and high-netback assets.
“The business model has also evolved considerably over the past few years, moving from exploration-led to a full-cycle E&P underpinned by strong cash flow generation that supports our commitment to meaningful shareholder returns,” Tucker says.
