Company Doubles Reserves and Production While Advancing Major Offshore Projects
Africa Oil Corp has officially rebranded as Meren Energy Inc., marking a strategic transformation following the company’s game-changing Prime consolidation that doubled both reserves and production across its portfolio of premium offshore assets.
The name Meren, derived from an old nautical term for mooring a vessel as it docks, reflects the company’s stability anchored by diverse assets, strong cash flow, and established partnerships with industry leaders. The company’s common shares now trade under the new symbol ‘MER’ on both the TSX and Nasdaq OMX Stockholm exchanges.
“The recent completion of the Prime consolidation felt like the natural catalyst to rebrand the Company given the transformational impact of that transaction,” explained Roger Tucker, President and Chief Executive Officer. “Over the last couple of years, we have worked diligently to enhance our investment proposition by simplifying the structure of the business and gaining more direct interests in our large-scale and high-netback assets in deepwater Nigeria.”
Tucker highlighted the company’s evolution from an exploration-focused entity to a full-cycle E&P company with robust cash flow generation supporting meaningful shareholder returns. Meren’s strategy now centers on driving long-term value through its world-class asset portfolio while considering strategic acquisitions of production assets in target markets.
The company also provided updates on multiple high-potential development projects, including the TotalEnergies-operated Venus discovery in Namibia’s Orange Basin. Current plans call for up to 40 subsea wells connected to a 160,000-bbl/d FPSO, with front-end engineering and design expected to commence between Q2 and Q4 this year and final investment decision possible in the first half of 2026.
Source: oilreviewafrica.com
