Delivering a Total Shareholder Return Business Model
2023-Present
The Company is focused on delivering a total shareholder return business model through sustainable growth and capital returns to its shareholders and for the benefit of all its stakeholders. During 2023 and 2024, the Company executed a number of strategic transactions to simplify and strengthen the Company’s fundamental business proposition including streamlined asset ownership and greater control of its core assets and value drivers. These efforts culminated in the completion of the amalgamation in March 2025 to consolidate full control and ownership of Prime Oil & Gas Coöperatief U.A (Prime) in Meren.
This strategic transaction has been transformational for the Company by doubling its reserves and production, and substantially increasing its earnings, and cash flows. Meren has gained direct control over Prime’s cash flows, providing greater financial flexibility. The Company’s enhanced cash flow profile and stronger balance sheet also supports the Company’s commitment to shareholder returns, in the form of an annual base dividend of $100 million alongside a commitment to distribute at least 50% of excess annual free cash flow in supplementary dividends and/or cash repurchases.
Early Stage Exploration
Meren (previously Africa Oil) constructed a portfolio of East Africa exploration assets through various transactions. Successful farm down of its Kenyan portfolio ahead of exploration drilling with successful discovery of oil in South Lokichar Basin in 2012.
Appraisal and Monetisation
Active exploration and appraisal campaigns in northwest Kenya and south of Ethiopia. Farm down of the two South Lokichar blocks sets the Company to pursue a growth strategy through acquisition.
Transforming to a Full Cycle E&P
Secured an agreement to acquire Petrobras’ deepwater Nigeria assets held through the JV company, Prime Oil and Gas. Successfully closed the deal in January 2020, becoming a full cycle E&P company with material reserves, production and cash flows.
Early Stage Exploration
Meren (previously Africa Oil) constructed a portfolio of East Africa exploration assets through various transactions. Successful farm down of its Kenyan portfolio ahead of exploration drilling with successful discovery of oil in South Lokichar Basin in 2012.
Appraisal and Monetisation
Active exploration and appraisal campaigns in northwest Kenya and south of Ethiopia. Farm down of the two South Lokichar blocks sets the Company to pursue a growth strategy through acquisition.
Transforming to a Full Cycle E&P
Secured an agreement to acquire Petrobras’ deepwater Nigeria assets held through the JV company, Prime Oil and Gas. Successfully closed the deal in January 2020, becoming a full cycle E&P company with material reserves, production and cash flows.
Meren has evolved with the strategy of creating shareholder value through the acquisition and exploration of oil and gas assets located in under-explored geographic areas, in the early phase of the upstream oil and gas life-cycle and maturing them into marketable opportunities for larger oil and gas industry players. The Company is focused on growing its full-cycle business through investments and farm down agreements for its core assets in Nigeria, Namibia, South Africa and Equatorial Guinea.