Poised for transformational value upside
Meren is a leading independent, full-cycle E&P with production and development assets in deepwater Nigeria, a leading carried position in the Orange Basin across Namibia and South Africa, and operated licences in Equatorial Guinea.
The Company’s current business plan is to increase shareholder value through the acquisition, exploration, development and production associated with oil and gas assets.
Meren has delivered on the stated objective of acquiring high quality and free cash flowing producing assets, and is well place to consider strategically complementary new business ventures, focusing on production opportunities.
The Company has also delivered on its commitment to shareholder capital returns, having instituted a base dividend policy and launching its first share repurchase program in 2022. Meren’s commitment to shareholder returns was further enhanced through the Prime consolidation 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 share buybacks.
Meren Operations
Namibia
Meren has an indirect interest in this block through a 39.5% shareholding in its investee company Impact Oil & Gas Limited (“Impact”) that holds a 9.5% interest in the block.
NIGERIA
Meren has producing assets in Nigeria’s deepwater Niger Delta Basin, operated by Chevron and TotalEnergies. These include exposure to 3 of the top 5 fields in Nigeria by production.
Equatorial Guinea
In February 2023 the Company, through its wholly owned subsidiaries Africa Oil Alpha B.V and Africa Oil Beta B.V., entered into two new PSCs for Offshore Blocks EG-18 and EG-31 in the Republic of Equatorial Guinea.
SOUTH AFRICA
Meren has a 18% fully carried direct interest in Block 3B/4B, offshore South Africa, operated by an affiliate of TotalEnergies, following two deals announced during 2024. In the main deal, the Company agreed a farm down agreement with affiliates of TotalEnergies and QatarEnergy in a deal with maximum transaction value of $46.8 million to Meren. The Company also transferred the operatorship of Block 3B/4B to an affiliate of TotalEnergies.
Proven Track Record
Meren is led by highly successful management with a proven exploration and development track record and extensive experience throughout the Atlantic Margin. The team combines large company experience with the entrepreneurial, agile and dynamic culture of a leading Independent.