Africa Oil has unveiled its new brand identity with a change of name to Meren Energy. The Company’s rebranding follows the recent completion 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.
The Company’s common shares will trade under the new symbol ‘MER’ on the TSX and Nasdaq OMX Stockholm. There is no change in the capitalization of the Company pursuant to the change of name and new trading symbols.
Commenting on the launch of Meren, President and Chief Executive Officer, Roger Tucker, said: 'The recent completion of the Prime consolidation felt like the natural catalyst to rebrand the Company given the transformational impact of that transaction. 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. The business model has also evolved considerably over the past few years; moving away from being exploration led to being a full-cycle E&P underpinned by strong cash flow generation that supports our commitment to meaningful shareholder returns.'
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 anchored by a diverse portfolio, strong cash flow profile and proven ability to work side by side with industry leaders on world-class assets.
Meren’s key strategic objectives will remain to:
- drive long-term value through its existing portfolio of world-class assets and deliver compelling shareholder returns;
- continue growing into a leading independent E&P company that is a trusted and prominent industry partner, recognized for the quality of its assets, balance sheet strength, and disciplined capital allocation; and
- judiciously consider strategic acquisition of production assets within target markets, with strict adherence to strategic, financial and operational criteria.
In connection with its name change, the Company is also pleased to announce the launch of its new website at www.mereninc.com which will go live on morning of Monday May 19, 2025, to coincide with the trading under the new symbols.
Timetable regarding the name change and ISIN change
The name for the common share on Nasdaq Stockholm and the Toronto Stock Exchange will change from Africa Oil Corp. to Meren Energy Inc. and the short name (ticker) for the Company’s shares will change from ‘AOI’ to ‘MER’. The Company will begin trading under the name Meren Energy Inc. and the short name MER on Nasdaq Stockholm and the Toronto Stock Exchange as of close of business in Stockholm and Toronto, respectively, on May 16, 2025. As a result of the name change, the CUSIP/ISIN of the shares in the Company will change to 588914101/CA5889141019.
Source: Africa Oil
