Canada-based oil and gas company Africa Oil Corp. has presented a new brand identity, which entails a name change to Meren.
As disclosed, the new name refers to an old Dutch nautical term representing the mooring of a vessel as it docks. According to the firm, the word mirrors its stability anchored by a diverse portfolio, strong cash flow profile, and ability to work side by side with industry leaders on world-class assets.
The Canadian company stated that the rebranding builds on the momentum of the consolidation of Prime Oil & Gas Coöperatief , finalized in late 2024 . Dubbed “transformative,” the deal is said to have doubled the firm’s reserves and production in offshore assets, which it claims benefit from low lifting costs, premium Brent pricing, and a favourable fiscal regime.
Meren’s President and Chief Executive Officer, Roger Tucker , said: “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.”
While the name has changed, the oil and gas player’s key strategic objectives will remain the same. These entail driving long-term value through its existing portfolio of assets, continuing to grow, and considering strategic acquisition of production assets within target markets, among others.
From May 19, 2025, the company’s shares will trade under the new symbol ‘MER’ on the TSX and Nasdaq OMX Stockholm.
The Canadian firm has an indirect stake in the petroleum exploration license (PEL) 56 offshore Namibia through its affiliate Impact Oil & Gas. The player and its license partners, TotalEnergies, QatarEnergy, and NAMCOR, recently came up dry as the Marula-1X exploration well encountered no hydrocarbons.