In a release posted on its website, Africa Oil Corp. announced a new brand identity with a change of name to Meren Energy Inc.
The company noted in the release that its 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 favorable fiscal regime”.
The business said its common shares will trade under the new symbol ‘MER’ on the TSX and Nasdaq OMX Stockholm. It added in the release that there is no change in the capitalization of the company pursuant to the change of name and new trading symbols.
In connection with its name change, the company also announced the launch of a new website, which has gone live today, “to coincide with the trading under the new symbols”.
The name Meren is derived from an old nautical term representing the mooring of a vessel as it docks, the company stated in the release.
“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,” it added.
In the release, the company noted that 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”.
President and Chief Executive Officer Roger Tucker said in the release, “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,” he added.
“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,” he continued.
In a release posted on its site on March 20, Africa Oil Corp. announced the completion of the amalgamation to consolidate all of the Prime Oil & Gas Coöperatief U.A shareholding in Africa Oil.
“There is compelling strategic rationale for the consolidation and we believe that the quality and materiality of the assets within our diversified portfolio, our newly combined balance sheet, the strength of the cash flow profile and an attractive double-digit dividend yield all help emphasize a superior investment proposition for investors,” Tucker said in that release.
Africa Oil Chairman Huw Jenkins said in that release, “on behalf of the board I congratulate the teams at Africa Oil, Prime and BTG Pactual in closing this deal considerably ahead of the original timeline”.
“The enlarged Africa Oil is uniquely well-positioned to drive long-term value through its existing portfolio of world-class assets as well as by leveraging its strong balance sheet to consider strategically complementary acquisitions in our target markets,” he added.
“The company has ambitious growth targets and the vision is to continue growing into a leading full-cycle E&P, establishing it as a trusted and prominent industry partner,” he continued.
In a release posted on its site on June 24, 2024, Africa Oil Corp. announced that it had reached an agreement with BTG Pactual Oil & Gas S.a.r.l. to consolidate their respective shareholdings in Prime Oil & Gas Coöperatief U.A.
That release noted that Africa Oil had entered into a definitive agreement with BTG Oil & Gas and BTG Pactual Holding S.a.r.l. in relation to their joint 50:50 ownership of Prime.
“Under the Amalgamation Agreement, BTG Holding will be amalgamated under Canadian corporate law with a newly created subsidiary of Africa Oil, with BTG Oil & Gas receiving newly issued common shares in Africa Oil as part of the amalgamation,” that release stated.
“On completion of the Proposed Reorganization, BTG Oil & Gas is expected to hold approximately 35 percent of the outstanding share capital of the enlarged Africa Oil (on a partially diluted basis, excluding certain performance share units with a long vesting horizon), based on the current number of Africa Oil shares,” that release added.
Africa Oil Corp.’s March 20 statement highlighted the issuance of 239,828,655 newly issued common shares in Africa Oil to BTG Pactual Oil & Gas S.a.r.l., “representing approximately 35.5 percent of the outstanding share capital of the company”.
To contact the author, email andreas.exarheas@rigzone.com
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