Meren Energy Inc on Thursday raised its projected entitlement output for 2025 from 32,000-37,000 barrels of oil equivalent per day (boepd) to 34,500-37,500 boepd.
The Vancouver, Canada-based company, which explores and develops oil and gas in Africa, also revised up its forecast for working-interest production from 28,000-33,000 boepd to 30,000-33,000 boepd.
Meren, which currently derives its production offshore Nigeria, defines entitlement production as “calculated using the economic interest methodology and includes cost recovery oil, royalty oil and profit oil”. Working-interest production, according to Meren, is derived by multiplying project volumes by the company’s effective working interest in each license.
In the third quarter, Meren, which this year rebranded from Africa Oil Corp, produced 35,600 boepd, down from 41,200 boepd in Q3 2024.
Meren derives its production from Akpo and Egina, both operated by TotalEnergies SE, and Chevron Corp-operated Agbami. Production enhancement and exploration activities are progressing in the fields.
“Following the break to the Akpo/Egina (PPL 2/3) drilling campaign in Q3 2025, efforts are underway to recommence the campaign”, Meren said. “As previously communicated, this break will allow for the interpretation of 4D seismic data to enhance the maturation of future infill well opportunities. Accordingly, the aim is to secure a deepwater drilling rig within the gap and start with the drilling of the Akpo Far East near-field prospect, followed by the drilling of further development wells on Akpo and Egina fields.
“Akpo Far East is an infrastructure-led exploration opportunity that in case of commercial exploration success, presents an attractive short cycle, high-return investment opportunity that would utilize the existing Akpo facilities. Akpo Far East prospect has an unrisked, best estimate, gross field prospective resource volume of 143.6 MMboe. The targeted hydrocarbons are predicted to be light, high gas-oil-ratio oil equivalent to those found in the Akpo field. If successful, initial production could be achieved from existing production manifolds with the potential to add significant reserves.
“The JV partners are continuing the project optimization work for the Preowei field with the aim of completing the studies to provide the necessary results to move the project further along towards FID [final investment decision]. A Q3 workshop, during which the operator presented findings from the ongoing re-assessment of the Preowei seismic data, indicated an increase in recoverable resources and delivered encouraging results. This optimization exercise will continue through early 2026 with additional work to validate these resources and optimize the project.
“For the Agbami field, in addition to the ongoing 2024 4D seismic interpretation, rig and long lead items contracting activities are progressing for the 2027 infill drilling campaign. Separately, the Ikija appraisal well is being matured to enable its inclusion as part of the upcoming Agbami Infill drilling campaign”.
While Q3 production fell, net result increased, from a net loss of $289.2 million for Q3 2024 to a net profit of $5.2 million for Q3 2025. Net earnings per basic share for Q3 2025 came at $0.01.
Cash flow from operations totaled $65.6 million, while EBITDAX landed at $119.8 million. Net debt position stood at $183.3 million.
Meren declared $0.0371 per share or $25.1 million in dividends for Q4, bringing 2025 shareholder distributions to $100.3 million.
It lowered its full-year EBITDAX guidance from $500-600 million to $450-500 million and cash flow from operations from $320-370 million to $260-310 million.
July-September 2025 marked Meren’s second full quarter since its full takeover of Prime Oil & Gas Cooperatief UA, previously a 50-50 venture with BTG Pactual Oil & Gas SaRL. As part of the transaction, BTG Oil & Gas, registered in Luxembourg, acquired a 35.5 percent stake in the enlarged Africa Oil, which renamed to Meren.
To contact the author, email jov.onsat@rigzone.com
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