VANCOUVER, BC, May 15, 2025
/CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil
Corp. ("Africa Oil" or the "Company") is pleased to unveil its new
brand identity with a change of name to Meren Energy Inc.
("Meren"). 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. View PDF version
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.
The last day of trading in the current CUSIP/ISIN on Nasdaq
Stockholm and the Toronto Stock Exchange will be May 16, 2025, and the first day of trading in the
new CUSIP/ISIN on Nasdaq Stockholm will be May 19, 2025, and on the Toronto Stock Exchange
will be May 20, 2025. The record date
regarding the ISIN change for shares affiliated with Euroclear
Sweden will be May 20, 2025 and the
completion date regarding the ISIN change for shares affiliated
with Euroclear Sweden will be May 21,
2025.
This is an administrative matter and shareholders do not need to
take any action.
About the Company
The Company is a full-cycle Independent upstream oil and gas
company with interests offshore Nigeria, Namibia, South
Africa and Equatorial
Guinea. Its main assets are producing and development assets
in deepwater Nigeria operated by
Majors. The Company holds a leading position in the Orange Basin
including its effective interest in the Venus light oil project,
offshore Namibia, and its direct
interest in Block 3B/4B, offshore South
Africa. The Company is listed on the Toronto Stock Exchange
and on Nasdaq Stockholm under the symbol "AOI".
Additional Information
This information was submitted for publication, through the
agency of the contact persons set out above, at 2:00 a.m. EST on May 15,
2025.
Forward Looking Information
Certain statements and information contained herein constitute
"forward-looking information" (within the meaning of applicable
Canadian securities legislation), including in respect of trading
under the new name Meren Energy Inc. and trading symbols 'MER' on
May 19/20, 2025, creating value and delivering shareholder return,
"forward looking statements") relate to future events or the
Company's future performance, business prospects or
opportunities.
All statements other than statements of historical fact may be
forward-looking statements. Statements concerning proven and
probable reserves and resource estimates may also be deemed to
constitute forward-looking statements and reflect conclusions that
are based on certain assumptions that the reserves and resources
can be economically exploited. Any statements that express or
involve discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions or future
events or performance (often, but not always, using words or
phrases such as "seek", "anticipate", "plan", "continue",
"estimate", "expect, "may", "will", "project", "predict",
"potential", "targeting", "intend", "could", "might", "should",
"believe" and similar expressions) are not statements of historical
fact and may be "forward-looking statements". Forward-looking
statements involve known and unknown risks, ongoing uncertainties
and other factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
statements, including statements pertaining to dividend
distributions, share repurchase programs, the 2025 Management
Guidance including production, cashflow from operation and capital
investment estimates, performance of commodity hedges, the results,
schedules and costs of exploratory drilling activity, uninsured
risks, regulatory and fiscal changes, availability of materials and
equipment, unanticipated environmental impacts on operations,
duration of the drilling program, availability of third party
service providers and defects in title. No assurance can be given
that these expectations will prove to be correct and such
forward-looking statements should not be unduly relied upon. The
Company does not intend, and does not assume any obligation, to
update these forward-looking statements, except as required by
applicable laws. These forward-looking statements involve risks and
uncertainties relating to, among other things, changes in
macro-economic conditions and their impact on operations, changes
in oil prices, reservoir and production facility performance,
hedging counterparty contractual performance, results of
exploration and development activities, cost overruns, uninsured
risks, regulatory and fiscal changes, defects in title, claims and
legal proceedings, availability of materials and equipment,
availability of skilled personnel, timeliness of government or
other regulatory approvals, actual performance of facilities, joint
venture partner underperformance, availability of financing on
reasonable terms, availability of third party service providers,
equipment and processes relative to specifications and expectations
and unanticipated environmental, health and safety impacts on
operations. Actual results may differ materially from those
expressed or implied by such forward-looking statements.
SOURCE Africa Oil Corp.
