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| Gaurav Sharma, Energy Analyst, Oilholics Synonymous with Roger Tucker, CEO of Meren Energy (right). |
In March, Meren completed the consolidation of Prime Oil & Gas, acquiring Brazilian finance and investment house BTG Pactual’s remaining stake to gain 100% ownership of it. Subsequently, BTG Pactual took a 35% stake in the consolidated entity. The summer months then brought with them market chatter of a merger with Tullow Oil, a smaller London-listed and Africa-focused industry peer in terms of market valuation. But talks ultimately collapsed.
And in May, there was a corporate name change to Meren Energy from Africa Oil. In a conversation with this blogger for Forbes, back in October, Tucker described it all as an exercise in "strategic housekeeping," his firm's "wider evolution," and a carving of ambitious pathways that will eventually extend its portfolio beyond Africa. Have a read of that Forbes interview here if you wish.
Given that wider context, it was great conversing with Tucker's for the readers of this blog too. The Meren CEO said his company would continue with its mission of generating attractive investor returns and keeping its enhanced dividend policy intact. That policy has seen it deliver $100 million in base dividend this year.
"Much this banks on our primary assets, namely three FPSOs - Akpo, Egina and Agbami - in Nigeria. And looking to the future, we remain active in Equatorial Guinea and what's potentially a pretty promising foray into Namibia's Orange Basin."
Tucker added that Meren remains focused on organic growth and its longstanding mantra of doing "the right deals at the right time" by keeping a hawkish eye on hydrocarbon plays of interest.
Just after the Oilholic spoke to Tucker, in November the company a posted a Q3 2025 net income of $5.2 million and an EBITDAX of $119.8 million. Meren also reduced its reserve base lending debt by $180 million during the quarter, ending with a debt balance of $360 million.
Cash flow from operations before working capital adjustments was reported at $243.1 million for the first nine months of 2025, and, of course, that dividend mentioned above too!
One more interesting snippet, before the Oilholic takes your leave. Just last week, Meren announced a renewal of its share repurchase program after receiving approval from the Toronto Stock Exchange.
The approval allows the company to buyback up to 21.6 million of its common shares over the next year across the TSX and Nasdaq Stockholm. This could potentially stack up to $35 million in repurchases. The buyback period may run for 12 months from December 8, depending on how the company wishes to proceed. Shares purchased will be cancelled.
Under its previous buyback program that ended earlier this month, Meren repurchased over 8.4 million shares at an average price of C$1.93 (£1.04, US$1.40). Overall, a decent set of numbers and moves from a company to watch out for. Well that's all for the moment folks. More musings to follow soon. Keep reading, keep it here, keep it 'crude'!
