Formerly Africa Oil Corp; renamed Meren Energy in 2025 following a corporate reorganization. A pure-play deepwater Nigeria producer whose value derives almost entirely from its interest in Prime Oil & Gas (OMLs 127/130 — Agbami, Egina, Akpo/Preowei). Prime is equity-accounted, so earnings are lumpy and cash reaches Meren chiefly as dividends; the company runs a net-cash corporate balance sheet and returns capital via a high dividend yield (~9%).
Upside optionality sits outside the producing base: a stake in Impact Oil & Gas exposes Meren to the TotalEnergies-operated Venus discovery in Namibia's Orange Basin, plus exploration in Equatorial Guinea and South Africa. Key risks are single-country production concentration, equity-accounting opacity, Nigerian fiscal/security/FX exposure, decline at mature Prime fields, and binary exploration results.
Its EV/EBITDA of 4.2x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 17.5% is higher than the 6.5% median, and at $26.53/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, Meren Energy scores 50/100, strongest on valuation (66/100). Sub-scores: value 66, quality 46, growth 34, risk 63 (higher = riskier).
Meren Energy holds approximately 0.05 billion boe of proved (1P) reserves with FY2025 production of about 35 thousand boe/d (68% liquids), a reserve life of roughly 3.8 years. Break-even: ~$40 (Brent FCF breakeven) — Low-cost deepwater Prime barrels (Agbami/Egina/Akpo) and a net-cash corporate balance sheet keep the dividend covered around the low-$40s Brent; Prime carries its own project-level debt serviced before dividends flow up to Meren.
For Meren Energy, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Nigeria | 93% | 89 | Theft/sabotage, subsidy reform, PIA transition, security. |
| Namibia | 4% | 55 | Hot Orange Basin play; nascent regime, local-content evolving. |
| Equatorial Guinea | 3% | 78 | Governance/corruption, mature declining fields, opaque state. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Agbami | Nigeria | Deepwater oil (OML 127) | Chevron-operated; core producing field via Prime |
| Egina | Nigeria | Deepwater oil (OML 130) | TotalEnergies-operated; core producing field via Prime |
| Akpo | Nigeria | Deepwater oil/condensate (OML 130) | TotalEnergies-operated; producing via Prime |
| Preowei | Nigeria | Development (OML 130) | Egina-area tie-back development via Prime |
| Venus | Namibia | Exploration/appraisal (Orange Basin) | TotalEnergies-operated; indirect exposure via Impact Oil & Gas stake |
| Impact Oil & Gas | Namibia/South Africa | Exploration equity stake | Provides Orange Basin (Venus) and frontier upside optionality |
| Equatorial Guinea blocks | Equatorial Guinea | Exploration/appraisal | Offshore exploration acreage; early-stage |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 24 | 25 | 24 | 27 | 35 |
| Proved reserves (bnboe) | 0.10 | 0.10 | 0.09 | 0.11 | 0.05 |
| Revenue ($bn) | 0.0 | 0.0 | 0.0 | 0.0 | 0.6 |
| EBITDA ($bn) | 0.0 | -0.0 | -0.0 | 0.0 | 0.3 |
| Net income ($bn) | 0.1 | -0.1 | 0.1 | -0.3 | -0.0 |
| Free cash flow ($bn) | 0.0 | -0.0 | -0.1 | -0.1 | 0.2 |
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✓ FY2025 figures verified against primary sources: