Africa Oil Corp. has unveiled its new brand identity with a change of name to Meren Energy. The Company\u2019s 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.<\/p>\n\n\n\n
Commenting on the launch of Meren, President and Chief Executive Officer, Roger Tucker, said:<\/strong> \u201cThe 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.\u201d<\/em><\/p>\n\n\n\n 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\u2019s 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.<\/p>\n\n\n\n Meren\u2019s key strategic objectives will remain to:<\/strong><\/p>\n\n\n\n