Meren Energy Primed for Growth as Q3 Free Cash Flow Hits $59M Ahead of Nigeria Drilling Blitz
Meren is shifting gears into a long-term investment cycle running into the early 2030s across its core African offshore assets:
- Nigeria Deepwater Blitz: The offshore rig has arrived at the Akpo field for a multi-well campaign kicking off with the Akpo Far East (AFE-1X) exploration well. Subsea interventions at Akpo and Egina are also underway, with a second rig scheduled to land in Q1 2027 for the Agbami infill and Ikija appraisal campaign. Meren has delivered a powerhouse third-quarter performance for 2026, generating $59.1 million in free cash flow and raising its full-year financial outlook as it prepares to launch an aggressive multi-rig deepwater drilling campaign off the coast of Nigeria.
- Namibia (Venus Discovery): FEED work is complete on the massive Venus project in Block 2913B (Orange Basin), where operator TotalEnergies is finalizing fiscal terms with the Namibian government ahead of an expected Final Investment Decision (FID).
- South Africa (Block 3B/4B): Environmental approval appeals were dismissed by the Minister of Environment on October 13, 2026, greenlighting preparations for an initial exploration well targeting the Nayla prospect.
Executive Leadership Vision
“Our production assets continued to perform in line with expectations during the third quarter, delivering reliable, low-cost production and strong cash generation… With one rig now on location and drilling expected to commence imminently, an intervention campaign set to begin shortly, and a second rig scheduled to arrive in the first quarter of 2027, we are entering a sustained period of investment focused on enhancing production, offsetting natural decline, adding reserves and extending the productive lives of our core deepwater Nigerian hubs.”
Oliver Quinn, President & CEO of Meren
The company posted a robust EBITDAX of $112.8 million for Q3 2026, driving its nine-month total to $332.3 million. Boosted by operational efficiency and steady production, Meren upgraded its full-year 2026 EBITDAX guidance to a range of $390 million to $440 million—substantially outstripping its initial projections.
