Latest news with #AfricaOilCorp
Yahoo
20-05-2025
- Business
- Yahoo
Africa Oil Corp Announces New Brand Identity
This article was first published on Rigzone here In a release posted on its website, Africa Oil Corp. announced a new brand identity with a change of name to Meren Energy Inc. The company noted in the release that its 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 favorable fiscal regime'. The business said its common shares will trade under the new symbol 'MER' on the TSX and Nasdaq OMX Stockholm. It added in the release that there is no change in the capitalization of the company pursuant to the change of name and new trading symbols. In connection with its name change, the company also announced the launch of a new website, which has gone live today, 'to coincide with the trading under the new symbols'. The name Meren is derived from an old nautical term representing the mooring of a vessel as it docks, the company stated in the release. '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,' it added. In the release, the company noted that 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'. President and Chief Executive Officer Roger Tucker said in the release, '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,' he added. '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,' he continued. In a release posted on its site on March 20, Africa Oil Corp. announced the completion of the amalgamation to consolidate all of the Prime Oil & Gas Coöperatief U.A shareholding in Africa Oil. Take control of your THOUSANDS of Oil & Gas jobs on Search Now >> 'There is compelling strategic rationale for the consolidation and we believe that the quality and materiality of the assets within our diversified portfolio, our newly combined balance sheet, the strength of the cash flow profile and an attractive double-digit dividend yield all help emphasize a superior investment proposition for investors,' Tucker said in that release. Africa Oil Chairman Huw Jenkins said in that release, 'on behalf of the board I congratulate the teams at Africa Oil, Prime and BTG Pactual in closing this deal considerably ahead of the original timeline'. 'The enlarged Africa Oil is uniquely well-positioned to drive long-term value through its existing portfolio of world-class assets as well as by leveraging its strong balance sheet to consider strategically complementary acquisitions in our target markets,' he added. 'The company has ambitious growth targets and the vision is to continue growing into a leading full-cycle E&P, establishing it as a trusted and prominent industry partner,' he continued. In a release posted on its site on June 24, 2024, Africa Oil Corp. announced that it had reached an agreement with BTG Pactual Oil & Gas S.a.r.l. to consolidate their respective shareholdings in Prime Oil & Gas Coöperatief U.A. That release noted that Africa Oil had entered into a definitive agreement with BTG Oil & Gas and BTG Pactual Holding S.a.r.l. in relation to their joint 50:50 ownership of Prime. 'Under the Amalgamation Agreement, BTG Holding will be amalgamated under Canadian corporate law with a newly created subsidiary of Africa Oil, with BTG Oil & Gas receiving newly issued common shares in Africa Oil as part of the amalgamation,' that release stated. 'On completion of the Proposed Reorganization, BTG Oil & Gas is expected to hold approximately 35 percent of the outstanding share capital of the enlarged Africa Oil (on a partially diluted basis, excluding certain performance share units with a long vesting horizon), based on the current number of Africa Oil shares,' that release added. Africa Oil Corp.'s March 20 statement highlighted the issuance of 239,828,655 newly issued common shares in Africa Oil to BTG Pactual Oil & Gas S.a.r.l., 'representing approximately 35.5 percent of the outstanding share capital of the company'. To contact the author, email More From The Leading Energy Platform: OPEC+ Did Not Lift Production to Kill the Oil Price, SEB Says Strathcona Bares Unsolicited Bid for MEG, Sells Montney Assets Venture Global Exported Record LNG in Q1 North America Adds Rigs for First Time in Months >> Find the latest oil and gas jobs on << Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
19-05-2025
- Business
- Yahoo
Africa Oil Corp (AOIFF) Q1 2025 Earnings Call Highlights: Transformative Growth and Strong ...
Release Date: May 16, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Africa Oil Corp (AOIFF) completed a transformative amalgamation with Prime, doubling reserves and production, and strengthening cash flow. The company declared its first quarterly dividend of $25 million and announced a second dividend of the same amount, reflecting strong shareholder returns. Africa Oil Corp (AOIFF) maintained a strong balance sheet with $428.4 million in cash and a low net debt to EBITDAX ratio of 0.3 times. The infill drilling program is performing well, with production only down 2% compared to the previous year, and new wells expected to sustain production levels. The company has a robust liquidity position and a focused strategy centered on delivering sustainable shareholder returns and pursuing growth opportunities. Production costs were slightly higher in Q1 due to one-off maintenance costs, and further costs are expected with planned maintenance later in the year. The company faces oil price volatility, with some cargos unhedged, potentially impacting future revenue if prices remain low. There is uncertainty around the timing of updates to resource estimates for the Venus project, which may affect investor confidence. The market for mergers and acquisitions remains unchanged, with no significant opportunities currently identified, limiting immediate growth prospects. The company is still transitioning from equity method accounting to fully consolidated reports, which may cause temporary confusion in financial reporting. Warning! GuruFocus has detected 3 Warning Signs with AOIFF. Q: Can you provide guidance on expected production costs going forward, considering the overlift in Q1? A: (Unidentified_4) In Q1, production costs were slightly higher due to one-off costs related to planned maintenance. For the rest of the year, we expect production costs to be similar to previous periods, with a slight increase due to maintenance in Abay towards the end of the year. Q: When should we expect an update to the resource estimates for the Venus project? A: (Unidentified_5) The Venus project is fully appraised with four wells, and it has moved into pre-front-end engineering and design. Resource numbers will likely be released as the project matures through to the final investment decision, anticipated in early 2026. Q: What is the current production rate after the end of Q1? A: (Unidentified_2) The current production rate is approximately 32,000 barrels of oil equivalent per day on a working interest basis, which aligns with our expectations and unchanged full-year guidance. Q: How long would Brent need to trade at lower levels before you amend guidance? A: (Unidentified_4) Even if Brent averages $50 per barrel for the remaining unhedged cargos, we would still achieve a full-year average price of $65 per barrel. Therefore, we expect to remain within our cash flow guidance. Q: Are you seeing more M&A opportunities with the recent volatility in oil and gas prices? A: (Unidentified_3) We haven't noticed a significant change in the market landscape. Our strategy remains to be selective and not rush into any deals. We focus on high-quality assets that align with our existing portfolio. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Cision Canada
15-05-2025
- Business
- Cision Canada
AFRICA OIL INTRODUCES NEW BRAND IDENTITY WITH CHANGE OF NAME TO MEREN
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 View PDF 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 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.
Yahoo
14-05-2025
- Business
- Yahoo
Africa Oil: Q1 Earnings Snapshot
VANCOUVER, British Columbia (AP) — VANCOUVER, British Columbia (AP) — Africa Oil Corp. (AOIFF) on Wednesday reported first-quarter earnings of $50.9 million. On a per-share basis, the Vancouver, British Columbia-based company said it had net income of 11 cents. Earnings, adjusted for asset impairment gains, were 2 cents per share. The oil and natural gas company posted revenue of $76.4 million in the period. In the final minutes of trading on Wednesday, the company's shares hit $1.32. A year ago, they were trading at $1.78. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on AOIFF at Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
14-05-2025
- Business
- Yahoo
Africa Oil: Q1 Earnings Snapshot
VANCOUVER, British Columbia (AP) — VANCOUVER, British Columbia (AP) — Africa Oil Corp. (AOIFF) on Wednesday reported first-quarter earnings of $50.9 million. On a per-share basis, the Vancouver, British Columbia-based company said it had net income of 11 cents. Earnings, adjusted for asset impairment gains, were 2 cents per share. The oil and natural gas company posted revenue of $76.4 million in the period. In the final minutes of trading on Wednesday, the company's shares hit $1.32. A year ago, they were trading at $1.78. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on AOIFF at Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
