In a launch posted on its web site, Africa Oil Corp. introduced a brand new model id with a change of identify to Meren Vitality Inc.
The corporate famous within the launch that its rebranding follows the current completion of the “transformative Prime consolidation, doubling reserves and manufacturing in top quality offshore belongings that profit from low lifting prices, premium Brent pricing and a positive fiscal regime”.
The enterprise mentioned its frequent shares will commerce underneath the brand new image ‘MER’ on the TSX and Nasdaq OMX Stockholm. It added within the launch that there isn’t a change within the capitalization of the corporate pursuant to the change of identify and new buying and selling symbols.
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In reference to its identify change, the corporate additionally introduced the launch of a brand new web site, which has gone reside as we speak, “to coincide with the buying and selling underneath the brand new symbols”.
The identify Meren is derived from an previous nautical time period representing the mooring of a vessel because it docks, the corporate said within the launch.
“Impressed by the maritime legends that set sail in pursuit of latest worlds, the identify mirrors the corporate’s stability anchored by a various portfolio, robust money circulate profile and confirmed capability to work facet by facet with business leaders on world-class belongings,” it added.
Within the launch, the corporate famous that Meren’s “key strategic targets will stay to – drive long-term worth by way of its current portfolio of world-class belongings and ship compelling shareholder returns; proceed rising into a number one unbiased E&P firm that could be a trusted and outstanding business accomplice, acknowledged for the standard of its belongings, steadiness sheet power, and disciplined capital allocation; and judiciously think about strategic acquisition of manufacturing belongings inside goal markets, with strict adherence to strategic, monetary and operational standards”.
President and Chief Govt Officer Roger Tucker mentioned within the launch, “the current completion of the Prime consolidation felt just like the pure catalyst to rebrand the corporate given the transformational impression of that transaction”.
“During the last couple of years, we’ve got labored diligently to boost our funding proposition by simplifying the construction of the enterprise and gaining extra direct pursuits in our large-scale and high-netback belongings in deepwater Nigeria,” he added.
“The enterprise mannequin has additionally advanced significantly over the previous few years; shifting away from being exploration led to being a full-cycle E&P underpinned by robust money circulate era that helps our dedication to significant shareholder returns,” he continued.
In a launch posted on its website on March 20, Africa Oil Corp. introduced the completion of the amalgamation to consolidate all the Prime Oil & Gasoline Coöperatief U.A shareholding in Africa Oil.
“There may be compelling strategic rationale for the consolidation and we imagine that the standard and materiality of the belongings inside our diversified portfolio, our newly mixed steadiness sheet, the power of the money circulate profile and a sexy double-digit dividend yield all assist emphasize a superior funding proposition for buyers,” Tucker mentioned in that launch.
Africa Oil Chairman Huw Jenkins mentioned in that launch, “on behalf of the board I congratulate the groups at Africa Oil, Prime and BTG Pactual in closing this deal significantly forward of the unique timeline”.
“The enlarged Africa Oil is uniquely well-positioned to drive long-term worth by way of its current portfolio of world-class belongings in addition to by leveraging its robust steadiness sheet to contemplate strategically complementary acquisitions in our goal markets,” he added.
“The corporate has bold progress targets and the imaginative and prescient is to proceed rising into a number one full-cycle E&P, establishing it as a trusted and outstanding business accomplice,” he continued.
In a launch posted on its website on June 24, 2024, Africa Oil Corp. introduced that it had reached an settlement with BTG Pactual Oil & Gasoline S.a.r.l. to consolidate their respective shareholdings in Prime Oil & Gasoline Coöperatief U.A.
That launch famous that Africa Oil had entered right into a definitive settlement with BTG Oil & Gasoline and BTG Pactual Holding S.a.r.l. in relation to their joint 50:50 possession of Prime.
“Underneath the Amalgamation Settlement, BTG Holding shall be amalgamated underneath Canadian company legislation with a newly created subsidiary of Africa Oil, with BTG Oil & Gasoline receiving newly issued frequent shares in Africa Oil as a part of the amalgamation,” that launch said.
“On completion of the Proposed Reorganization, BTG Oil & Gasoline is predicted to carry roughly 35 p.c of the excellent share capital of the enlarged Africa Oil (on {a partially} diluted foundation, excluding sure efficiency share models with an extended vesting horizon), based mostly on the present variety of Africa Oil shares,” that launch added.
Africa Oil Corp.’s March 20 assertion highlighted the issuance of 239,828,655 newly issued frequent shares in Africa Oil to BTG Pactual Oil & Gasoline S.a.r.l., “representing roughly 35.5 p.c of the excellent share capital of the corporate”.
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