Meren Energy Has the Assets and the Valuation. Just Not the Story

Meren oct26

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Meren Energy, formerly Africa Oil, has evolved from a high-impact explorer into a larger, income-generating E&P built around Nigerian production, a substantial dividend and a strategic relationship with BTG Pactual. It also retains funded exposure to the giant Venus discovery through Impact Oil & Gas.

That transformation has reduced financial risk but changed the investment case. By my calculations, the shares already trade close to full value on a risked NAV basis, so the question is what drives the next re-rating: stronger Nigerian production, Venus FID, another acquisition, or changes in BTG’s ownership after March 2027.