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Meren Energy Inc.

Meren Energy Inc.

MER.ST
Meren Energy Inc.SE flagStockholm Stock Exchange
13.54
SEK
+0.06
- -
9.15BMarket Cap
Meren Energy Inc.
MER.ST
(Stockholm Stock Exchange)

Recent

price

13.54

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
0.9
0.89
Revenue per Share
-0.23
-0.06
-0.1
-0.2
-0.34
-0.21
-0.04
-0.01
-0.14
-0.33
-0.04
0.4
-0.13
0.19
-0.62
-0.05
-0.18
Basic EPS, GAAP
-0.23
-0.46
-1.25
-1.79
-2.85
-1.11
-0.22
-0.27
-0.2
-0.16
-0.1
-0.03
-0.04
-0.15
-0.13
0.31
0.19
Free Cash Flow per Basic Share
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
0.05
0.05
0.05
0.16
0.15
Dividend per Share
-0.66
1.2
2.09
3.26
2.43
2.33
2.03
2.02
1.86
1.52
1.47
1.89
1.63
1.8
1.03
1.07
0.89
Book Value per Share
0.17
0.47
1.08
1.68
0.04
0.14
0.97
0.99
0.87
0.75
1.2
2
1.75
1.94
1.22
1.23
1.03
Tangible Book Value per Share
85
193
221
263
311
406
456
457
468
471
472
473
474
462
449
624
675
Basic Weighted Avg Shares
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
562
600
Sales/Revenue/Turnover
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
-0.07
4.68
Operating Margin (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
1
1
- -
- -
- -
- -
209
246
Depreciation Expense
-19
-11
-23
-53
-107
-87
-18
-5
-67
-157
-18
191
-60
87
-279
-32
-125
Net Income, GAAP
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
367.8
168.78
Effective Tax Rate (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
-5.62
-20.78
Profit Margin (%)
71
90
238
440
11
50
435
436
341
291
29
52
157
215
62
-19
83
Working Capital
54
- -
- -
- -
- -
- -
- -
- -
- -
2
141
- -
- -
- -
3
265
373
LT Debt
111
276
520
930
797
992
977
973
922
767
754
948
831
895
549
766
699
Total Equity
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
-1.95
- -
-3.7
- -
0.13
32.98
Return on Invested Capital (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
24.1
- -
10.86
- -
-4.3
-6.94
Return on Capital (%)
- -
- -
-6.59
-8
-13.25
-10.24
-1.9
-0.49
-7.43
-19.76
-2.5
23.95
-7.23
10.86
-43.11
-5.58
-17.44
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
64
69
1
LT Borrowings
297
262
370
LT Finance Leases
3
3
3
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
676
676
676
Market Capitalization
808
807
1,219

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
382
349
400
Cash, Cash Equivalents & STI
177
175
162
Accounts Receivable, Net
6
6
21
Inventories
95
94
99
Total Current Liabilities
335
368
317
Payables & Accruals
173
199
180
ST Debt
64
69
1
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
-0.37%
4.38%
39.56%
Free Cash Flow
-38.53%
-49.54%
-449.82%
Net Income, GAAP
-80.33%
-413.57%
-88.68%
Sales/Revenue/Turnover
- -
- -
- -
Total Cash Common Dividend
- -
- -
343.36%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
76
69
217
200
562
2026
114
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.01
- -
-0.65
- -
-0.62
2025
0.11
- -
0.01
- -
-0.05
2026
-0.06
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.02
- -
0.03
- -
0.05
2025
- -
0.07
0.04
- -
0.16
2026
- -
- -
- -
- -
- -
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Business
Meren Energy Inc. (MER.ST) is a Canadian independent upstream oil and gas company focused on exploration and production activities offshore Nigeria, Namibia, South Africa, and Equatorial Guinea. The company holds producing interests in deepwater Nigeria through Petroleum Mining Leases (PMLs) 2, 3, 4, and 52, encompassing the Akpo, Egina, Preowei, and Agbami fields operated by TotalEnergies and Chevron; these assets deliver light crude oil and associated natural gas production averaging around 31,000 barrels of oil equivalent per day on a working interest basis. It maintains a carried position in the Orange Basin, including an effective indirect 3.8% interest in the Venus light oil discovery via Block 2913B (PEL 56) offshore Namibia and an 18% direct stake in Block 3B/4B offshore South Africa operated by TotalEnergies; additional exploration opportunities span Petroleum Prospecting License (PPL) 261 in Nigeria, PPL 2003 linked to Agbami, and operated licenses EG-18 and EG-31 in Equatorial Guinea. Founded in 1993 and headquartered at 666 Burrard Street, Suite 2500, Vancouver, British Columbia, Canada, Meren Energy targets high-netback cash flow generation from premium Brent-priced offshore production while pursuing development drilling and farm-down partnerships. In March 2025, the company completed a transformative amalgamation with BTG Oil & Gas, consolidating 100% ownership of Meren Coöperatief U.A. (formerly Prime), doubling reserves and production while issuing shares for a 35% stake to BTG Pactual; it rebranded from Africa Oil Corp. in May 2025, shifted to a full-cycle E&P model with a $100 million annual base dividend policy and 50% free cash flow distribution commitment, executed a Q3 2024 farm-down to TotalEnergies and QatarEnergy securing up to $46.8 million and exploration carry on Block 3B/4B, and reduced reserves-based lending debt by $420 million year-to-date through September 2025.

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