Africa Oil Corp ( (AOIFF) ) has released its Q2 earnings. Here is a breakdown of the information Africa Oil Corp presented to its investors.
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Meren Energy Inc., formerly known as Africa Oil Corp, is an independent upstream oil and gas company with operations in Nigeria, Namibia, South Africa, and Equatorial Guinea, focusing on deep-water exploration and production.
In its latest earnings report, Meren Energy Inc. announced a third quarterly dividend of $25 million, bringing the total distributions for the year to $75.1 million. The company highlighted its resilience amidst volatile oil prices and global economic uncertainty, emphasizing its strong balance sheet and liquidity.
Key financial metrics for the second quarter of 2025 included an average daily working interest production of 30,900 boepd and entitlement production of 35,700 boepd. The company successfully reduced its reserves-based lending (RBL) debt by $80 million, ending the quarter with a debt balance of $540 million. Additionally, Meren reported a net income of $3.1 million for the quarter, with cash flow from operations before working capital adjustments totaling $177.5 million for the first half of 2025.
Looking ahead, Meren Energy remains focused on optimizing production across its Nigerian fields and advancing the Preowei development project. In Namibia, the Venus Field development is progressing, with a final investment decision expected in the first half of 2026. The company also plans to continue exploration activities in South Africa and Equatorial Guinea, aiming to attract farm-in partners for future projects.
Overall, Meren Energy is committed to delivering shareholder returns through its dividend policy while pursuing growth opportunities in its core regions. The company’s management remains optimistic about its ability to navigate market challenges and capitalize on its high-quality asset base.