Loading…
Nigeria-focused oil producer (formerly Africa Oil Corp, rebranded in 2025) holding an indirect stake in Nigerian offshore oil assets via Prime Oil.
Nigeria-focused oil producer (formerly Africa Oil Corp, rebranded in 2025) holding an indirect stake in Nigerian offshore oil assets via Prime Oil.
Earns from its share of crude sold from Nigerian offshore fields run by partner operators, priced at world oil prices, so output and the oil price matter more than anything the company does itself. Buying into Prime Oil turned a company known for exploration, including in Kenya and Namibia, into one with producing assets.
In one line: A Nigeria-focused offshore oil holding company.
Moat: none. Commodity oil holding exposed to a single-country JV stake, without a structural cost or scale advantage.
Headquarters: Vancouver, Canada · Employees: 50
Size Meren Energy (MER.TO) is a Canada Energy company (Oil & Gas Production) with a market value of $921M, the 254th largest of 420 Canada companies the cockpit tracks. Shares closed at C$1.91 on 6 Nov 2026.
Performance Over six months the shares fell 18.7%, against -18.5% for the median peer and +5.2% for the Canada market (cap-weighted) — 10th lowest of 20 in its peer set.
Growth Revenue grew 387.8% over the last twelve months (peer median +3.0%); the operating margin is 22.4% (peer median 19.9%).
Valuation It trades at 5.8× forward earnings against a peer median of 9.8× (6th cheapest of 18).
Capital Return on invested capital runs 7.4 points above its cost of capital (5.3% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$1.00B | C$782M | C$0 | C$0 | C$0 |
| Revenue growth | — | — | — | — | — |
| Gross profit | C$261M | C$180M | -C$273,992 | -C$269,937 | C$0 |
| EBITDA | C$548M | C$436M | -C$44.4M | -C$43.1M | -C$35.2M |
| Net income | -C$133M | -C$44.2M | -C$382M | C$118M | -C$78.5M |
| Free cash flow | C$330M | C$466M | -C$6.71M | C$164M | C$303M |
| Capital expenditure | C$90.2M | C$106M | C$10.5M | C$20.8M | C$4.30M |
| Total debt | C$416M | C$458M | C$4.75M | C$0 | C$0 |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Meren Energy MER.TO | $921M | -19% | +388% | 22% | 5.8× | -16.4% |
| Seplat Energy SEPL.L | $7.14B | +56% | +25% | 27% | 19.7× | -7.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MER.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.4% | -9.9% | 8th highest of 21 |
| 6-month return | -18.7% | -18.5% | 10th lowest of 20 |
| Distance from 52-week high | -25.8% | -30.5% | 7th highest of 21 |
| Revenue growth (TTM) | +387.8% | +3.0% | highest of 19 |
| Operating margin | 22.4% | 19.9% | 7th highest of 19 |
| Forward P/E | 5.8× | 9.8× | 6th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -16.4% | -7.7% | 2nd least demanding of 11 |
| ROIC minus cost of capital | +7.4 pp | -0.2 pp | 3rd highest of 21 |
| EV / EBITDA | 2.9× | 4.0× | 3rd cheapest of 17 |
| Net debt / EBITDA | 0.6× | 1.3× | 4th least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Meren Energy MER.TO | Canada | $921M | -19% | +388% | 22% | 5.8× | -16.4% | n/a |
| Rockhopper Exploration RKH.L | United Kingdom | $937M | -18% | n/a | n/a | n/a | n/a | n/a |
| HighPeak Energy HPK | United States | $903M | +23% | -13% | 16% | 24.6× | n/a | n/a |
| Diversified Energy DEC | United States | $899M | -19% | +109% | 15% | 2.1× | -0.5% | +32.3% |
| Valeura Energy VLE.TO | Canada | $1.07B | +11% | +6% | 17% | 9.9× | -17.3% | +141.2% |
| Karoon Energy KAR.AX | Australia | $763M | -23% | -20% | 28% | 4.6× | -10.4% | +22.5% |
| Tenaz Energy TNZ.TO | Canada | $1.13B | -21% | +381% | 16% | 11.9× | 17.7% | +103.4% |
| BW Offshore BWO.OL | Norway | $747M | -25% | -17% | 23% | 8.5× | 5.5% | -8.7% |
| Surge Energy SGY.TO | Canada | $730M | +7% | +3% | 27% | 6.1× | -6.3% | +20.2% |
| Oriental Energy 002221.SZ | China | $1.17B | -36% | -22% | 3% | 15.2× | n/a | n/a |
| Serica Energy SER.L | United Kingdom | $1.20B | -17% | +64% | 23% | 12.6× | -13.0% | +29.4% |
| Tong Petrotech 300164.SZ | China | $705M | -41% | -12% | -5% | n/a | n/a | n/a |
| Granite Ridge Resources GRNT | United States | $698M | +6% | +15% | 21% | 5.3× | n/a | n/a |
| Advantage Energy AAV.TO | Canada | $1.26B | +6% | +14% | 20% | 16.0× | n/a | n/a |
| EnQuest ENQ.L | United Kingdom | $671M | +40% | +3% | 17% | 8.9× | -9.1% | +3.8% |
| Vedanta Oil and Gas VOGL.NS | India | $1.27B | n/a | n/a | n/a | n/a | n/a | n/a |
| Obsidian Energy OBE.TO | Canada | $653M | -21% | -22% | 22% | 4.1× | n/a | n/a |
| Zhongman Petroleum and Natural Gas 603619.SS | China | $1.30B | -42% | -13% | 20% | 20.7× | n/a | n/a |
| Parex Resources PXT.TO | Canada | $1.36B | -30% | +14% | 29% | 3.5× | -11.2% | +11.5% |
| Vitesse Energy VTS | United States | $623M | -17% | +11% | 12% | 42.9× | 13.4% | +21.5% |
| GeoPark GPRK | United States | $613M | +1% | -5% | 24% | 9.8× | n/a | n/a |