Meren Supports Restructuring of Impact Oil & Gas
Meren Energy (MER.TO) supports a corporate restructuring announced by its investee company, Impact Oil & Gas, Meren said Tuesday.Under the terms, Impact will transfer its South African exploration licenses to IOG Energies, a new subsidiary of Deepkloof, Impact's majority shareholder.Following completion, Impact's primary assets will be its 9.5% undivided participating interest in each of Block 2912 and Block 2913B, offshore Namibia, which contain the Venus light oil discovery operated by TotalEnergies. A final investment decision on the Venus Field is expected in 2026, with first oil potentially in 2030.Impact's 20% shareholding in Africa Energy (AFE.V) is not part of the transaction and will be retained by Impact. Neither Impact nor Meren will hold an interest in IOG Energies.The transaction is expected to enhance Meren's value and removes its exposure to costs of managing and maintaining its South African exploration assets, the company said."By concentrating Impact's resources on progressing Venus towards first oil, while streamlining its portfolio and cost base, there is a stronger alignment between Impact's strategy and Meren's investment objectives," Meren President and Chief Executive Officer Oliver Quinn said.Closing is expected during the third quarter.
