We have only made minor adjustments to our estimates post Q2, and our take on the investment case remains unchanged: Meren is priced at a significant NAV- discount, though in the near term we see few catalysts likely to change this. The most obvious catalysts seem to be H1 2026 events at the earliest (FID on Venus Phase 1 and Preowei, and Nayla exploration drilling). For long-term investors, we argue Meren has a compelling offering: i) The major-operated, Nigerian deepwater assets are set to gen ....
