Meren Energy Inc. (MER–TSX, MER–Nasdaq Stockholm, MRNFF–OTCQX) has received approval from the Toronto Stock Exchange for a new normal course issuer bid, authorising the company to repurchase up to 21.64mn shares over the next twelve months, with a maximum outlay of $35mn.

The full-cycle independent upstream oil and gas company has interests offshore Nigeria, Namibia, South Africa and Equatorial Guinea. Its main assets are producing and development assets in deepwater Nigeria operated by majors.

Meren holds a leading position in the Orange Basin including its effective interest in the Venus light oil project, offshore Namibia, and its direct interest in Block 3B/4B offshore South Africa.

The buy-back period will run from December 8, 2025 to December 7, 2026, or earlier if the full allocation is exhausted. The authorisation represents 5% of Meren’s public float of 432.7mn shares as of November 24. Total shares outstanding stood at 675.7mn on the same date.

Repurchases may be executed on the TSX, Nasdaq Stockholm, and Canadian alternative trading systems. Daily limits apply: no more than 189,891 shares on the TSX — 25% of the company’s six-month average daily volume — and up to 25% of average daily trading volume on Nasdaq Stockholm, subject to block-purchase exemptions.

Meren also entered an automatic share purchase plan to enable buy-backs during blackout periods. The plan has been pre-cleared by the TSX and will take effect on December 8. Purchases during blackout windows will be determined by the company’s designated broker under parameters set by Meren.

All repurchased shares will be cancelled. The company said the programme aligns with its capital-management strategy and offers “an efficient way to return value to shareholders.”

Under its current NCIB, which expires on December 5, 2025, Meren has already repurchased 8.44mn shares at a volume-weighted average price of C$1.9329, out of 18.36mn authorised.