Panoro to acquire additional share in non-operated assets offshore Equatorial Guinea

Panoro Energy ASA agreed to acquire Kosmos Energy’s non-operated interest in Block G offshore Equatorial Guinea for $180 million plus future contingent payments of up to $39.5 million.

Through the agreement, Panoro will aquire a Kosmos subsidiary that owns 40.375% interest in the Trident Energy-operated Block G containing Ceiba and Okume production assets, adding to its current 14.25% share. 

The deal calls for an upfront cash payment of $180 million, subject to certain adjustments, plus contingent payments of $12.5 million linked to production performance at Ceiba field and $9 million payable in 2027, 2028, and 2029, which are subject to certain oil price and production thresholds.

Block G assets

Ceiba field lies in 600-800 m of water on the slope of the southern Rio Muni basin about 35 km off the west coast of Africa. It contains contains a series of stacked deep-water channel complexes which sit within a NE-SW trending belt of salt-cored structural highs, interpreted as base-of-slope compressional features (toe-thrust). Following its discovery in 1999, drill stem tests flowed rates up to 12,400 b/d of oil of 28°API oil from high-quality late Cretaceous sands.

The Okume complex is comprised of five producing oil fields: Okume, Elon, Oveng, Akom North, and Ebano. The fields are a series of stratigraphically trapped deep water channel-levee complexes confined within the Elon and Okume canyons. The fields were developed using four fixed jackets in Elon field and two tension leg platforms to develop remaining fields. All are tied back to a central processing facility at one of the Elon platforms. Processed oil from the CPF is transported via a 25 km, 12 inch OD pipeline to an FPSO for export.

As operator, Trident Energy holds 40.375% interest. Partners before Panoro’s acquisition of Kosmos’s share are Kosmos Energy (40.375%), Panoro Energy (14.25%), and GEPetrol (5%).

The transaction has received approval from the Government of Equatorial Guinea. Completion, expected by mid-year 2026, remains subject to Central African Economic and Monetary Community customary approval.