Panoro Energy to acquire Côte d'Ivoire producing asset from DNO
Panoro Energy ASA has agreed to acquire from DNO ASA the entire share capital of DNO CI LLC, which holds an indirect 9.09% interest in gas-producing Block CI-27 offshore Côte d'Ivoire.
The roughly $80-million acquisition adds about 3,300 boe/d of net production, according to DNO, broadly in line with Panoro's reported attributable production of 3,334 boe/d in first-half 2026. The acquired interest also adds 9.4 MMboe of 2P reserves and 5 MMboe of 2C contingent resources.
Block CI-27 is operated by privately held Foxtrot International (27.27% effective participating interest). DNO CI LLC holds an indirect 33.33% interest in Foxtrot International and therefore an indirect 9.09% interest in the asset. Other joint venture partners include PETROCI and SECI SA.
The asset contains Côte d'Ivoire's largest reserves of non-associated gas, produced together with condensate and oil from four offshore fields, Foxtrot, Mahi, Manta, and Marlin, tied back to two fixed platforms.
Gas is transported by pipeline and sold for power generation in Abidjan under a long-term gas sales agreement featuring take-or-pay provisions and a minimum fixed price.
Gas production from the asset averaged 195 MMscfd in 2025, meeting more than 70% of Côte d'Ivoire's gas demand, Panoro said. Processing capacity is 250 MMscfd of gas and 15,000 b/d of liquids. A five-well infill drilling campaign is under way to increase recovery from Foxtrot field and sustain production at about 190-200 MMscfd, with potential to increase output to about 230 MMscfd depending on demand.
The deal adds reserves and production while further diversifying Panoro's African portfolio, the company said.
"This high-quality acquisition represents a continuation of Panoro's strongly accretive growth strategy and follows the transformational acquisition of an additional interest in Block G offshore Equatorial Guinea from Kosmos Energy which we announced in February and completed in June 2026," said Julien Balkany, executive chairman.
The addition also diversifies the company from a commodity perspective "through long-life, gas-weighted production supported by stable, low-volatility pricing and sales arrangements that are de-linked from oil prices," Balkany continued.
The deal carries a base purchase price of $80 million on a cash-free, debt-free basis with an effective date of Jan. 1, 2025. DNO said total consideration amounts to $86.5 million, comprising $65.1 million in cash and 7 million Panoro shares. Panoro said the acquisition will be funded through the issuance of the shares to DNO and a $50 million senior unsecured bond. Closing is expected in fall 2026.