Panoro Energy has agreed to acquire DNO’s subsidiary DNO CI, which holds an indirect 9.09% interest in the gas-producing Block CI-27 offshore Côte d’Ivoire.
The total consideration for the deal is $86.5m (£63.53m), including $65.1m in cash and the remainder in seven million new Panoro shares to be issued to DNO.
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The acquisition has an effective date of 1 January 2025 and is expected to be completed in mid-September 2026.
Block CI-27 is said to be the largest source of non-associated gas in Côte d’Ivoire, supplying more than 70% of the country’s gas requirements.
Foxtrot International, a privately held operator, operates Block CI-27 and holds a 27.27% effective participating interest in the asset as its principal business activity.
DNO CI has an indirect 33.33% ownership interest in Foxtrot International.
The remaining joint-venture participants in the asset include PETROCI and SECI.
Block CI-27 also produces condensate and oil from four offshore fields – Foxtrot, Mahi, Manta and Marlin – with production tied back to two fixed platforms.
The offshore installations have a nameplate capacity of roughly 250 million standard cubic feet per day (mscf/d) for gas processing and 15,000 barrels of oil per day.
The operator is executing a five-well infill drilling programme to improve ultimate recovery from the Foxtrot field. This is expected to support a production plateau of around 190–200mscf/d, and potentially lift output to approximately 230mscf/d if market demand supports it.
Panoro stated that the transaction will add to its output an estimated 3,287 barrels of oil equivalent per day (boepd) in 2025 and 3,334boepd in the first half of 2026.
At the effective date, net proved plus probable reserves from the acquired interest were reported at 9.4 million barrels of oil equivalent (mboe), with net contingent resources at 5mboe.
Panoro executive chairman Julien Balkany 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.
“The addition of an indirect 9.09% interest in Block CI-27 offshore Côte d’Ivoire brings material reserves and production to Panoro, while further diversifying our African portfolio both geographically and 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.”
Gas from the block is sold under long-term, fixed-price contracts for power generation in Abidjan, while associated liquids are sold to local refiners.
Production costs for Block CI-27 are stated at approximately $6 per barrel of oil equivalent, with approximately 95% of the asset’s volumes being gas.
DNO acquired the Côte d’Ivoire business in 2022 and said the transaction would yield an internal rate of return of around 24% since it entered the region.
The deal marks Panoro’s entry into Côte d’Ivoire, and the company indicated that no regulatory approvals or pre-emptive rights are required for completion.
Advokatfirmaet BAHR served as Panoro’s legal adviser.
