Panoro Energy to acquire Côte d’Ivoire gas asset from DNO

Panoro Energy has signed a definitive agreement to acquire DNO ASA’s wholly owned subsidiary, DNO CI LLC, for $80 million. This acquisition grants Panoro an indirect 9.09% interest in the gas-producing Block CI-27 offshore Côte d’Ivoire.

The transaction is expected to complete between September and December 2026, with an effective date of January 1, 2025. The deal is projected to increase Panoro’s pro forma group production by approximately 23% and its group 2P reserves by roughly 11%, supporting the company’s goal of exceeding 20,000 barrels of oil equivalent per day (BOEPD).

Block CI-27, operated by Foxtrot International LDC, is heavily gas-weighted, with resource volumes estimated at approximately 95% gas. The produced gas is sold into the local market for power generation, while liquids are sold to a local refinery. Panoro Executive Chairman Julien Balkany noted that the acquisition diversifies the company’s African portfolio through long-life, gas-weighted production supported by stable pricing arrangements.