Panoro Energy has agreed to acquire DNO’s Côte d’Ivoire business in a deal valued at $86.5 million, giving it an indirect 9.09% interest in Block CI-27, a gas-focused offshore producing asset. The block currently contributes about 3,300 boepd net to the acquired interest and is around 95% gas-weighted. Its gas supplies the Azito power plant under long-term take-or-pay contracts, providing Panoro with relatively stable revenues that are less exposed to oil-price movements.
The transaction comprises $65.1 million in cash and 7 million newly issued Panoro shares. The acquired interest contains about 9.4 million boe of 2P reserves and a further 5 million boe of 2C contingent resources. Panoro expects the acquisition to increase its pro forma production by about 23% and group 2P reserves by roughly 11%. It also expands the company’s producing footprint to four African countries, adding Côte d’Ivoire to its existing operations in Tunisia, Equatorial Guinea and Gabon.
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The transaction has an economic effective date of 1 January 2025 and is expected to close in mid-September 2026. The acquisition moves Panoro further toward its target of producing more than 20,000 boepd while increasing its exposure to gas production and long-term contracted revenues.
