Panoro Energy Expands Into Côte d’Ivoire With Offshore Gas Acquisition

Panoro Energy has agreed to acquire an indirect 9.09% interest in Côte d’Ivoire’s producing offshore Block CI-27 from DNO, adding a gas-heavy asset serving the country’s domestic power market to its African portfolio.

Under the definitive agreement announced on 19 August, Panoro will acquire the entire share capital of DNO CI LLC, the DNO subsidiary through which the interest in Block CI-27 is held. Panoro said the acquisition consideration is $80 million on a cash-free and debt-free basis, with an effective date of 1 January 2025.

DNO said total consideration amounts to $86.5 million, comprising $65.1 million in cash and the balance in seven million newly issued Panoro shares. The difference reflects the way the parties describe the base acquisition consideration and total transaction consideration.

Gas asset tied to Côte d’Ivoire’s power market

Block CI-27 lies offshore Côte d’Ivoire and contains the producing Foxtrot, Mahi, Manta and Marlin fields. The volumes associated with the interest Panoro is acquiring are approximately 95% gas weighted.

Panoro said gas from the block is sold under long-term contracts into the local market, with the majority used for power generation in Abidjan. Liquids production is sold to a local refinery. Gross production in 2025 averaged 195 million standard cubic feet of gas per day and 1,380 barrels of liquids per day.

The interest being acquired contributed net production of 3,287 barrels of oil equivalent per day in 2025 and 3,334 boepd during the first half of 2026. Panoro estimates that adding the asset will increase its pro-forma group production by approximately 23% and its 2P reserves by about 11%.

A broader African portfolio

The acquisition gives Panoro a producing position in Côte d’Ivoire alongside its existing African upstream interests. The company has operations and interests elsewhere on the continent, including Gabon, Equatorial Guinea, Tunisia and South Africa.

The Côte d’Ivoire transaction is expected to accelerate Panoro’s stated pathway toward group production above 20,000 boepd. The company attributes 9.4 million barrels of oil equivalent of net 2P reserves and 5 million boe of net 2C contingent resources to the interest at the transaction’s effective date.

For DNO, the disposal marks an exit from Côte d’Ivoire after entering the country in 2022. The Norwegian producer said the asset had become less central to its portfolio following expansion elsewhere and estimated an annualised return of approximately 24% on its Côte d’Ivoire investment.

The transaction brings another international investor into a producing West African gas asset whose output is closely connected to domestic electricity demand.