Panoro Energy has entered into a definitive agreement with DNO to acquire the entire share capital of DNO’s wholly owned subsidiary DNO CI which holds an indirect 9.09 percent interest in the high-quality gas producing Block CI-27 offshore Côte d’Ivoire.
The move accelerates Panoro’s pathway to achieving group production of >20,000 boepd and increases pro forma group production by approximately 23 percent and group 2P reserves by approximately 11 percent.
Produced gas is sold into strong and growing local market for power generation with liquids sold to a local refinery. Gross production for FY 2025 was 195 MMscfd gas and 1,380 bopd liquids (~36,000 boepd).
The deal signals new country entry into Côte d’Ivoire for Parono which sees it as an investor friendly jurisdiction in West Africa with a thriving oil and gas industry that offers attractive follow-on growth opportunities.
Julien Balkany, Executive Chairman of Panoro, commented: “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 per cent 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.
“Our new entry into Côte d’Ivoire, one of the fastest growing economies in West Africa, is particularly attractive given the country’s strong private investment, structural economic diversification and expanding hydrocarbon sector, all of which provide long-term support for this strategic acquisition and follow-on growth opportunities in country as and when they arise.
“We look forward to establishing an excellent cooperation with the field partners including the operator Foxtrot International, the national oil company of Ivory Coast PETROCI, SECI SA and also the Ministry of Mines, Petroleum and Energy. Importantly, this landmark acquisition is accretive for Panoro shareholders on all standard industry metrics and will further enhance our ambition to continue delivering long-term, sustainable shareholder returns.”
The consideration for the acquisition is $80 million on a cash free / debt free basis.
About Block CI-27
Block CI-27 is operated by the privately held and excellent operator Foxtrot International whose principal business is a 27.27 percent effective participating interest in the Asset. DNO CI holds an indirect 33.33 per cent interest in Foxtrot International and therefore an indirect 9.09 percent interest in the Asset. Other joint-venture partners in the asset include PETROCI and SECI.
The asset contains Côte d’Ivoire’s largest reserves of non-associated gas which is produced, together with condensate and oil, at a low unit cost of just USD 6/boe from four offshore fields (Foxtrot, Mahi, Manta and Marlin) tied back to two fixed platforms.
Gas produced from the asset is transported by pipeline and sold for power generation in Abidjan pursuant to a long-term gas sales agreement with a take or pay structure and minimum fixed price.
Gas production from the asset in 2025 was 195 MMscfd, meeting over 70 percent of the country’s gas needs. Total processing capacity of the offshore facilities is 250 MMscfd and 15,000 bopd. The operator is currently undertaking a five well infill drilling campaign aimed at increasing recovery from the Foxtrot field, sustaining production plateau around the 190 to 200 MMscfd level with scope to increase to around 230 MMscfd dependant on demand.
Gross remaining reserves are estimated at 540 Bscf and 5 MMbbls with a further 380 Bscf and 9 MMbbls of resources offering material reserve replacement and growth opportunities in the future, meaning the asset has the potential to produce well beyond the current PSC term.
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