DNO ASA, the Norwegian oil and gas operator, is selling its entire Côte d’Ivoire business to Panoro Energy ASA, a London-based E&P company. The deal comprises an indirect 9.09% interest in the Ivorian offshore Block CI-27, which DNO ASA holds through its subsidiary, DNO CI LLC.
The deal has a base purchase price of USD 80 million on a cash-free, debt-free basis, with total consideration of USD 86.5 million once adjustments are added: USD 65.1 million in cash plus 7 million newly issued Panoro shares. Panoro is funding the cash portion partly through a USD 50 million senior unsecured bond. Effective date is set retroactively to January 1, 2025, with closing expected in fall 2026.
Block CI-27 is located offshore, approximately 70km southwest of Abidjan, and comprises four producing fields – Foxtrot, Mahi, Manta and Marlin. It is tied back to two fixed platforms, with 7 MMcm/d (250 MMscfd) processing capacity, producing 15,000 bopd across the four fields, and currently operated by Foxtrot International (27.27% interest), alongside partners Côte d’Ivoire’s state oil company Petroci (40% interest) and Ivorian industrial holding and investment firm SECI (23.64%).
The takeover of the remaining 9.09% interest by Panoro represents the company’s entry into the Ivorian market, with Executive Chairman Julien Balkany calling it “a continuation of Panoro’s strongly accretive growth strategy”. Net to DNO’s stake, production is about 3,300 boepd, with 2P reserves of 9.4 million boe and 2C contingent resources of 5 million boe.
The deal is expected to lift Panoro’s pro forma production by about 23% and reserves by about 11%, part of a stated push toward 20,000+ boepd of group-wide production, diversifying Panoro’s African portfolio toward gas-weighted, long-life assets.
DNO bought this position from RAK Petroleum in October 2022, and says it has generated an annualised return of around 24% since.
source: Panoro purchases DNO’s stake in Côte d’Ivoire’s offshore Block CI-27 – The Energy Year