Panoro Energy has completed its acquisition of DNO CI LLC, securing an indirect 9.09% interest in the producing Block CI-27 offshore Côte d’Ivoire. The transaction marks Panoro’s entry into the country and adds gas production serving the electricity market in Abidjan.
In its announcement on 14 September, the Oslo-listed company said the consideration paid at completion was $64.4 million. This comprised $43 million in cash and $21.4 million through the issuance of seven million new Panoro shares to DNO.
Panoro had previously paid a separate $5 million cash deposit. The acquired structure also held approximately $8 million in cash at completion. The $64.4 million figure therefore represents the completion payment rather than the entire consideration paid across the transaction.
Gas production supporting electricity generation
Block CI-27 comprises four offshore fields — Foxtrot, Mahi, Manta and Marlin — connected to two fixed platforms. The fields produce gas alongside condensate and oil.
Gas is transported by pipeline and sold for power generation in Abidjan under a long-term sales agreement incorporating a take-or-pay structure and a minimum base gas price. According to Panoro, this base price is not linked to oil prices, adding a different source of revenue exposure to its predominantly oil-producing portfolio.
Foxtrot International operates the block and holds a 27.27% effective participating interest. DNO CI LLC holds an indirect 33.33% interest in Foxtrot International, giving Panoro its indirect 9.09% exposure to the asset. Other partners include Côte d’Ivoire’s national oil company PETROCI and SECI S.A.
Expansion of Panoro’s African portfolio
Panoro said group production following completion exceeded 21,500 barrels of oil equivalent per day. The acquisition follows its purchase of an additional interest in Block G offshore Equatorial Guinea, which was completed in June.
The current production-sharing contract for CI-27 runs until August 2034. Panoro estimates that the block could remain economically productive for at least another 15 years, although that assessment is subject to an extension of the contract.
For Côte d’Ivoire, the transaction changes the ownership of an interest in an existing producing asset supplying the domestic power market. It does not itself constitute an announcement of new generating capacity or additional field development.
For Panoro, the acquisition expands its geographical presence in Africa and increases the contribution of gas to its production portfolio.
Source: Panoro Energy’s acquisition completion announcement, 14 September 2026.