Panoro acquires DNO CI Block CI-27
Analysis based on 6 articles · First reported Aug 19, 2026 · Last updated Aug 20, 2026
The acquisition is accretive to Panoro on all standard industry metrics, boosting production and reserves, which is likely to positively impact Panoro's stock price. DNO's divestment of its Ivory Coast interest yields an internal rate of return of around 24% since entering the region in 2022, providing a profitable exit.
Panoro Energy ASA has entered into a definitive agreement with DNO ASA to acquire the entire share capital of DNO's wholly owned subsidiary DNO ASA — DNO CI LLC, which holds an indirect 9.09% interest in the gas-producing Block CI-27 offshore Ivory Coast. The consideration is USD 80 million on a cash-free/debt-free basis, with an effective date of 1 January 2025. The acquisition is expected to complete in fall 2026 and requires no regulatory approvals or pre-emptive rights. The deal increases Panoro's pro forma group production by approximately 23% and group 2P reserves by approximately 11%, adding about 3,300 boepd of net production and 9.4 MMboe of 2P reserves. Block CI-27 is operated by Foxtrot International and contains Ivory Coast's largest reserves of non-associated gas, supplying over 70% of the country's gas needs. Gas is sold under long-term take-or-pay contracts for power generation in Abidjan, with pricing de-linked from oil prices. The acquisition is financed through the issuance of seven million new Panoro shares to DNO and a USD 50 million senior unsecured bond placement. This marks Panoro's entry into Ivory Coast, further diversifying its African portfolio.
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