Panoro Energy to Buy DNO Côte d’Ivoire CI-27 Gas Stake

In Short

Panoro Energy has agreed to acquire DNO’s indirect 9.09% interest in offshore Block CI-27 in Côte d’Ivoire for $80 million. The deal is expected to close in fall 2026.

What Happened

Panoro Energy announced it signed a definitive agreement to buy the entire share capital of DNO CI LLC, a DNO subsidiary that holds an indirect 9.09% interest in Block CI-27 offshore Côte d’Ivoire.

The purchase price is $80 million on a cash free and debt free basis, meaning Panoro is buying the asset without taking on the seller’s cash balances or debts. The effective date is 1 January 2025.

Panoro said the acquisition adds about 23% to its pro forma group production and about 11% to its 2P reserves. 2P reserves are proved plus probable reserves, an industry estimate of how much oil and gas is likely recoverable. The acquired interest delivered net production of 3,287 barrels of oil equivalent per day in FY 2025, and 3,334 boepd in H1 2026.

CI-27 is about 95% gas-weighted. The gas is sold into the local power generation market, mainly for Abidjan, under long-term contracts where pricing is de-linked from oil. De-linked means the gas price is not tied to oil price swings.

Financing includes issuing seven million new Panoro shares to DNO and raising a fully placed $50 million senior unsecured bond. “Senior unsecured” means the bond ranks ahead of some other debt in repayment, but is not backed by specific collateral. The bond has a 10.25% coupon and matures in 2031, and Mauritius Commercial Bank (MCB) was named as one of the strategic investors and a co-manager.

Why It Matters

For Côte d’Ivoire, the transaction highlights the strategic value of domestic gas supply for power generation, especially when contracts are long-term and less exposed to oil volatility.

For Panoro, CI-27 provides a new country entry and low-cost production, with unit costs cited at $6 per barrel of oil equivalent. The company is also using the deal to push toward a stated target of more than 20,000 boepd group production, while diversifying its African portfolio toward longer-life gas assets.

The parties said no regulatory approvals are pending or required and there are no pre-emptive rights, which could reduce closing risk and speed up completion timelines.