$86.5m is what Panoro Energy has agreed to pay for an indirect 9.09% interest in Block CI-27 offshore Côte d'Ivoire: $65.1m in cash plus seven million new Panoro shares issued to seller DNO. The deal, which carries an effective date of 1 January 2025 and is expected to close in mid-September 2026, marks Panoro's entry into Côte d'Ivoire and adds an asset the company describes as the largest source of non-associated gas in the country.
The ownership chain runs through DNO's subsidiary DNO CI, which holds a 33.33% stake in Foxtrot International. Foxtrot, a privately held operator, carries a 27.27% effective participating interest in Block CI-27, putting Panoro's indirect exposure at exactly 9.09% (33.33% times 27.27%). PETROCI and SECI hold the remaining joint-venture positions.
Asset profile
Block CI-27 supplies more than 70% of Côte d'Ivoire's national gas requirements across four offshore fields: Foxtrot, Mahi, Manta, and Marlin, tied back to two fixed platforms. Nameplate processing capacity is approximately 250 million standard cubic feet per day (mscf/d) of gas and 15,000 barrels of oil per day.
| Metric | Figure | Label |
|---|---|---|
| Net 2P reserves at effective date | 9.4 mboe | Reported |
| Net contingent resources | 5.0 mboe | Reported |
| Production contribution, full-year 2025 | 3,287 boepd | Projected |
| Production contribution, H1 2026 | 3,334 boepd | Projected |
| Production cost | ~$6/boe | Reported |
| Gas share of volumes | ~95% | Reported |
Gas sells under long-term, fixed-price contracts for power generation in Abidjan; associated liquids go to local refiners. The fixed-price, oil-delinked structure was the commercial feature Panoro executive chairman Julien Balkany pointed to when characterising output as offering "stable, low-volatility pricing."
Drilling programme and plateau outlook
Foxtrot International is executing a five-well infill drilling programme on the Foxtrot field. Panoro expects this to support a production plateau of 190-200 mscf/d, with output potentially reaching approximately 230 mscf/d if market demand supports it. Both are forward-looking estimates. Current nameplate capacity of 250 mscf/d sits above that contingent ceiling, leaving processing headroom intact.
DNO, which entered Côte d'Ivoire in 2022, said the transaction generates an internal rate of return of approximately 24% since its original entry. No regulatory approvals or pre-emptive rights are required for completion. Advokatfirmaet BAHR served as Panoro's legal adviser on the deal.