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$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%).
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