Panoro Energy has completed the acquisition of DNO CI LLC, which grants it a 9.09% indirect holding in Côte d’Ivoire’s offshore CI-27 gas block. This transaction represents the company’s first foray into West Africa and locks in gas supplies for Abidjan’s power grid. The deal was finalized on September 14, with Panoro paying $64.4 million—comprising $43 million in cash and $21.4 million through the issuance of 7 million new shares to DNO. Earlier, a $5 million deposit had been made, while the acquired company held approximately $8 million in cash at the time of completion. This total represents only the final payment, not the overall transaction value.
The CI-27 block encompasses four fields, Foxtrot, Mahi, Manta, and Marlin, connected to two fixed platforms. These fields produce gas, condensate, and oil, with output delivered via pipeline under a long-term agreement that guarantees minimum sales volumes for Abidjan’s power plants. Unlike oil-linked contracts, the base gas price remains fixed, providing Panoro with a stable revenue source that contrasts with its oil-centric portfolio.
Foxtrot International manages the block, holding a 27.27% stake. DNO CI’s 33.33% ownership in Foxtrot International translates to Panoro’s 9.09% exposure. Additional partners include Côte d’Ivoire’s state-owned PETROCI and SECI S.A.. The gas from CI-27 is critical to Abidjan’s electricity supply, secured under a take-or-pay arrangement that ensures consistent demand. The existing contract extends until August 2034, and Panoro estimates the block could remain operational for at least another 15 years, provided the contract is renewed. The acquisition does not introduce new production capacity but instead transfers ownership of an existing asset.
This move strengthens Panoro’s presence in Africa and enhances its output diversity. The company’s total production now exceeds 21,500 barrels of oil equivalent per day, following its June acquisition of an interest in Block G offshore Equatorial Guinea. The CI-27 stake further boosts gas’s role in its portfolio, reducing dependence on oil. The transaction aligns with broader industry trends toward energy diversification, particularly in regions with growing demand for stable power supplies.
