DNO ASA has agreed to sell its Côte d’Ivoire oil and gas business to Panoro Energy ASA for $86.5 million. DNO plans to focus more of its portfolio on its expanded North Sea operations.
The deal covers DNO CI LLC, the company that holds DNO’s interests in Côte d’Ivoire. Panoro will pay $65.1 million in cash and issue 7 million new shares to DNO.
The Côte d’Ivoire assets currently produce about 3,300 boed net to DNO. At the effective date of the transaction, the assets held 9.4 MMboe of net 2P reserves and 5.0 MMboe of net 2C contingent resources.
DNO acquired the Côte d’Ivoire business from RAK Petroleum plc in 2022. Since then, its expansion in the North Sea and growth in overall production to nearly 150,000 boed have made the Côte d’Ivoire assets less central to its portfolio.
DNO estimates that its Côte d’Ivoire investment generated an annualized internal rate of return of around 24% since it entered the country in October 2022.
The companies expect to complete the transaction by mid-September 2026.
source: www.worldoil.com/
African Energy Council