(WO) — DNO ASA has agreed to sell its Côte d’Ivoire oil and gas business to Panoro Energy ASA for $86.5 million as the Norwegian operator concentrates its portfolio around its expanded North Sea operations.
The transaction covers DNO CI LLC, the company through which DNO holds its interests in Côte d’Ivoire. Total consideration consists of $65.1 million in cash and 7 million newly issued Panoro shares.
The divested business is currently producing approximately 3,300 boed net to DNO. At the transaction’s effective date, the assets held 9.4 MMboe of net proved plus probable (2P) reserves and 5.0 MMboe of net 2C contingent resources.
DNO acquired the Côte d’Ivoire business from RAK Petroleum plc in 2022. The company said the assets have since become less central to its portfolio following its expansion in the North Sea and growth in company-wide net oil and gas production to nearly 150,000 boed.
DNO estimates it generated an annualized internal rate of return of approximately 24% on its Côte d’Ivoire investment since entering the country in October 2022.
The transaction is expected to close in mid-September 2026.
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