Oslo-listed oil and gas company Panoro Energy has agreed to acquire an additional 40.375% non-operated interest in Block G offshore Equatorial Guinea from Kosmos…
Oslo-listed oil and gas company Panoro Energy has agreed to acquire an additional 40.375% non-operated interest in Block G offshore Equatorial Guinea from Kosmos Energy for an initial cash consideration of $180 million, and additional contingent payments of up to $39.5 million.
The transaction, valued up to $219.5 million, will lift Panoro’s interest in Block G to 54.625% from 14.25%, making it the largest partner in the license, which contains the producing Ceiba field and Okume Complex.
The deal has an effective date of January 1, 2025, and is expected to close in the third quarter of 2026.
The consideration comprises $180 million in upfront cash, subject to customary adjustments, and up to $39.5 million in deferred contingent payments tied to production and oil price thresholds between 2027 and 2029.
Panoro said the acquisition would put it on a path to reach group net production of 20,000 barrels of oil per day (bopd) in 2027. The stake being acquired generated 8,271 bopd of working interest production in 2025 and adds net 2P reserves of 46 million barrels of oil (MMbbls) and 2C resources of 29 MMbbls, based on reserve estimates as of December 31, 2024.
The enlarged stake is expected to
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