Côte d’Ivoire business holds 9.4 million barrels in 2P reserves
DNO, a Norwegian oil and gas operator with production assets across the North Sea and West Africa, is selling its Côte d’Ivoire business to Panoro Energy ASA, an independent oil and gas company focused on exploration and production in Africa.
The transaction involves the sale of DNO CI LLC, the entity through which DNO holds its interests in Côte d’Ivoire, for total consideration of $86.5 million. The payment comprises $65.1 million in cash and 7 million Panoro shares to be issued to DNO.
DNO acquired its Côte d’Ivoire business from RAK Petroleum in 2022, as part of RAK Petroleum’s distribution of its shareholding in DNO to its shareholders. Since then, DNO has expanded its North Sea operations and increased net oil and gas production to nearly 150,000 barrels of oil equivalent per day (boepd), making the Côte d’Ivoire assets less central to its portfolio.
The divestment is expected to deliver a strong return on DNO’s investment. The company estimates an annualized internal rate of return (IRR) of approximately 24 percent since entering Côte d’Ivoire in October 2022.
The assets currently produce approximately 3,300 boepd net to DNO. As of the transaction’s effective date, the business held 9.4 million barrels of oil equivalent (MMboe) in net 2P reserves and 5.0 MMboe in net 2C contingent resources.
The sale allows DNO to streamline its portfolio while retaining exposure to the value created during its ownership of the Côte d’Ivoire assets. Panoro will take ownership of the business as it continues to build its African oil and gas portfolio.
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