Panoro Energy is set to enter E&P offshore Côte d’Ivoire, after agreeing to acquire DNO’s indirect interest in Block CI-27 for $80 million.
The operator, through which DNO holds this position, is Foxtrot International which has a 27.27% share. Other partners include PETROCI and SECI.
The block is said to hold Côte d’Ivoire’s largest reserves of non-associated gas. These are produced, along with condensate and oil, from the Foxtrot, Mahi, Manta and Marlin fields, all tied back to two fixed platforms.
Gas is transported by pipeline and sold for power generation in Abidjan. Last year, the gas averaged 195 MMcf/d, accounting for more than 70% of the needs.
Combined processing capacity at the offshore facilities is 250 MMcf/d and 15,000 b/d, with net production to DNO of around 3,300 boe/d.
Presently, a five-well infill drilling campaign is in progress, designed to raise recovery from the Foxtrot field, and sustain the production plateau at 190-200 MMcf/d. This could be increased to around 230 MMcf/, depending on demand.
Gross remaining reserves are estimated at 540 bcf and 5 MMbbl, with a further 380 bcf and 9 MMbbl of identified resources that could provide growth opportunities in the future.
DNO acquired the Côte d’Ivoire business from RAK Petroleum in 2022, but is more focused on expanding its production in the North Sea.
The transaction should go through in mid-September.
