(WO) — DNO ASA has agreed to promote its Côte d’Ivoire oil and gasoline enterprise to Panoro Vitality ASA for $86.5 million because the Norwegian operator concentrates its portfolio round its expanded North Sea operations.
The transaction covers DNO CI LLC, the corporate by way of which DNO holds its pursuits in Côte d’Ivoire. Whole consideration consists of $65.1 million in money and seven million newly issued Panoro shares.
The divested enterprise is presently producing roughly 3,300 boed web to DNO. On the transaction’s efficient date, the property held 9.4 MMboe of web proved plus possible (2P) reserves and 5.0 MMboe of web 2C contingent sources.
DNO acquired the Côte d’Ivoire enterprise from RAK Petroleum plc in 2022. The corporate stated the property have since grow to be much less central to its portfolio following its growth within the North Sea and development in company-wide web oil and gasoline manufacturing to almost 150,000 boed.
DNO estimates it generated an annualized inside fee of return of roughly 24% on its Côte d’Ivoire funding since getting into the nation in October 2022.
The transaction is predicted to shut in mid-September 2026.