• Panoro to raise stake in offshore Block G to 54.625%

• $180 million deal with Kosmos adds 46 million barrels of 2P reserves

• Company targets 20,000 barrels per day net output by 2027

Norway-based oil company Panoro Energy said Feb. 24, that it had signed a definitive agreement with Kosmos Energy to increase its stake in Equatorial Guinea’s offshore Block G.

The deal involves the acquisition of Kosmos’s subsidiary holding a 40.375% non-operated interest in the block. Panoro previously owned 14.25% of Block G, which includes the producing Ceiba field and the Okume Complex. Once completed, its stake will rise to 54.625%, ahead of operator Trident Energy with 40.375%, while state-owned GEPetrol will retain 5%.

The transaction has an economic effective date of Jan. 1, 2025, and is expected to close in the third quarter of 2026, subject to customary conditions, including approval from the Central African Economic and Monetary Community.

Panoro said the agreed upfront consideration is $180 million. A deferred payment of up to $39.5 million could follow, depending on production and oil price thresholds between 2027 and 2029.

The acquisition adds about 46 million barrels of proved and probable reserves (2P) and 29 million barrels of contingent resources (2C). Net production attributable to the acquired stake averaged 8,271 barrels per day in 2025. On that basis, Panoro said it aims to reach 20,000 barrels per day in net group production by 2027.

To finance the transaction, the company launched a private placement of nearly 20 million new shares. It also plans to raise an additional $150 million through a previously arranged secured bond facility.

Expanding Beyond Block G

Before increasing its stake in Block G, Panoro had already strengthened its contractual presence in Equatorial Guinea.

In February 2023, the company signed a production-sharing contract with the state for the offshore EG-01 block, securing a 56% interest and operatorship over the acreage, which lies near Blocks G and S.

The expansion continued in 2024. In April, Panoro announced a heads of agreement with the government for the offshore EG-23 block. In November 2024, a production-sharing contract was signed for the roughly 600-square-kilometer block. Panoro holds an 80% interest there alongside GEPetrol. Authorities say 19 wells have previously been drilled on the block, resulting in seven hydrocarbon discoveries.

Abdel-Latif Boureima