Panoro acquires Equatorial Guinea production assets from Kosmos

DALLAS AND OSLO, February 25, 2026 – Panoro Energy has agreed to buy Kosmos Energy’s 40.375% non-operating interest in the Ceiba field and Okume complex in Equatorial Guinea for up to USD 219.5 million, the companies announced on Tuesday.

Located in offshore Block G, the Ceiba field and Okume complex have been in production since 2000 and 2006, respectively, and have yielded a combined gross output of approximately 490 million barrels to date.

Panoro will make an upfront cash payment of USD 180 million for the assets, plus contingent payments of up to USD 39.5 million tied to production performance at Ceiba and to other output and oil price thresholds through 2029. The company is financing the acquisition through a private placement of shares and a potential USD 150-million bond issuance.

The deal will increase Panoro’s stake in Block G to 54.625%. The company first became a partner in the block in 2017, when it acquired a 14.25% stake from Tullow Oil for USD 89 million. The block is operated by Trident Energy, which holds a 40.375% stake, with Equatorial Guinea’s NOC, GEPetrol, holding 5%.

“Our deep understanding of the producing Ceiba field and Okume complex gives us strong confidence in the assets’ long‑term potential and ability to continue generating material cash flow. This acquisition more than doubles Panoro’s reserve base, substantially increases production and will enhance the frequency and size of our crude liftings,” said Panoro executive chairman Julien Balkany.

The transaction has been approved by the Equatorial Guinea authorities and, subject to competition clearance by the Central African Economic and Monetary Community, is expected to close in Q3 2026 with an effective date of January 1, 2025.

Kosmos plans to use proceeds from the sale to reduce its outstanding borrowings and expects to realise up to USD 100 million in capex and administrative costs in the two years following the divestment.

“This transaction reflects our continued focus on capital discipline and balance sheet resilience,” said Kosmos Energy chairman and CEO Andrew G. Inglis. “The proceeds enhance liquidity and accelerate debt reduction, while the contingent payments ensure we retain exposure to future upside.”

Oslo-listed Panoro Energy holds exploration, development and production assets in Equatorial Guinea, Gabon, South Africa and Tunisia. Listed in New York and London, Kosmos Energy is a deepwater exploration and production company with assets in Ghana, Equatorial Guinea, Mauritania, Senegal and the US Gulf. The company recently secured an extension to its licences for the Jubilee and TEN oilfields in Ghana.

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