Panoro closes deal to boost Equatorial Guinea footprint

OSLO, June 18, 2026 – Panoro Energy has completed the acquisition of the Kosmos Energy subsidiary holding a 40.375% interest in Block G offshore Equatorial Guinea, increasing its total stake in the producing asset to 54.625%, Panoro announced on Wednesday.

Block G contains the Ceiba field and Okume complex, which have been in production since 2000 and 2006, respectively, and have since yielded an aggregate gross output of approximately 490 million barrels.

The deal closed at USD 127 million, including customary interim adjustments, USD 53 million below the USD 180 million stipulated by the companies when they first announced the transaction in February 2026. The total consideration will include contingent payments tied to production performance and the evolution of oil prices until 2029.

The company’s next crude oil lifting from Block G, and its first following completion of the acquisition, is scheduled for July 2026 and will total approximately 546,000 barrels.

“We are delighted to complete this well-timed, transformational and strongly accretive transaction for Panoro, materially increasing our participation in a core producing asset. Having been a partner in Block G since 2021, we know the asset well and have a high degree of confidence in its quality, cash generation potential and remaining upside,” said Panoro executive chairman Julien Balkany.

Panoro Energy is an independent E&P company headquartered in London and listed on the Oslo Stock Exchange. The company’s business is focused on African, where it holds production, exploration and development assets in Equatorial Guinea, Gabon, Tunisia and South Africa.

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