DNO ASA, the Norwegian oil and gas operator, today announced the sale of DNO CI LLC, the company through which DNO holds its interests in Côte d’Ivoire, to Panoro Energy ASA. Total consideration amounts to USD 86.5 million, comprising USD 65.1 million in cash and the balance in 7,000,000 Panoro shares to be issued.

DNO acquired the Côte d’Ivoire business from RAK Petroleum plc in 2022 in conjunction with RAK Petroleum distribution of its shareholding in DNO to its shareholders. Following the Company’s expansion in the North Sea and the increase in the Company’s net oil and gas production to nearly 150,000 barrels of oil equivalent (boepd), the Côte d’Ivoire business has become less core to DNO’s portfolio.

DNO estimates an annualized return (IRR) of approximately 24 percent on its investment since entering Côte d’Ivoire in October 2022.

The production from the business is currently averaging some 3,300 boepd net to DNO. At the transaction effective date, net 2P reserves stood at 9.4 million barrels of oil equivalent (MMboe) and net 2C contingent resources at 5.0 MMboe.

The transaction is expected to complete in mid-September 2026.

About DNO

DNO ASA is a Norwegian oil and gas operator active in the North Sea, the Middle East and West Africa. Founded in 1971, DNO is Norway’s oldest oil company and the first to list on the Oslo Stock Exchange in 1981. The Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in Norway, the Kurdistan region of Iraq, the United Kingdom, Côte d’Ivoire and Yemen.

About Panoro Energy

Panoro Energy ASA is an independent exploration and production company based in London and listed on the main board of the Oslo Stock Exchange with the ticker PEN. Panoro holds production, exploration and development assets in Africa, namely interests in Block-G, Block EG-01 and Block EG-23 offshore Equatorial Guinea, the Dussafu Marin, Niosi Marin and Guduma Marin Licenses offshore southern Gabon, the TPS operated assets in Tunisia and onshore Exploration Right 376 in South Africa.x