EQUATORIAL GUINEA: Panoro Energy Hits Record Production Following Landmark Block G Acquisition
Independent upstream operator Panoro Energy ASA has reported record group working interest production exceeding 17,500 barrels of oil per day (bopd) in its latest trading statement and operational update, driven by the completion of a transformational acquisition in Equatorial Guinea and active work programs across its West African portfolio.
The Oslo-listed independent is now positioning itself to breach the 20,000 bopd mark by the first half of 2027 as ongoing development campaigns yield first oil.
Equatorial Guinea: Landmark Acquisition Boosts Production Base
The centerpiece of Panoro’s H1 2026 performance was the June 17 closure of its acquisition of Kosmos Energy’s subsidiary, securing an additional 40.375% non-operated interest in Block G offshore Equatorial Guinea for $127 million. The transaction—approved by the Central African Economic and Monetary Community (CEMAC) brings Panoro’s total stake in Block G to 54.625%, up from 14.25%.
Block G contains the producing Ceiba field and Okume Complex, where current gross production stands at approximately 22,000 bopd.
“The first half of 2026 has been a transformational period for Panoro, marked by the completion of our landmark acquisition in Equatorial Guinea and continued growth across our diversified African portfolio,” said Julien Balkany, Executive Chairman of Panoro. “The acquisition materially increases our exposure to high-quality reserves and production at Block G and is strongly accretive to shareholders delivering enhanced scale, increased lifting frequency and meaningful long-term cash flow expansion.”
Beyond Block G, Panoro is advancing shallow-water organic growth opportunities in Equatorial Guinea:
- Block EG-23 (Operator, 80%): Panoro is high-grading a fast-track combined development project for the Estrella gas-condensate discovery (tested at 6,780 bopd and 48.7 MMscfd) and the Rodo oil discovery, located in ~60-meter water depth within tie-back distance to existing infrastructure.
- Block EG-01 (Operator, 80%): A farm-out process is actively underway, drawing strong industry interest.
Gabon: Dussafu PSC Extension and Bourdon FID
In Gabon, Panoro’s joint venture secured an amendment extending the Dussafu Production Sharing Contract (PSC) up to the year 2053 (inclusive of three five-year extension options from 2038).
The extension lays the groundwork for multi-decade infrastructure investments and near-term growth projects:
- MaBoMo Phase 2: A four-well development program commences in Q3 2026, targeting first oil in early 2027. A rig is currently on location drilling two pilot wells to appraise the North West Hibiscus area.
- Bourdon Discovery: Final Investment Decision (FID) has been taken for a cluster development comprising a dedicated wellhead platform and three initial production wells. First oil from Bourdon is targeted for H1 2028.
Facilities uptime across Dussafu remained robust at 98% during Q2 2026.
Financial Highlights & Portfolio Summary
- Production: H1 2026 pro-forma working interest production averaged 15,191 bopd (Equatorial Guinea: 9,089 bopd; Gabon: 4,589 bopd; Tunisia: 1,513 bopd). Full-year 2026 guidance remains unchanged at 15,000 to 17,000 bopd.
- Crude Sales: Pro-forma liftings reached 1.34 million barrels in H1 2026, generating $114.3 million at an average realized price of $85.10/bbl. Positive crude inventory stood at 1.30 million barrels as of June 30.
- Liquidity: Cash at bank as of June 30, 2026, was approximately $57.3 million, against $300 million in senior secured notes.
Panoro is scheduled to release its full, audited H1 2026 financial results on August 20, 2026.
