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be subject to further review and amendment.
Julien Balkany, Executive Chairman of Panoro, commented:
"The tragic incident involving the Prospector 5 rig at the Dussafu block on 24
October puts everything we report today into perspective. Our thoughts are first
and above all with those who have lost loved ones and with everyone affected. On
behalf of everyone at Panoro, I extend our deepest condolences to the bereaved
families and our heartfelt sympathy to the crew, their families, friends and
colleagues. We express our sincere gratitude and our full solidarity to the rig
owner, Borr Drilling, the operator, BW Energy, the Gabonese authorities and all
the emergency responders in their relentless efforts in the search and rescue
operations. The human consequences of this tragedy shall remain foremost in our
minds.
It is with this sense of profound sorrow that we fulfil our responsibility to
update our shareholders and other key stakeholders on the business. This has
been a transformational year for Panoro, marked by strong operational
performance and two major transactions that have broadened our production base
and strengthened the company. In September, we completed the second of these
substantial acquisitions, adding a high-quality gas producing asset in Côte
d’Ivoire and taking a significant step forward in the scale and diversification
of our business, specifically in light of the recent tragic incident.
Dussafu accounted for around 17 per cent of pro forma group production over the
first nine months of the year. The broader portfolio built through this year’s
consecutive acquisitions provides greater resilience and strengthens our ability
to manage operational disruption.
We have also started the fourth quarter with strong price realisations on our
October oil sales achieving an average realised price of USD 127.5 per barrel to
date, a record high in Panoro’s history.
As we look ahead, we do so mindful of the people affected by the Prospector 5
rig tragedy. Panoro enters this next chapter as a stronger, more diversified
company, well positioned to deliver sustainable and meaningful returns for
shareholders, while keeping the safety and wellbeing of those working across our
operations at the heart of our responsibilities."
Rig Incident at Dussafu
- On 24 October 2026, the Prospector 5 jack-up drilling rig, owned and
operated by Borr Drilling, sank during preparations for the MaBoMo Phase 2
drilling campaign. The Company is assessing the impact of this tragic incident
on its future outlook
Production
- Group pro forma working interest production for 9M and Q3 2026 was in line
with previously communicated expectations:
Pro forma W.I. production - boepd 9M 2026 Q3 2026
Equatorial Guinea 9,934 11,596
Gabon 4,389 3,997
Côte d’Ivoire 3,246 3,086
Tunisia 1,465 1,370
Total 19,035 20,049
- On an IFRS reporting basis group working interest production for 9M 2026 was
13,270 boepd and in Q3 2026 was 17,563 boepd
Crude Oil Liftings
-
In Q4 2026 to date the Company has benefitted from strong oil price
realisations. In October Panoro lifted and sold 714,964 barrels of oil at an
average realised price after adjustments and customary fees of USD 127.5 /bbl
generating proceeds of USD 91.2 million
-
Crude oil volumes lifted and sold in 9M and Q3 2026 were in line with
previously communicated expectations:
9M 2026 (pro forma) Q3 2026
Volumes lifted 2,862,924 barrels 1,480,855 barrels
Average realised price after USD 80.7 /bbl USD 74.4 /bbl
adjustments and customary
fees
Proceeds USD 231.0 million USD 110.2 million
- On an IFRS basis the Company’s crude oil volumes lifted and sold during 9M
2026 were 2,126,924 barrels at an average realised price of USD 75.8 /bbl
generating proceeds of USD 161.2 million. The acquisition of an additional
40.375 per cent interest in Block G offshore Equatorial Guinea was completed in
June 2026. The Q3 2026 data expressed in the table above therefore represents
Panoro’s crude oil liftings stated on an IFRS basis
- Positive crude oil inventory at 30 September 2026 was 1,171,113 barrels
Côte d’Ivoire Acquisition Completed in September
- Panoro announced on 14 September the completion of the acquisition of the
entire share capital of DNO ASA’s (“DNO”) wholly owned subsidiary DNO CI LLC
(the “Acquisition”) which holds an indirect 9.09 per cent interest in the high
-quality gas producing Block CI-27 offshore Côte d’Ivoire
- The consideration paid at completion was USD 64.4 million, of which USD 43
million was settled in cash and USD 21.4 million through the issuance of seven
million new Panoro shares to DNO. Additionally, Panoro had previously paid a USD
5 million cash deposit and also acquired cash of approximately ~USD 8 million
held in the Acquisition structure at completion
- Block CI-27 contains Côte d’Ivoire’s largest reserves of non-associated gas
which is produced, together with condensate and oil, at a low unit cost of just
USD 6/boe from four offshore fields (Foxtrot, Mahi, Manta and Marlin) tied back
to two fixed platforms. Gas produced from the block is transported by pipeline
and sold for power generation in Abidjan pursuant to a long-term gas sales
agreement with a take or pay structure and minimum fixed price
- The Acquisition is strongly accretive to Panoro by all standard metrics
applied by industry, increases portfolio diversification and further enhances
Panoro’s ambition to continue delivering sustainable long-term shareholder
returns
Finance
- Cash at bank at 30 September 2026 was approximately USD 76.5 million
- Gross debt outstanding at 30 September 2026 comprised USD 300 million senior
secured notes and USD 50 million senior unsecured notes
Operations Update
Equatorial Guinea
-
Current working interest production at Block G (Panoro 54.625 percent) is
approximately 12,500 bopd (approximately 23,000 bopd gross) and reflects a
successful and ongoing well intervention programme at the Okume Complex together
with good progress being made towards restoration of production at Ceiba
(partial restoration achieved). Work will continue in 2026 to regain full
potential and ensure reliability
-
The Joint Venture is evaluating the potential for future infill drilling
campaigns in 2028 at the Okume Complex, using a conventional jack-up rig in
shallow water, and Ceiba field
-
At Block EG-23 (Panoro 80 percent, operator) the Company is actively working
to define the optimal integrated field development plan for the Estrella (gas
condensate) and Rodo (oil) discoveries
- Estrella-1 well discovered 60 metres net hydrocarbon pay in 2001 and was
tested at 6,780 bopd (48 - 50° API) and 48.7 MMscfd
- Several further oil, gas and gas/condensate discoveries have been made on
the block
-
Ongoing seismic re-processing and comprehensive subsurface studies are also
resulting in the identification of substantial follow-on prospectivity
-
Farm out process launched and ongoing for Block EG-01 (Panoro 80 percent,
operator) with strong levels of interest and active discussions with interested
parties
Gabon
-
The MaBoMo Phase 2 infill drilling campaign on the Dussafu block (Panoro
17.5 percent) has been evidently delayed by the rig incident. While it is too
early to say when drilling could resume, the joint venture is currently
assessing what alternative options exist and how best to incorporate the
remaining MaBoMo Phase 2 wells into future plans
-
As a standard safety precaution, production from the MaBoMo facility was
shut-in ahead of the Prospector 5 drilling rig moving onto location prior to the
incident. There has been to date no reported damage to the MaBoMo facility or
related equipment. Production at MaBoMo was resumed on 28 October. Panoro’s
current working interest production at Dussafu is approximately 3,600 bopd
-
The initial two open water wells drilled prior to the rig incident to
appraise the North-West Hibiscus area both encountered oil. The first well
encountered a 16metre oil column in high-quality Gamba reservoir sands adjacent
to the Hibiscus field. A second well, drilled as a side-track from the main well
bore, successfully confirmed the extension of theHibiscus structure with the
presence of a 30 metre oil column in high-quality Gamba sands within an as-yet
undeveloped area of the Hibiscus field. Based on the operator’s preliminary
assessment, this represents an aggregate estimate of recoverable oil of
approximately 8-9 million barrels
-
The Bourdon field development, which was sanctioned by the joint venture in
Q2, is progressing to plan with first oil targeted in Q1 2028
- Development cluster concept based on the successful and proven MaBoMo
blueprint which will comprise an initial three production wells and wellhead
platform
-
Additional drilling targets have been identified in the vicinity of the
Bourdon discovery which may add further upside
-
3D seismic which was acquired across the Niosi, Guduma and Dussafu licenses
will help confirm future high-impact drilling targets
Côte d’Ivoire - Block CI-27
- Gas deliveries from Block CI-27 (Panoro 9.09 per cent indirect interest)
have been steady through the first nine months of 2026 at approximately 192
MMscfd with 997 bopd of oil and condensate also produced and sold to a local
refinery in Abidjan
- The current infill drilling campaign on PFA is on time and on budget. The
first two wells have been completed and tested at expected rates. The third well
is currently being drilled
Tunisia - TPS Assets
- Production has remained stable at the TPS Assets in Tunisia (Panoro 49
percent) where ongoing workovers and upcoming optimisation campaigns are
expected to positively impact production
Enquiries
Qazi Qadeer, Chief Financial Officer
Tel: +44203 405 1060
Email:investors@panoroenergy.com
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, Block CI-27 offshore Côte
d’Ivoire and onshore Exploration Right 376 in South Africa.
Visit us at www.panoroenergy.com.
Follow us on LinkedIn (Panoro Energy | LinkedIn)
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