Panoro Energy H1 2026 slides: four-country portfolio, gas expansion

Panoro Energy released its H1 2026 financial results on August 20, 2026, amidst significant expansion and acquisitions. Despite achieving pro forma revenue of $130 million and EBITDA of $68 million, the company's shares fell 3.05% to $28.65, reflecting investor skepticism towards its aggressive growth strategy. The Norwegian oil and gas company has transformed from a singularly operating in Tunisia to a four-country portfolio spanning Tunisia, Equatorial Guinea, Gabon, and now Côte d'Ivoire.

This strategic growth has been driven by well-timed acquisitions aimed at increasing shareholder value.

Among the most recent acquisitions is the 40.375% working interest acquisition of Block G offshore Equatorial Guinea in Q2 2026, elevating Panoro's total stake to 54.625%. This acquisition, coupled with the CI-27 deal in Côte d'Ivoire, underscores the company's pivot towards gas production. The CI-27 asset, which is 95% gas-weighted, offers appealing economics with low production costs of $6 per barrel of oil equivalent and includes long-term take-or-pay gas sales agreements featuring minimum fixed prices.

Côte d'Ivoire's robust economic backdrop, characterized by consistent GDP growth and expanding energy infrastructure, presents a favorable environment for Panoro's gas-focused investments. The country's annual GDP growth of more than 6% since 2018 has risen to nearly $100 billion in 2025. Natural gas production has expanded from 30 MMcf/d in 2015 to 55 MMcf/d in 2025, with domestic demand driven by a 2.65 GW gas-fired power capacity and a growing electricity demand of 125 MW annually.

Panoro's production trajectory is on an upward trajectory, with group production exceeding 20,000 boepd, as illustrated in the company's production growth chart. On an IFRS basis, H1 2026 production reached 9.4 kbopd, with Q2 at 9.7 kbopd. Pro forma production, including the Block G acquisition, reached 15.2 kbopd in H1 2026, and is projected to rise to approximately 23 kbopd by the end of 2027.

The Block G acquisition in Equatorial Guinea, completed in June 2026, represents a key milestone in Panoro's expansion strategy. This asset now contributes 9.1 kbopd of net production in H1 2026, with gross 2P+2C reserves of 14.4 MMboe, and is expected to deliver 3,334 boepd of net working interest production. The Dussafu asset in Gabon, a cornerstone of Panoro's portfolio, has a 17.5% working interest and is currently undergoing the MaBoMo Phase 2 drilling campaign to extend the production plateau.