DNO ASA is exiting Côte d'Ivoire at a profit, taking part of the payment in shares of the buyer rather than a clean cash exit. DNO agreed to sell DNO CI LLC, the entity holding its Côte d'Ivoire interests, to Panoro Energy ASA for total consideration of $86.5 million: $65.1 million in cash plus 7,000,000 newly issued Panoro shares.
How DNO ended up in Côte d'Ivoire
DNO picked up the Côte d'Ivoire business in 2022 through RAK Petroleum plc, which distributed its DNO shareholding directly to RAK's own shareholders as part of the transfer. DNO dates its formal entry to October 2022 and estimates an annualized return, or internal rate of return (IRR), of about 24 percent on the investment since then.
Production and reserves
The business currently produces around 3,300 barrels of oil equivalent a day net to DNO. At the transaction's effective date, net reserves classified as 2P, the industry shorthand for proved plus probable reserves, stood at 9.4 million barrels of oil equivalent. A further 5.0 million barrels of oil equivalent sit in 2C contingent resources, the category for volumes that have been discovered but not yet booked as reserves.
| Metric | Figure |
|---|---|
| Total consideration | $86.5 million |
| Cash portion | $65.1 million |
| Share portion | 7,000,000 Panoro shares |
| Annualized IRR since Oct. 2022 | ~24% |
| Current net production | ~3,300 boepd |
| Net 2P reserves | 9.4 MMboe |
| Net 2C contingent resources | 5.0 MMboe |
| Expected close | Mid-September 2026 |
Why DNO is stepping back
DNO ties the sale to its own growth elsewhere. The company points to its expansion in the North Sea and net oil and gas production that has climbed to nearly 150,000 barrels of oil equivalent a day, growth that DNO says has left the Côte d'Ivoire business less core to the portfolio.
Company profile
DNO is a Norwegian oil and gas operator founded in 1971, the country's oldest oil company and the first to list on the Oslo Stock Exchange, in 1981. It describes itself as active in the North Sea, the Middle East and West Africa, with license stakes in Norway, the Kurdistan region of Iraq, the United Kingdom, Côte d'Ivoire and Yemen. DNO filed the announcement under Norway's disclosure rules for regulated market information, per section 5-12 of the Norwegian Securities Trading Act.
The transaction is expected to complete in mid-September 2026.
