Norway-listed Panoro Energy has reported first-quarter 2026 performance in line with expectations and outlined a series of significant operational and corporate milestones across its portfolio in Equatorial Guinea and Gabon, as the company advances what it calls a transformational acquisition that could significantly lift its production profile.
The company’s planned acquisition of an additional 40.375 per cent interest in Block G offshore Equatorial Guinea, announced in February, is expected to position Panoro to achieve group net production of 20,000 barrels of oil per day during 2027. Group production averaged 15,000 barrels per day on a pro forma basis during the first quarter, while pro forma 2P reserves stood at approximately 84 million barrels at year-end 2025. Panoro declared a quarterly cash distribution of $5.38 million for payment in June.
Operations at Block G were affected by unplanned facilities-related downtime at the Ceiba field during the quarter, though the company said partial restoration had been achieved, with further work continuing through 2026. The joint venture is evaluating future infill drilling campaigns in the Okume Complex and subsea infill wells at Ceiba. At Block EG-23, where Panoro operates with an 80 per cent interest, seismic reprocessing and subsurface studies are advancing, with the Estrella discovery identified as a potential fast-track development candidate due to its proximity to existing infrastructure — the Estrella-1 well had previously encountered 60 metres of net hydrocarbon pay and tested at 6,780 barrels per day.
In Gabon, production at the Dussafu Marin Permit remained stable during the quarter, with the government approving in April an amendment extending the Dussafu production sharing contract through 2053. Panoro outlined an updated drilling schedule for the MaBoMo Phase 2 campaign, with two appraisal wells planned in the northwest Hibiscus area in the third quarter of 2026, followed by four production wells in the fourth quarter. First oil from the campaign is expected in early 2027 at around 5,000 barrels per day per well, lifting gross production at Dussafu toward its nameplate capacity of approximately 40,000 barrels per day. The Bourdon structure has been identified as the next production hub, targeting roughly 25 million barrels of gross recoverable reserves through an initial three-well cluster development.
Executive Chairman Julien Balkany said the Block G acquisition is a transformational step that will make Panoro a materially larger and more resilient business, strengthening its capacity to generate cash flow through the cycle and deliver enhanced shareholder returns. He noted that the company lifted almost 550,000 barrels in the second quarter to date on a pro forma basis at a realised price of approximately $114 per barrel.
Source: oedigital.com