Panoro Energy reported pro forma revenue of $130 million and EBITDA of $68 million for the first half of 2026, reflecting a decline from H1 2025 figures of $86 million and $50.7 million, respectively. The Norwegian exploration and production company also disclosed a 3.05% drop in its share price to $28.65 on August 20, following the release of its H1 results.
The company’s portfolio now spans four countries—Tunisia, Equatorial Guinea, Gabon, and Côte d’Ivoire—after completing a $80 million acquisition of an indirect 9.09% interest in Block CI-27 offshore Côte d’Ivoire from DNO. The asset, which is 95% gas-weighted, is expected to contribute approximately 3,334 barrels of oil equivalent per day in H1 2026. Panoro also increased its working interest in Block G offshore Equatorial Guinea to 54.625% following a 40.375% acquisition, adding 9.1 kbopd to its net production in the first half.
Panoro’s H1 2026 production averaged 9.4 kbopd under IFRS accounting, rising to 15.2 kbopd on a pro forma basis including Block G. With the inclusion of Block CI-27, pro forma production reached 18.5 kbopd, with guidance for 2027 projected at around 23 kbopd. The company’s FY 2026 capital expenditure guidance has been raised to $72 million on a pro forma basis, up from $55 million on a standalone basis, with allocations prioritizing Gabon (55%), Equatorial Guinea (25%), and Tunisia (17%).
Financial positioning remains stable, with cash at bank totaling $57.3 million as of June 30, 2026, down from $71 million at the end of Q1. Gross debt stood at $297.8 million in senior secured bonds, alongside a $50 million senior unsecured bond issued to fund the CI-27 acquisition. The company declared a quarterly cash distribution of NOK 50 million, bringing cumulative returns to NOK 810 million, with total shareholder returns including buybacks reaching NOK 950 million, equivalent to roughly 25% of market capitalization.
Production costs remain competitive, with Block CI-27 operating at $6 per boe and FY 2026 standalone operating expenses guided at $23 per barrel, excluding royalties. Panoro’s gas expansion strategy aligns with Côte d’Ivoire’s growing energy demand, where gas production has risen from 30 MMcf/d in 2015 to 55 MMcf/d in 2025, meeting over 70% of domestic gas needs. The company targets first oil from the Dussafu MaBoMo Phase 2 drilling campaign in early 2027, with the Bourdon development expected to commence production in H1 2028.
