Panoro Targets Higher Output After Equatorial Guinea's Block G Deal
May 21, 2026
Panoro Energy has reported first-quarter performance to be in line with expectations as the company advanced a series of offshore development and exploration projects across Equatorial Guinea and Gabon while progressing what it dubbed 'a transformational' acquisition in Block G offshore Equatorial Guinea.
The company said the acquisition of an additional 40.375% interest in Block G, 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 bopd on a pro forma basis during the quarter, while pro forma 2P reserves stood at around 84 million barrels at year-end 2025.
Panoro declared a quarterly cash distribution of $5.38 million (NOK 50 million) for payment in June.
“Panoro has started 2026 with strong strategic and well-timed momentum. The announced acquisition of an additional interest in Block G is a transformational step for the Company at an opportune moment, helping position us to deliver group net production of 20,000 bopd during the course of 2027. This acquisition will make Panoro a materially larger and more resilient business, strengthening our capacity to generate cash flow through the cycle and deliver enhanced shareholder returns,” said Julien Balkany, Executive Chairman of Panoro.
Operations in Equatorial Guinea remained a key focus during the quarter. Production at Block G was affected by unplanned facilities-related downtime at the Ceiba field, though Panoro said partial restoration had been achieved and further work would continue through 2026 to restore full reliability and output potential.
The company said productive and asset integrity projects were ongoing across the block and that the joint venture was evaluating future infill drilling campaigns in the Okume Complex and subsea infill wells at Ceiba.
At Block EG-23 offshore Equatorial Guinea, where Panoro is operator with an 80% interest, seismic reprocessing and subsurface studies are continuing with focus on existing discoveries and nearby prospectivity.
Panoro said the Estrella discovery had been high-graded as a potential fast-track development candidate due to its proximity to existing infrastructure. The Estrella-1 well previously encountered 60 metres of net hydrocarbon pay and tested at 6,780 bopd and 48.7 MMscfd.
In Gabon, production at the Dussafu Marin Permit remained stable during the quarter, with a workover completed in March to replace an electrical submersible pump.
Panoro said the joint venture had received government approval in April for an amendment to the Dussafu production sharing contract extending the licence through 2053, including optional extension periods.
The company also outlined an updated drilling schedule for the MaBoMo Phase 2 campaign offshore Gabon, with two appraisal wells planned in the northwest Hibiscus area in the third quarter of 2026, followed by four production wells from the MaBoMo platform in the fourth quarter.
First oil from the campaign is expected in early 2027, with Panoro estimating production of around 5,000 bopd per well.
Panoro said the development would increase gross production at Dussafu to its nameplate capacity of around 40,000 bopd once all wells are online.
The company added that Bourdon had been identified as the next production hub offshore Gabon, targeting around 25 million barrels of gross recoverable reserves through an initial three-well cluster development based on the MaBoMo concept.
“Though our crude oil sales for Q1 were at a relatively low realised price of $68.41 per barrel as our liftings occurred prior to the substantial increase in benchmark prices driven by the escalation of events in the Middle East, we are on track for a strong performance over the remainder of the year, with the vast majority of our 2026 crude oil liftings set to occur in what we see as a structurally higher oil price environment.
“More particularly, we are very excited by the potential of Q2 having, on a pro forma basis, lifted almost 550,000 barrels since quarter end at a realised price of approximately $114 per barrel," Balkany said.
Panoro maintained full-year 2026 pro forma production guidance of 15,000 to 17,000 bopd.
