Panoro Energy Asa

What Panoro Energy Asa does

Panoro Energy ASA is a Norwegian-listed independent exploration and production (E&P) company focused on oil and gas assets across Africa. The company holds producing interests in Block G offshore Equatorial Guinea (Ceiba Field and Okume Complex, 54.625% following the June 2026 Kosmos acquisition), the Dussafu Marin Permit offshore Gabon (17.5%), and the TPS Assets in Tunisia (49% in fields, 50% in the operating company), alongside exploration acreage in Block EG-23, Block EG-01, Block S (Equatorial Guinea), Niosi and Guduma Marin Permits (Gabon), and Exploration Right 376 in South Africa targeting helium and natural gas. The portfolio combines producing, development, and exploration assets across four African countries, operated through long-term Production Sharing Contracts with host governments and in partnership with national oil companies (GEPetrol, ETAP) and operators (Trident Energy, BW Energy, Vaalco Energy).

The company's underlying technology stack consists of conventional upstream E&P methods — seismic data acquisition and analysis, development drilling, subsea production systems, and FPSO-based processing and export (Ceiba FPSO in Equatorial Guinea, BW Adolo FPSO in Gabon, with Tunisian production moving via pipeline to the La Skhira terminal). Panoro generates revenue through the sale of crude oil at prevailing market prices via periodic tanker liftings from its FPSO and terminal infrastructure to downstream buyers including oil traders and refineries. The company does not publish product pricing, as crude is a commodity sold at fluctuating benchmark prices. In FY2025, Panoro produced 10,263 bopd on average (a record), lifted 3.1 million barrels of crude oil generating USD 199.4 million in lifting proceeds, with full-year revenue of USD 216.8 million and EBITDA of USD 97.5 million.

Panoro's go-to-market is asset-acquisition led rather than sales-led: the company grows through farm-ins, license-round participation, working-interest acquisitions, and development drilling on existing acreage. It maintains a lean organization of 27 employees distributed across offices in Oslo, London, Malabo, Libreville, and Tunis. The company is publicly listed on Oslo Børs (ticker PEN) and on OTCQX in the US (PESAF), with FY2025 capital activity including a USD 150 million senior secured bond tap and a NOK 467 million (~USD 49 million) private placement to fund the transformational Block G acquisition. Shareholder returns remain a stated priority, with approximately NOK 411 million distributed in 2025 through cash distributions and share buybacks.

Name

Panoro Energy Asa

Legal name

Panoro Energy ASA

Website

https://panoroenergy.com

Company type

Public

Founded year

2009

Operating status

Operating

Headcount range

11–50 employees

Short description

Panoro Energy ASA is a Norwegian-listed independent E&P company producing oil and gas from assets in Equatorial Guinea, Gabon, and Tunisia, with exploration acreage in Gabon and South Africa, and exploration in Equatorial Guinea, selling crude at market prices to oil traders and refineries.

Ownership category

akta.pro rank

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Others, Infrastructure

Revenue model

1. Oil and Gas Production Sales: Panoro Energy generates revenue from the sale of crude oil and potentially natural gas produced from its oil fields in Equatorial Guinea, Gabon, and Tunisia. Production is sold at market prices with revenue dependent on production volumes and oil price realizations. Full-year 2025 revenue was USD 216.8 million with EBITDA of USD 97.5 million.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

Panoro Energy ASA is an independent exploration and production (E&P) company that acquires, develops, and produces crude oil (and potentially natural gas) from production, development, and exploration assets located in Africa. The company generates revenue primarily from the sale of crude oil produced from its offshore and onshore fields in Equatorial Guinea, Gabon, and Tunisia, with growth pursued through development drilling, farm-ins, and acquisitions of additional interests in producing assets.

Product overview

Panoro Energy ASA is a Norwegian listed independent exploration and production (E&P) company that operates as a single unified business focused on oil and gas exploration, development, and production across Africa. The company's portfolio consists of producing assets (Block G with Ceiba Field and Okume Complex in Equatorial Guinea, Dussafu Marin Permit in Gabon, and TPS Assets in Tunisia), along with exploration assets (Block EG-23, Block EG-01, Block S in Equatorial Guinea, Niosi and Guduma Marin Permits in Gabon, and Exploration Right 376 in South Africa). The company does not operate a software platform or sell technology products; rather, it generates revenue through the sale of crude oil and natural gas produced from its asset portfolio.

Differentiator

Problem solved

Functional benefit

Products and services

• Block G (Ceiba Field and Okume Complex)

Quantifiable outcome

• Record full-year 2025 average net production of 10,263 bopd
• +2 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered minor and core.

• Nordic Trustee ASminorOthers · 24 February 2026Nordic Trustee AS was instructed by Panoro to summon a written resolution of bondholders in connection with the planned acquisition of additional interest in Block G from Kosmos Energy.
• Arctic Securities ASminorOthers · 24 February 2026Arctic Securities AS acted as financial advisor to Panoro in connection with the contemplated acquisition of a 40.375% increased interest in Block G from Kosmos Energy.
• Kosmos EnergycoreStrategic or Co-development Partner · 24 February 2026Kosmos Energy sold its 40.375% non-operating working interest in the Ceiba Field and Okume Complex (Block G) to Panoro Energy for $180 million upfront plus up to $39.5 million in contingent payments. Transaction effective January 1, 2025, expected to close Q3 2026.
• Vaalco EnergycoreStrategic or Co-development Partner · 1 October 2024Vaalco Energy is a partner in the Niosi Marin (37.5%) and Guduma Marin (37.5%) blocks offshore Gabon alongside operator BW Energy (37.5%) and Panoro (25%). Niosi is adjacent to the producing Etame Marin permit operated by Vaalco.
• Trident EnergycoreStrategic or Co-development PartnerTrident Energy operates the Okume Complex in Block G offshore Equatorial Guinea where Panoro holds a 14.25% non-operated participating interest. The Ceiba Field and Okume Complex assets comprise six oil fields. Panoro is increasing its stake through the Kosmos acquisition to become the largest partner in Block G.
• BW Energy GaboncoreStrategic or Co-development PartnerBW Energy Gabon operates the Dussafu Marin Permit where Panoro holds a 17.5% interest. BW Energy operates the BW Adolo FPSO and conducts development drilling. The partnership includes multiple discovered fields including Tortue, Hibiscus, and Ruche.
• GEPetrol (Equatorial Guinea National Oil Company)coreStrategic or Co-development PartnerGEPetrol is Panoro's partner in Block EG-23 (80% Panoro, 20% GEPetrol, Panoro operator), Block EG-01 (56% Panoro, 44% Kosmos/GEPetrol, Panoro operator), and holds interests in Block G and Block S.
• ETAP (Entreprise Tunisienne d'Activités Pétrolières)coreStrategic or Co-development PartnerETAP is the Tunisian State Oil Company and holds the remaining interests in the TPS Assets. Panoro Tunisia Production AS indirectly owns 49% interest in the fields and 50% interest in the TPS operating company.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• BW Energy: Norway-listed upstream E&P focused on West Africa (Dussafu operator in Gabon, plus assets in Cote d'Ivoire, Namibia). Direct peer operating the same Dussafu permit and competing for similar African offshore opportunities.
• Vaalco Energy: US-listed independent E&P with producing assets offshore Gabon (Etame) and partnership interest alongside Panoro in the Niosi/Guduma Marin permits. Direct operational peer in the same Gabon offshore fairway.
• Kosmos Energy: US-listed independent E&P with deepwater Africa focus (Ghana, Mauritania, Senegal, Equatorial Guinea). Highly comparable as a small-to-mid-cap Africa upstream pure-play; recently sold Block G interests to Panoro, making it both a former counterparty and benchmark peer.
• Trident Energy: Africa-focused independent E&P operator of Block G (Ceiba/Okume Complex) offshore Equatorial Guinea. Directly comparable as a small-cap Africa E&P pure-play operating producing assets in the same basin as Panoro.
• Africa Oil Corp: Canadian-listed independent E&P company focused exclusively on African upstream oil assets, including deepwater Nigeria and South Africa exploration. Closely comparable business model: small-cap Africa-only upstream pure-play with portfolio of production and exploration assets.
• Orca Exploration Group: Independent E&P focused on natural gas operations in Tanzania (Songo Songo) with additional African exposure. Comparable as a small-cap Africa-focused upstream company with similar production scale and geographic concentration.
• Capricorn Energy: UK-listed independent E&P with a portfolio spanning Egypt, Suriname, and UK North Sea, with a historical Africa-heavy asset base. Comparable small-to-mid-cap upstream pure-play competing for similar African and emerging-basin opportunities.
• Tullow Oil plc: UK-listed independent E&P with producing assets across Africa (Ghana, Côte d'Ivoire, Gabon, others). Comparable in being a small-to-mid-cap Africa-weighted upstream pure-play with a similar mix of producing fields and frontier exploration.

Emerging players

• Tower Resources: AIM-listed small-cap E&P focused on African upstream assets (Cameroon, South Africa, Namibia). Comparable as an Africa-focused upstream company at a similar small-cap scale, though at an earlier stage of development.
• Impact Oil & Gas: UK-based privately held Africa-focused upstream exploration company with deepwater interests offshore South Africa and Namibia. Comparable in Africa upstream focus and exploration-led model, though pre-production.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/panoro-energy

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries2 records

Funding overview

Funding rounds4 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Panoro Energy Asa