Carey Olsen advises on US$127 million sale of Equatorial Guinea production assets
Carey Olsen's corporate team in the Cayman Islands has advised Panoro Energy ASA ("Panoro") on its purchase of substantial additional production in Block G offshore Equatorial Guinea from Kosmos Energy (NYSE/LSE: KOS) ("Kosmos").
Panoro acquired the Kosmos subsidiary that holds, through a wholly-owned entity, a 40.375% non-operated interest in Block G offshore Equatorial Guinea. Block G contains the producing Ceiba field and Okume Complex. Following the closing of the acquisition on 17 June 2026, Panoro's interest in these assets have increased from 14.25% to 54.625%. Closing followed the receipt of customary competition clearance by the Central African Economic and Monetary Community (CEMAC).
The transaction resulted in a final cash payment of approximately US$127 million, with the potential for an additional US$40 million in contingent payments based on future oil prices and production levels.
The transaction also more than doubles Panoro's reserves base, substantially increases production, and will enhance the frequency and size of its crude liftings, driving meaningful long-term cash flow expansion.
Panoro Energy ASA is an independent exploration and production company based in London and listed on the main board of the Oslo Stock Exchange with the ticker PEN.
The Cayman Islands corporate team comprised partner Dylan Wiltermuth and associate Nicholas Vasic. Carey Olsen also worked alongside onshore legal counsel Mildwaters Consulting in London.
Dylan Wiltermuth said: "We are proud to have supported the team on this transformative acquisition, which reinforces Carey Olsen's strength in advising on complex cross-border transactions across the energy sector."
