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FINWIRES

Panoro Energy Closes 9% Stake Purchase in Côte d'Ivoire Gas Project from DNO

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Panoro Energy (PEN.OL) said Monday it completed the $64.4 million acquisition from Norwegian oil and gas operator DNO (DNO.OL) of a 9.09% indirect interest in a gas-producing block in Côte d'Ivoire.

The transaction involved the transfer to the London-based independent exploration and production company of DNO's subsidiary DNO CI, which holds the indirect interest. It settled the purchase using $43 million in cash and $21.4 million in new shares.

DNO CI holds its indirect stake in Block CI-27 through a 33.33% shareholding in Foxtrot International, which operates the project with a 27.27% stake.

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