The transaction will accelerate debt reduction for Kosmos. (Image source: Kosmos Energy)

In terms with an agreement in place, Panoro Energy has acquired 40.375% non-operating working interest in the Ceiba Field and Okume Complex production assets offshore Equatorial Guinea

Alongside future contingent payments that add up to US$39.5mn, the transaction is worth US$180mn.

This will give Panoro ownership of interests in Block G, with contingent payments of US$12.5mn linked to production performance at the Ceiba field and US$9mn payable in each of 2027, 2028 and 2029, subject to price and production volatilities. 

The transaction enhances liquidity from monetising non-core assets and accelerates debt reduction for Kosmos. Proceeds will be used to reduce borrowings outstanding under the reserves-based lending (RBL) credit facility.

Put in place during January, the transaction process will be through mid-year. It has been approved by the Government of Equatorial Guinea, and completion only remains subject to CEMAC customary approval. Over the two-year period post completion of the transaction, Kosmos expects to realise approximately US$100mn in total savings across capital expenditures and general and administrative expenses.

Andrew G Inglis, Kosmos Energy’s chairman and chief executive officer said, “This transaction reflects our continued focus on capital discipline and balance sheet resilience. The high-grading of the portfolio by accelerating the monetisation of later-life, non-operated production assets enables Kosmos to focus our capital and expertise on our world-class assets where we can add the most value for our stakeholders over the long-term. The proceeds from the transaction enhance liquidity and accelerate debt reduction, while the contingent payments ensure we retain exposure to future upside.”

Capricorn has drilled a total of 18 development wells for 2025.

Working interests in Egypt has generated US$217mn, with an anticipated production count of approximately 20,024 boepd for British exploration company, Capricorn Energy, during financial year 2025 

It recorded a marginal increase above the midpoint of the guidance range of 17,000-21,000 boepd, which sets a slightly higher range for 2026 at 18,000-22,000 boepd. 

The measured anticipation is guided by the necessity of two maintenance shutdowns at the Badr El Din (50% WI) facility and withstanding uncertainty from a possible shift in working interests equation on the North East Abu Gharadig (NEAG) asset. 

BED and NEAG besides, Capricorn enjoys hold on Obaiyed (50% WI) and Alam El Shawish West (20% WI) as well. 

The company, in discussion with partners, is prioritising BED, where development drilling and a waterflood programme have supported the maintenance of production goals. Heightened drilling activity with multiple rigs deployed has boosted gas generation from BED15-31 well from the Lower Bahariya since last October. The partners are now focusing on follow-up wells considering the advantages of the stacked reservoir system in BED and the Lower Bahariya reservoir. For the first half of the year, development drilling in BED will continue with a combination of oil producers and water injectors. The company is awaiting well sequencing, with several wells to be high-graded in a new development lease area. 

Capricorn has aims to evaluate merger and acquisition opportunities as it seeks further expansion in the Middle East and North Africa region, while continuing to build presence in Egypt. 

"Our focus in 2025 was to extract value from our existing assets while pursuing the integrated concession agreement with EGPC and our partners in Egypt. We drilled a total of 18 development wells across our portfolio, while fulfilling our exploration commitments, with positive results in North Um Baraka (NUMB) and South East Horus (SEH)," said Randy Neely, chief executive, Capricorn Energy.

Following the drilling of NUMB-6, the joint venture is working on acquiring a development lease in the NUMB. The SEH-6X well from the SEH concession, on the other hand, has indicated the presence of an active petroleum system, encouraging further exploiration activities.

Block CI-501 is operated by Eni.

Following the drilling of the first exploration well in Block CI-501 in Ivory Coast, Eni has made a significant gas and condensate discovery from Murene South-1X

Known by the name, Calao South, the discovery establishes the potential of the Calao channel complex that includes also the Calao discovery and represents the second largest in the country after Baleine, with estimated volumes of up to 5.0 trillion cubic feet of gas and 450 million barrels of condensate (approximately 1.4 billion barrels of oil). The discovery was made in high-quality Cenomanian sands.

Block CI-501 is operated by Eni (90%)alongside Petroci Holding (10%). Murene South-1X is located approximately 8km southwest of Murene-1X discovery well in the adjacent CI-205 block. Drilled by the Saipem Santorini drilling ship to a total depth of around 5,000 meters in a 2,200 meter water depth, the well underwent an extensive data acquisition campaign. Murene South-1X confirmed the main hydrocarbon bearing interval with a gross thickness of around 50 meters, with excellent petrophysical properties. Murene South-1X will undergo a full conventional drill stem test (DST) to assess the production capacity of the Calao discovery.

Currently, the Baleine field produces over 62 thousand barrels of oil and more than 75 million cubic feet of gas per day from Phases 1 and 2. With the launch of Phase 3, production is expected to rise to 150 thousand barrels of oil and 200 million cubic feet of gas per day, reinforcing Baleine as a key asset in meeting Côte d’Ivoire’s domestic energy needs.

Eni has been active in Ivory Coast since 2015. In addition to block CI-501, the company holds interests in nine other exploration blocks: CI-205, CI-504, CI-526, CI-706, CI-707, CI-708, in partnership with Petroci Holding, and CI-401, CI-801, CI-802 and Baleine AEE (in partnership with Petroci Holding, Vitol and SOCAR, subject to Governmental approvals).

Oil bearing sandstones were found.

Angolan National Agency of Petroleum, Gas and Biofuels together with Azule Energy (36.84%, Operator), and its partners SSI Fifteen Limited (26.32%) and Sonangol E&P (36.84%), have made a discovery in the Algaita‑01 exploration well, located in Block 15/06 in the offshore Lower Congo Basin, Angola

Spudded a month back in a water depth of 667 metres, approximately 18km from Olombendo FPSO, encountered oil bearing sandstones within Upper Miocene reservoir intervals.

Drilling operations were followed by advanced formation evaluation logs to assess reservoir quality and fluid characteristics. Preliminary interpretation of wireline logging and fluid sampling indicates the presence of multiple reservoir intervals with excellent petrophysical properties and fluid mobilities.

Initial estimates indicate a discovered oil in place of approximately 500 million barrels.

“The Algaita-01 results build on a long successful track record of 22 discoveries, once again confirming the exceptional effectiveness of the petroleum system in Block 15/06. The presence of multiple nearby producing facilities further enhances the value of this new exploratory success. We are proud to deliver another significant result together with our partners and to continue creating opportunities for further growth” Joe Murphy, CEO of Azule Energy, commented.

“The discovery of the Algaita-01 well, in Block 15/06, reaffirms the high potential of the Lower Congo Basin and the consistency of the ongoing exploration strategy, creating favorable conditions for swift monetisation, with positive impacts on national production and State revenues. The ANPG encourages the continued identification of new opportunities under the existing incentive mechanisms, particularly Decree 8/24 on Incremental Production, as well as Decree 5/18, which establishes the legal framework that allows exploration within and near development areas,” Paulino Jerónimo, chairman and CEO of ANPG.