Carey Olsen advises on multi-million dollar acquisition

Carey Olsen's corporate team in the Cayman Islands has played a pivotal role in the strategic acquisition by Panoro Energy ASA, which has successfully purchased significant production interests in Block G offshore Equatorial Guinea from Kosmos Energy. This acquisition is noteworthy as Panoro has increased its stake from 14.25% to 54.625% in the block, which encompasses the productive Ceiba field and Okume Complex.

The acquisition was completed on 17 June 2026 and was contingent upon receiving the customary competition clearance from the Central African Economic and Monetary Community (CEMAC). The finalisation of this transaction involved a cash payment of approximately US$127 million, along with the potential for an additional US$40 million in contingent payments, which will be dependent on future oil prices and production levels.

This significant deal not only enhances Panoro's reserves base but also substantially boosts production capabilities and elevates the frequency and size of crude liftings. Such developments are expected to drive considerable long-term cash flow expansion for the company.

Panoro Energy ASA operates as an independent exploration and production firm based in London and is listed on the main board of the Oslo Stock Exchange under the ticker PEN. The Cayman Islands corporate team at Carey Olsen included partner Dylan Wiltermuth and associate Nicholas Vasic. They collaborated closely with onshore legal counsel from Mildwaters Consulting based in London during this complex transaction.

Dylan Wiltermuth noted “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” reflecting the firm's commitment to excellence in transactional support.