Red Sky Energy (ASX:ROG) Signs Agreement for Block 6/24 Offshore Angola
Agreement Details
Red Sky Energy has signed the Risk Service Contract (RSC) for Block 6/24, offshore Angola, securing a 35% interest alongside Sonangol E&P (50%) and ACREP (15%). The agreement follows parliamentary ratification.
Resource Assessment
Independent assessments confirmed Net 2C Contingent Resources of 5.1 MMbbl and Net 2U Prospective Resources of 11.0 MMbbl in Block 6/24. The Cegonha field, with heavy crude oil (18° API), is commercially viable using established global production methods.
Executive Comments
Managing Director Andrew Knox stated, “The parliamentary ratification and formal agreement with the Angolan Government represent a key strategic achievement for Red Sky. Block 6/24 is an exceptional asset — anchored by a material oil discovery, surrounded by high-potential prospects, and offering exposure to emerging pre-salt opportunities. This milestone accelerates our ability to commence technical work with our partners Sonangol and ACREP and pursue early production potential. It also diversifies our portfolio across geographies and resource types, supporting long-term value creation for shareholders. We are excited to take the next step in unlocking value from one of West Africa’s most prospective offshore basins.”
Next Steps
The agreement paves the way for finalising the Joint Venture Operating Agreement, commencing geological and geophysical studies, and preparing for seismic reprocessing and potential drilling.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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