Australian oil exploration company Red Sky Energy has announced the completion of maiden resource estimates for Block 6/24, containing the Cegonha discovery and located offshore Angola in the Kwanza Basin. Red Sky Energy holds a 35% working interest in the block.

The independent assessment by petroleum consulting firm PetroAus reports a Net Contingent Resource of 5.1 million barrels (MMbbl) and a Net Contingent Resource of 10.8 MMbbl for the Cegonha oil field within the Cegonha Cluster Area. Additionally, a Net Prospective Resource of 11.0 MMbbl has been identified for three additional prospects – IBIS, D2, and B2 – in the same area.

“The latest evaluation of the Cegonha Cluster Area confirms its significant oil resources potential. Our technical studies indicate high-confidence hydrocarbon-bearing zones, and we are now focused on advancing appraisal activities and unlocking value from this asset. We see substantial upside in the nearfield prospects and pre-salt potential, which could further enhance the economics of Block 6/24,” stated Andrew Knox, Managing Director, Red Sky Energy.

With these results, the Cegonha oilfield is positioned for rapid appraisal and development, with a clear pathway to early production and cash flow generation. Initial studies indicate the possibility of a pre-salt structure beneath the Ibis prospect, which will be matured as part of the forward work program.