A new concession for Block 6/24 has been awarded by way of Presidential Decree 177/25, of 8 October 2025. Block 6/24 is located in the Kwanza offshore basin.

The concession was awarded to a consortium comprised of the following companies:

• Sonangol – Exploração e Produção, S.A. (Operator) – 50%
• Redsky Angola Limited – 35%
• ACREP, S.A. – 15%

A Risk Service Contract was signed between the above companies.

The Exploration Phase will have a duration of 6 years from the signing of the RSC, and the Production Phase for each Development Area a duration of 30 years from the respective Declaration of Commercial Discovery.

A 30% Investment Premium was set on all capital expenditures incurred in each tax year from commencement of production.

A Production Premium was set as follows:

Law 11/25, of 2 October 2025, enacted the new legal framework on the “Creation, Organization, Functioning, Management, Supervision, Appraisal and Extinguishment of Public Funds” in Angola. Below is a summary of Law 11/25:

• Types of Public Funds – Public Funds may adopt one of the following types:
  1. Economic and Productive Development
  2. Investment, Saving and Macro Fiscal Stability
  3. Social Assistance
  4. Infrastructure
     Other types of Public Funds may be created on an exceptional basis.
• Guiding Principles – Public Funds must operate in accordance with the following main principles:
  1. Efficiency
  2. Transparency
  3. Sustainability
• Creation – Public Funds are created by order of the President of the Republic, which must be supported by a report justifying its need/opportunity, as well as its technical and economic feasibility. The instrument creating the fund must specify its (i) nature and objectives, (ii) management bodies and responsibilities, and (iii) sources of funding.
• Modalities – Each Public Fund will adopt one of the following modalities:
  1. Account Fund (Fundo Conta)
  2. Personalized Fund (Fundo Personalizado)

     Account Funds consist of financial resources deposited in Treasury accounts with the Angolan Central Bank (Banco Nacional de Angola) or the commercial banks. Management of such funds is done by a non-banking financial institution under a management contract. They aim to provide market returns and are subject to an investment policy to be approved by the President of the Republic.

     Personalized Funds consist of autonomous public assets, which have separate legal personality, administrative, financial and assets autonomy, and are created to pursue a specific public policy objective. They can only be created by the President of the Republic for a compelling public interest reason. Their objectives cannot overlap with other state bodies/entities and they must be capable of generating their own revenues to fully meet their costs.

• Funding – Each Public Fund will have an initial funding allocation included in the State Budget. Thereafter, the fund may receive regular funding from the state by way of assignment of revenues provided in the State Budget.
• Management – The management bodies of a Public Fund are jointly liable for the consequences of their management actions. The fund staff is subject to the Angolan Labor Law.
• External Audit – Public Funds will be audited by an external auditor based in Angola. The auditor must be replaced after 3 years. The auditor cannot provide any additional services to the fund, including tax advice, accounting, legal or other. In addition to the external auditor, the fund must appoint an independent auditor to its internal Audit Committee.
• Reporting – Public Funds must prepare and provide to the President of the Republic and the Audit Court regular management and accounts reports.
• Appraisal – Public Funds are subject to annual appraisal.
• Tax Regime – Public Funds are exempt from any taxes. However, they are required to withhold taxes from payments to third parties where applicable.
• Extinguishment – Public Funds are extinguished in the following cases:
  1. At the end of their duration in case of limited duration funds;
  2. In case the fund did not achieve the objectives set out at its inception;
  3. If the objectives of the fund have been fully accomplished.
• Existing Funds – Within 1 year of Law 11/25 coming into force, all existing funds will be subject to an evaluation in order to bring them into compliance with the new law. As part of this process existing funds may be restructured, merged or extinguished.