Red Sky Energy

What Red Sky Energy does

Red Sky Energy Limited (ASX:ROG) is an Australian-listed upstream oil and gas exploration and development company headquartered in Melbourne. The company acquires, drills, and develops conventional hydrocarbon resources using proven subsurface and production technologies, with a portfolio of three principal assets. It holds 100% of the Killanoola Oil Project (PRL-13) in South Australia's onshore Otway Basin, which targets 30 mmbbls+ of recoverable oil from the Sawpit Sandstone and carries an independently certified Best Estimate PIIP of 135.5 mmbbls as of April 2023. It holds a 20% non-operating working interest in six Petroleum Retention Licences (PRLs 14, 17, 18, 180, 181, 182) in the Cooper Basin at Innamincka, where the Yarrow gas field (18 BCF 2C contingent) commenced production in July 2023 and generated first cashflow in Q4 2023. In December 2024, the company expanded internationally by signing a Risk Service Contract with ANPG for a 35% participating interest in offshore Block 6/24 in Angola's Kwanza Basin, with Sonangol E&P (50%) as operator and ACREP (15%).

The business model is that of a conventional upstream operator. Revenue is generated from commodity sales of crude oil, natural gas, ethane, LPG and condensate under offtake and gas sales agreements with major Australian counterparties including Viva Energy (Killanoola crude to Geelong refinery), Origin Energy (Yarrow gas), and the South Australian Cooper Basin Joint Venture (ethane, LPG, condensate, Moomba processing). Operations are executed by a small management team of 1-10 employees with deep industry experience, supported by operating partners (Santos at Innamincka, Sonangol E&P at Angola) and a New Ventures Manager with prior majors experience. The go-to-market is sales-led upstream: secure acreage, appraise and de-risk resources using 3D seismic and petrophysical analysis, then bring to production under long-term offtake arrangements. Distribution runs through established pipeline networks (SACBJV) and road tanker to domestic refineries, with investor relations handled through ASX announcements, conference participation (RIU Essential Energy, Sharecafe), and digital channels.

Name

Red Sky Energy

Legal name

Red Sky Energy Limited

Website

https://redskyenergy.com.au

Company type

Public

Founded year

2001

Operating status

Operating

Headcount range

1–10 employees

Short description

Red Sky Energy Limited (ASX:ROG) is an Australian-listed upstream oil and gas company that acquires, drills, and develops conventional hydrocarbon assets across the Killanoola and Innamincka projects in South Australia and Block 6/24 in Angola's Kwanza Basin.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Exploration and Production

NAICS

Crude Petroleum Extraction (21112), Support Activities for Mining (2131)

SIC

Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Production Services & Artificial Lift (ESP, Rod Lift, Gas Lift, Chemicals) (EUALABAH)

Keywords

• Oil and gas exploration
• Upstream hydrocarbon production
• Petroleum asset development
• Conventional oil fields
• Gas and crude production

Headquarters

HQ city

Melbourne

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Hydrocarbon Sales: Production and sale of crude oil, natural gas, ethane, LPG, and condensate from operated and non-operated assets. Revenue generated from commodity sales under offtake agreements with major energy companies.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels8 records

Core offering

Red Sky Energy Limited is an Australian listed oil and gas exploration and development company that acquires, drills, and develops conventional oil and gas resources using proven technologies. The company's portfolio comprises the 100%-owned Killanoola Oil Project in South Australia's Otway Basin, a 20% working interest in the Innamincka (Cooper Basin) PRLs operated by Santos, and a 35% participating interest in the offshore Block 6/24 in Angola's Kwanza Basin.

Product overview

Red Sky Energy is an Australian listed oil and gas exploration and development company (ASX:ROG) that operates as a single-segment upstream resource company rather than a software platform. The company acquires, drills, and develops conventional oil and gas resources using proven technologies. Its portfolio consists of three principal projects: the 100%-owned Killanoola Oil Project in the Otway Basin targeting waxy crude oil production with an agreement to sell to Viva Energy; the Innamincka Project where it holds a 20% non-operating interest in Cooper Basin gas and oil fields with Santos as operator; and the Kwanza Basin Block 6/24 offshore Angola where it holds 35% under a Risk Service Contract with Sonangol E&P as operator.

Differentiator

Problem solved

Functional benefit

Products and services

• Killanoola Oil Project 100%-owned flagship oil field in the onshore Otway Basin, South Australia, targeting 30 mmbbls plus of recoverable oil from the Sawpit Sandstone formation. Best Estimate PIIP of 135.5 mmbbls as of April 2023, with crude sold to Viva Energy's Geelong refinery.
• Innamincka Project Cooper Basin project where Red Sky holds a 20% non-operating working interest in six Petroleum Retention Licences (PRLs). Includes the Yarrow gas field (2C contingent resource of up to 18 BCF), Flax oil field, and Juniper oil and gas field, with gas and associated products sold to Origin Energy and SACBJV.
• Kwanza Basin Block 6/24 (Angola) Offshore Angola block covering 4,930 km² with existing 2D and 3D seismic coverage and the Cegonha oil field discovery. Red Sky holds 35% participating interest alongside Sonangol E&P (50%, operator) and ACREP (15%) under a Risk Service Contract with ANPG.

Quantifiable outcome

• Killanoola Best Estimate PIIP increased 1228% from 7 mmbbls to 93 mmbbls in May 2022
• +1 more outcomes

Named customers3 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Seven partnerships are on record, tiered core.

• Sonangol Exploracao e Produção SA (Sonangol E&P)coreStrategic or Co-development Partner · 31 December 2024Sonangol E&P is the operator of Block 6/24 offshore Angola with a 50% participating interest. Under the Risk Service Contract, Sonangol E&P is afforded exclusive operational control of all exploration and production activities in Block 6/24. The RSC was signed on 31 December 2024 for an initial 6-year exploration and appraisal period.
• ACREP Exploração Petrolífera SA (ACREP)coreStrategic or Co-development Partner · 31 December 2024ACREP holds a 15% participating interest in Block 6/24 as part of the Risk Service Contract signed with ANPG. ACREP is a partner alongside Sonangol E&P (50%) and Red Sky Energy (35%) for offshore Block 6/24 in Angola's Kwanza Basin.
• Viva Energy Australia Pty LtdcoreGTM or Marketing Partner · 1 August 2023Red Sky signed agreement with Viva Energy Australia to purchase all crude oil from the Killanoola oil field project, subject to required quality specifications. Delivery is made to Viva Energy's Geelong refinery by road tanker, approximately four hours southeast of the project site.
• Santos LimitedcoreStrategic or Co-development PartnerSantos holds 80% working interest and operates the six PRLs (14, 17, 18, 180, 181, 182) at Innamincka. Santos completed the Yarrow flowline connection to the network in July 2023. Red Sky holds 20% working interest, free carried through the 3D seismic acquisition programme.
• Origin EnergycoreGTM or Marketing PartnerGas sales agreement signed with Origin Energy for the sale of gas from the Yarrow gas field at Innamincka.
• SACBJV (South Australian Cooper Basin Joint Venture)coreGTM or Marketing PartnerAgreements finalised with SACBJV for the sale of ethane, LPG and condensate from Innamincka. Agreements also reached for transport of Yarrow gas through the SACBJV pipeline network and processing at Moomba Plant.
• ANPG (Angolan National Agency for Oil, Gas and Biofuels)coreOthersANPG is the Angolan National Agency for Oil, Gas and Biofuels that oversees the oil and gas sector. ANPG signed the Risk Service Contract with Red Sky for offshore Block 6/24 and provides regulatory oversight. Angola has implemented regulatory reforms including establishment of ANPG to streamline processes for foreign investors.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Beach Energy: Mid-cap Australian upstream oil & gas producer; previously owner of Red Sky's Killanoola asset and a direct operational comparable for onshore Otway/Cooper Basin style developments.
• Karoon Energy: Australian-listed upstream O&G company with both producing and growth assets offshore Brazil; comparable in size and lifecycle stage to Red Sky's current profile.
• Buru Energy: Small-cap Australian oil & gas explorer focused on the Canning Basin; very similar size, lifecycle, and onshore-explorer risk profile to Red Sky.
• Vintage Energy: Small-cap Australian O&G company developing onshore gas/oil acreage in the Cooper and Otway basins — direct basin-overlap peer.
• Central Petroleum: Small-cap Australian onshore O&G producer/explorer with a diversified asset base — useful comparable for multi-asset explorers of Red Sky's size.
• Comet Ridge: Australian gas-focused exploration and development company of similar scale, with a comparable mix of operated development and non-operated joint venture interests.
• 88 Energy: ASX/LSE-listed small-cap upstream explorer with international frontier exposure — a useful size-and-jurisdiction-mix comparable for Red Sky's Angola position.
• State Gas: Junior Australian gas explorer developing a single-asset position; useful for benchmarking the Killanoola-focused part of Red Sky's portfolio.
• Armour Energy: Small-cap Australian O&G company with a mix of exploration and producing assets; comparable lifecycle stage and balance sheet profile to Red Sky.

Broad incumbents

• Santos: Operator of the Innamincka PRLs and a major Australian O&G incumbent; the joint venture partner on Red Sky's only producing interest and a benchmark Australian upstream operator.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/redskyenergy
• LinkedInlinkedin.com/company/red-sky-energy-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Red Sky Energy