Sociedade Nacional de Combustíveis de Angola (Sonangol) - EP (National Fuel Company of Angola - a Public Corporation

)

2010 REPORT AND ACCOUNTS

Finance Department Sonangol - EP

Notes to the Accounts for the Financial Year Ended December 31, 2010 Amounts expressed in kwanza (AKZ)

REPORT AND ACCOUNTS

This report contains:    Balance Sheet Earnings Statement Notes to the Accounts

BALANCE SHEET AT DECEMBER 31, 2010 (Amounts expressed in kwanza)
Financial Year Note ASSETS Noncurrent assets Tangible fixed assets Intangible fixed assets Investments in mining Investments in subsidiaries and associates Other financial assets Other noncurrent assets TOTAL NONCURRENT ASSETS Current assets Inventories Accounts receivable Cash and other liquid assets Total current assets TOTAL ASSETS SHAREHOLDER EQUITY AND LIABILITIES Shareholder equity Capital Reserves and funds Earnings TOTAL SHAREHOLDER EQUITY Noncurrent liabilities Medium and long-term loans Provisions for risks and charges Other noncurrent liabilities Total noncurrent liabilities Current liabilities Accounts payable Other current liabilities Total current liabilities TOTAL CAPITAL AND LIABILITIES /s/ Jacinto Manuel Veloso Chief, Accounting Department /s/ Mbiavanga Filipe, Director of Internal Control and Audit Registration No. 3227 /s/ Raquel Rute da Costa David Vunge Director of Finance 19 21 16 18 19 12 12 8 9 10 4 5 4A 6 7 9 2010 2009

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EARNINGS STATEMENT AT DECEMBER 31, 2010 (By type) (Amounts expressed in kwanza)
Financial Year Note Sales Other operating income 22 24 2010 2009

Change in finished products and products in process Delivery of sales - concessionaire Cost of merchandise sold and raw materials consumed Payroll costs Amortizations Other operating costs and losses

25.1 25.2 27 28 29 30

Operating balance Financial balance Subsidiaries and associates balance Nonoperating balance 31 32 33

Earnings before taxes Tax on profits Net earnings from current activities Noncurrent earnings Tax on profits Net profit for the financial year 34 35

/s/ Jacinto Manuel Veloso Chief, Accounting Department /s/ Mbiavanga Filipe, Director of Internal Control and Audit Registration No. 3227

/s/ Raquel Rute da Costa David Vunge Director of Finance

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INTRODUCTION 1A. Areas of business The Sociedade Nacional de Combustíveis de Angola, E.P. (hereinafter called Sonangol - EP, or the company), is a wholly publicly owned corporation, created under Angolan law in 1976 by Decree 52/76 of June 9, 1976. According to its current articles of association approved by Presidential Decree 42/10 of May 4, 2010, the main activities of Sonangol - EP are prospecting, research, development, upstream production, transport, marketing, refining, and processing of liquid and gaseous hydrocarbons and their derivatives, including downstream petrochemical operations. Law 10/04 (the Law on Petroleum Activities) identifies Sonangol - EP as the Angolan enterprise to which the state has granted mining rights for prospecting, research, development, and production with respect to liquid and gaseous hydrocarbons. As concessionaire, Sonangol - EP is authorized to enter into partnerships with foreign and domestic entities for the conduct of oil operations within the national territory. These operations are currently based on partnership agreements and production sharing agreements. To fulfill more effectively and professionally its role as the national hydrocarbons concessionaire, the company created subsidiary companies Sonangol Pesquisa e Produção (Sonangol Research and Production) and Sonangol Gás Natural (Sonangol Natural Gas). These two subsidiaries have been used by Sonangol - EP, over time and in partnerships, as vehicles for investment in the exploration and development of crude oil and natural gas. Nonetheless, Sonangol - EP still partly engages in the crude oil business, through investments in Block 0 - the Cabinda Concession. The table below summarizes the areas of business in which the company is involved through its subsidiaries and projects, thus gradually fulfilling its corporate purpose:

research (on natural gas). development.A.6 SUBSIDIARY/PROJECT Sonangol Pesquisa e Produção BUSINESS Prospecting. Solo Properties (Knightsbridge) Ltd SONIP – Sonangol Imobiliária e Propriedades Sonangol Investimentos Industriais Telecommunications services Professional training services Financial equity holding Real estate and property management Real estate and property management Real estate promotion and property management Coordination of the management. and development of industrial projects Hospital business Hydrocarbon research and mining CG – Clínica Girassol Sonangol Hidrocarbonetos . and production of crude oil Development and production of natural gas Transport of crude and refined oil Refining of crude oil in Luanda Refining of crude oil in Lobito (under construction) Supply and storage of refined oil products Marketing and distribution of refined oil products Marketing of crude oil and LPG Marketing of crude oil Marketing of crude oil Contracting of medium.and long-term credit Air transport services to support oil operations Real estate and property management Sonagás – Sonangol Gás Natural Sonangol Shipping Sonarel – Sonangol Refinaria de Luanda Sonaref – Sonangol Refinaria (Project) Sonangol Logística Sonangol Distribuidora Sonangol Limited (UK) Sonangol USA Company Sonangol Asia Limited Sonangol Finance Limited Sonair MST ESSA Sonangol Holdings. S. promotion. Lda PUAÇA – Administração e Gestão.

2001). Sonangol . which was designed for that purpose. Notes not included in this annex are not applicable or insignificant for understanding the financial statements. for the time being. and development of industrial projects for Sonangol . but. Sonangol . with the establishment of two new subsidiaries. 2. The exchange rates used were as follows: . with the introduction of a number of specific items relating to the company’s business (oil and gas industry). The objective is to lay the foundation for the first consolidation of the company’s accounts. defined in the general chart of accounts (Plano Geral de Contabilidade – PGC—Decree 82/01 of November 16. Accordingly. 2010. and audited for 2010. Accounting policies adopted in the preparation of the financial statements 2. as published by the National Bank of Angola.EP as the consolidating entity of the Group. the former being devoted mainly to coordinating the management.3 Exchange rate fluctuations Transactions are recorded on a historical cost basis and adjusted at year-end for the effects of exchange-rate fluctuations occurring during the year between the kwanza (AKZ) and the foreign currency in question. 2.1 Bases of presentation – the accounts consolidation criterion The Sonangol Board of Directors has chosen Sonangol . since 2008 the implementation of the Accounting Policies Manual (Manual de Políticas Contabilísticas—MPC) has been under way. taking into account the MPC.EP expanded its business.2 Bases of presentation – preparation of the financial statements The financial statements were prepared on the basis of accounting records maintained as prescribed in the current Angolan legislation. current assets and liabilities denominated in foreign currency were revalued at the exchange rate prevailing on December 31.7 In 2010.EP and its subsidiaries have devised a single chart of accounts for the Group so as to recognize those specific items. In 2010. The numbering of the notes below reflects that shown in the PGC. presented. consolidated financial statements were not prepared. and in accordance with generally accepted accounting principles and standards. The accounts classification established in the PGC has been amended. Accordingly. Sonangol Investimentos Industriais and Sonangol Hidrocarbonetos. and the latter being involved primarily in hydrocarbons research and mining. and under the terms stated in Ministry of Finance Resolution 104/91 of October 18 and reiterated in Instruction 01/DF-DC/2010. 2. promotion.EP and its subsidiaries in the Special Luanda Bengo Economic Zone.

Amortizations are done using the straight-line method. as estimated for each fixed assets item.621 AKZ 128. at rates calculated to ensure that the value of properties is fully absorbed during their useful life. operations. Development expenses and those of management and capitalized services are amortized using the straight-line method.4 Key accounting criteria The key accounting criteria used to prepare the financial statements were as follows: (a) Investments in mining in Block 0 Investments in mining include the share of Sonangol . at rates depending on the amortization period specified in each concession contract.874 AKZ 123. and other expenses incurred by the operator of Block 0.8 12/31/09 USD 1 = EURO 1 = AKZ 89. development. as follows: Fixed Assets Item Buildings and other construction Basic equipment Transport equipment Administrative equipment Consignable packaging Other tangible fixed assets Useful Life (Years) 20-50 10 5 8-10 5 5-10 . Revaluations are based on the corresponding coefficients published each year by the Ministry of Finance. These investments are recorded at historical cost.021 2.EP in the expenditure relating to research. with adjustments for legally required revaluations minus cumulative amortization.526 12/31/10 AKZ 92. The contractual amortization period is six years. (b) Tangible fixed assets Tangible fixed assets are shown at purchase cost.

‖ When the field begins its production these expenses are transferred from ―works in progress‖ to ―fixed assets‖ and are amortized. which are capitalized in ―works in progress. Research expenses relating to a field under exploration and development are classified in ―works in progress‖. and All expenses incurred during a phase of oilfield research that proves unsuccessful are recognized as costs in the earnings statement for the financial year in which the research and/or development work is halted. when incurred. Large-scale repairs that lengthen the useful life of fixed assets are capitalized and amortized over the remaining portion of their useful life.    . Amortizations are done using the straight-line method.9 Expenses incurred for the repair and current maintenance of fixed assets are considered costs in the year in which they occur. (c) Intangible fixed assets Intangible fixed assets are shown at purchase cost. irrespective of where the reserves are located. Also considered as current financial year expenses are all exploration costs. as follows: Fixed Assets Item Development expenses Industrial property and other rights and contracts Start-up expenses Other intangible fixed assets Useful Life (Years) 3 10 5 5-10 (d) Mining investments and works in progress Tangible fixed assets relating to oil exploration and production are recorded at purchase cost and basically correspond to the following:  Expenses incurred in respect of exploration area (field) research and development. such as seismic interpretation and acquisition as well as geological and geophysical costs in general. involve the whole geographic area of the field. Research expenses. plus the structure and financial costs incurred up to the date of the start of production. at rates calculated to ensure that the value of the fixed assets is fully absorbed during their useful life. minus cumulative amortization. estimated for each fixed assets item.

10 (e) Investments in subsidiaries and associates Shareholdings in subsidiary and associate companies are recorded at purchase cost.and long-term financial transfers to subsidiaries. and other intrinsic costs. Provisions are reviewed on the balance sheet date and are adjusted to reflect the best estimate at that date. other debtors. (ii) it is likely that an outlay of funds will be needed to settle a liability. taking account of the amount owed and the actual rate in force during the period until maturity. (j) Other current liabilities Supplier balances and other current liabilities are recorded at their nominal value. . and (iii) other short-term investments maturing in up to three months that can be immediately callable without significant risk of fluctuations in value. (ii) bank sight and time deposits. Valuation is based on the quantities declared in the operator’s inventory. and subsidiary and associate companies are recorded at their net payment value. (f) Inventories Crude oil inventories are valued at the cost price equivalent to the average annual production cost. (k) Sales and provision of services Sales are recorded net of taxes. These are permanent interest-bearing loans with a repayment period longer than 12 months. the balance of which is shown at net market value. Financial investments classified as ―other financial assets‖ represent investments in asset markets (venture capital investment funds) and are valued at the market value prevailing on the balance sheet date. at the market value of the amount received or receivable. Provisions are not made for future operating losses. (l) Interest Interest received is recorded on the basis of the financial year specificity principle. and (iii) a reliable estimate can be made of the amount of the liability. Noncurrent assets consist of medium. The cost of stocks sold is calculated on the basis of the specific production cost of each concession. discounts. (i) Provisions Provisions are established whenever: (i) there is a legal or constructive obligation resulting from past events. (h) Cash and other liquid assets Cash and other liquid assets include: (i) cash. (g) Accounts receivable and other noncurrent assets The balances of accounts receivable from customers.

to take account of the specific nature of the business activities of the various companies comprising the Group. To date. duties. as such. Nonetheless. Under this legislation.75 percent.‖ the final costs incurred by the company in oil operations. Changes in accounting policies No changes in accounting policies were made or reported. reported to the tax authorities in provisional tax returns. Ministry of Finance. duties. Provisional tax returns are replaced at the end of the financial year by final tax returns. 3. valued at the tax reference prices. Taxes for 2009 are currently being reviewed and definitively established. The taxes. and paid by legally established deadlines.EP is required to transfer to the state an amount equivalent to a minimum of 90 percent of its earnings from sales made as national concessionaire. adjusted to reflect the ―tax reference prices. is included in the costs for the financial year. and fees under Law 13/04 of December 24 (the Law on the Taxation of Petroleum Activities). whether positive or negative. Only current tax is recognized. Final tax returns are subject to review and adjustment by the National Tax Directorate (DNI). there being no calculation or recording of any deferred taxes. (n) Income of the national concessionaire Under current legislation. through the harmonization and documentation of accounting principles from the standpoint of the Group. Oil transaction fee – levied on the annual profit recognized under partnership agreements at the rate of 70 percent and deductible for the purposes of calculating the oil income tax assessment basis. at the rate of 20 percent for the Cabinda concession (Block 0). resulting from temporary differences between the accounting base and the tax base. taxable earnings are defined as presumed monthly profit and calculated provisionally for each Block under production. and fees – Block 0 The company is liable for mining taxes. and Oil income tax – levied on annual profit (net of the oil production tax and the oil transaction fee) recognized under partnership agreements (Cabinda concessions) and at the rate of 65. The achievement of this objective will make it even more possible. This amount is considered a tax and. the objective being to provide information on the account consolidation process. Sonangol .11 (m) Taxes. duties. and its structural costs. and fees referred to above include the following: Oil production tax – levied on the amounts of crude oil and natural gas produced in the year. the Accounting Policies Manual is currently being implemented in the Sonangol Group. which is the revenue authority. policies have been implemented .

and financial statements. additions and deferments. . Procedures for closing accounts and settling intra-Group transactions have also been put into place.12 concerning the Group’s chart of accounts.

3 Movements during the financial year. by item Item Tangible fixed assets Land and natural resources Buildings and other construction Basic equipment Transport equipment Administrative equipment Other tangible fixed assets Works in progress Total Gross Amount Cumulative Amortization Net Amount 4. Tangible fixed assets 4.1 Composition of tangible fixed assets.13 NOTES TO THE BALANCE SHEET 4. in gross amounts Item Tangible fixed assets Land and natural resources Buildings and other construction Basic equipment Transport equipment Administrative equipment Other tangible fixed assets Works in progress Total Initial Balance Revaluation Increase Sales Writeoff/Transfer Final Balance .

14 4. in cumulative amortization Item Tangible fixed assets Land and natural resources Buildings and other construction Basic equipment Transport equipment Administrative equipment Other tangible fixed assets Works in progress Total Initial Balance Revaluation Increase Sales Writeoff/Transfer Final Balance 4A Investments in mining 4A. by item Item Research expenditure Development expenditure Inventory material Supply material Material in transit Means of transport Other investments Works in progress Total Gross Amount Cumulative Amortization Net Amount .1 Composition.4 Movements during the financial year.

15 4A.3 Movements during the year. in gross amounts Item Research expenditure Development expenditure Inventory material Supply material Material in transit Means of transport Other investments Works in progress Total Initial Balance Increase Decrease Final Balance 4A. in cumulative amortization Item Research expenditure Development expenditure Inventory material Supply material Material in transit Means of transport Other investments Works in progress Total Initial Balance Increase Decrease Final Balance .2 Movements during the year.

Transfer of the amount allocated for the Sonaref project. by item Item Nonmining .Block 0 Total Initial Balance Increase Decrease Final Balance In the case of works in progress.Refinery project . the amounts in question having been recognized as charges to the company. ii. 5.Intangible fixed assets Grand total Gross Amount Cumulative Amortization Net Amount . to Sonangol Refinaria do Lobito.Cabinda biodiversity project .SINCO project . Closure of the items relating to the SINCO project and the prospection and research project. by item Item Intangible assets . Intangible fixed assets 5. the following changes were made during the period: i.Buildings and other construction .1 Composition. the amount in question having been assigned to expenditure for the period.Miscellaneous projects Mining .Prospection and research project . in the context of its establishment as a subsidiary in the Group.1 Composition.16 4B Works in progress 4B. and Closure of the Cabinda biodiversity project item. iii. against payment.

in gross amounts Item Intangible assets .Intangible fixed assets Grand total Initial Balance Revaluation Increase Sales Writeoff/Transfer Final Balance 5. by item Item Subsidiaries Shareholdings Gross Amount Cumulative Provisions Net Amount Associates Shareholdings Loans Total .Intangible fixed assets Grand total Initial Balance Revaluation Increase Sales Writeoff/transfer Final Balance 6. in cumulative amortization Item Intangible assets . Investments in subsidiaries and associates 6.17 5.2 Movements during the financial year.3 Movements during the financial year.1 Composition.

18 6.2 Movements in the initial balance and in transactions during the year Gross Amount Item Subsidiaries Shareholdings Loans Initial Balance Increase Decrease Final Balance Associates Shareholdings Loans Total .

3 Details on subsidiaries and associates Company Shareholder Equity Subsidiaries Sonangol P&P Sonangol Gás Natural Sonangol Refinaria de Luanda Sonaref Sonangol Shipping Sonangol Logística Sonangol Distribuidora Sonangol Finance Ltd Sonangol Holdings Lda Sonair MST – Telecomunicações Sonangol Limited Sonangol USA Company Sonangol Asia Puaça Essa SONIP SOLO Properties Clínica Girassol Sonangol Hidrocarbonetos Ltd Sonangol Investimentos Industrias Total – Subsidiaries Associates Banco Millennium BCP Banco Caixa Geral Totta Angola Banco Millennium Angola Petroci Banco Privado Atlântico Banco Privado Atlântico – Europa Angolan Securities and Derivatives Exchange Total .19 6.Associates Subsidiary Accounts Percent of Equity Holding Amount Held Gross Amount Recorded Grand total .

20 The percentage of equity held by the company in each of the subsidiaries is as stated in Decision 06/GPCA/06 of April 20.EP. In the cases of the subsidiaries Sonair. In March 2009. whenever the purchase cost exceeds the sale value the corresponding provisions must be constituted.EP directly holding 50 percent of its shares.138. 2009 respectively. 2007. the company recognized an impairment loss on this investment. which represents an investment of $250 million. with Sonangol . In accordance with the valuation criteria specified in the PGC.638 shares in Millennium BCP. and based on the market listings obtained as at December 31.59 percent shareholding and valued at market price (fair value). The BPD will have $500 million in statutory capital. it is as stated in Decision 02/2007 of March 5. Sonangol . as shown below: Value Date 12/31/07 12/31/08 12/31/09 12/31/10 Fair market value at 12/31/10 No. 2010. In this regard. 2010. 2008 and April 6. corresponding to a 14.EP and Caixa Geral de Depósitos signed a ―strategic partnership agreement‖ for the establishment of the Banco de Produção e Desenvolvimento (BPD). . it is as stated in Decisions 023/2008 and 02/2009 of December 22. Serviço Aéreo SARL. 2006. and Sonangol Gás Natural. of Shares Amount in Euro Amount in Kwanza These securities are held at Banco de Investimento Global (BIG) under the terms of the custody contract signed with Sonangol . As at December 31. Sonangol .EP held 685. For Sonangol Holdings Lda.

Other financial assets 7. LP .1 Details of other investments Gross Amount Item Investments Energy Fund II Energy Fund III Total Initial Balance Increase/ Decrease Final Balance 7.Cobalt International Energy. LP .Kinder Morgan Inc. Lda Subtotal Energy Fund III .Targe Energy LLC . Inc. .Hong Hua LDT .Cobalt International Energy. LP .Vantage Energy LLC Subtotal GRAND TOTAL .21 7. LP .Frontier . .Phoenix Exploration Company LP .Petroplus International .Red Technology Alliance LLC .Dresser Inc.1 Item Composition Gross Amount 12/31/10 12/31/09 Energy Fund II . .Niska Gas Storage .Legend Natural Gas III.1.CDM Resource . .Moreno Energy Inc.Titan Specialties .Jade Partners LLC .Permian Tank & Manufacturing.Niska Gas Storage. LP . LLC .Legend Natural Gas II.Foresight Reserves.Stallion Oilfield Services.

8.1 Inventory movements during the financial year Item Raw materials Crude oil or natural gas Initial Balance Increase Decrease Final Balance Block 0 Total 8.22 7. Other noncurrent assets and accounts receivable .2 Commitments Description Carlyle-Energy Fund II Carlyle-Energy Fund II Commitment Amount (USD) Percentage of Shareholding Executions (USD) The amounts recorded for venture capital investments Energy Fund II and Energy Fund III represent their fair market value. by Block Item Block 0 Areas A and B Total Quantity Average Unit Cost (AKZ) Total 9. Inventories 8.2 Composition of inventories. 2010. as shown in the final reports as at December 31.

Associates Grand total Initial Balance Increase/Decrease Final Balance The transfers made by Sonangol .1 Composition. by type of other noncurrent assets Company Subsidiaries Sonangol P&P Sonagás Sonangol Shipping Holding (SSHL) Sonangol Logística Sonangol Holdings Lda Sonair Essa SONIP Total .Subsidiaries Associates FCKS China Sonangol International Grupo Genius Sonils Force Petroleum Kwanda Limitada ACREP Aspenway Total .EP to each of its subsidiaries as well as its loans to associates are each the subject of a contract.23 9. .1. Any reimbursement not made is automatically transformed into a further transfer.1 Composition Item Current Noncurrent Maturing in Maturing in up to 5 years over 5 years Final Balance Customers Domestic Foreign Advances to suppliers Subsidiaries and associates Intra-Group transactions Other debtors Total accounts receivable 9.

24 Such transfers represent investments made by the company in its subsidiaries and not only those for which the repayment period is deferred. Also included here are loans granted to ―nonassociate companies. and to the Kwanza Sul cement factory (FCKS). to finance their oil operation liabilities.1. by type Item Customers Domestic Foreign Miscellaneous debtors Increases and deferments Intra-Group transactions Stock of the concessionaire Others Total accounts receivable 12/31/10 12/31/09 . all of these within the framework of the Business Development Law.‖ primarily Force Petroleum (Angola) and ACREP. 9.2 Composition of accounts receivable.

1.STASCO Shell International Trading .TOTSA Total Oil Trading .China Sonangol International Hld Ltd . .Sonangol Refinaria de Luanda Subtotal Foreign . . Ltda . .Indian Oil Corporation .2.Conoco Trading .1 Composition of customer balances Item Customers Domestic . .Others Subtotal Total – Customers 12/31/10 12/31/09 The balance maintained with Sonangol Refinaria de Luanda is largely the result of crude oil sales made during the fourth quarter but not yet paid for.Enco – São Tomé .Vitol S. Chemic.DT Refining .DTS Refining Pte Ltd .25 9.Sonangol Congo – Kinshasa .Trafigura Beher Amsterdam .A. The balance in respect of foreign crude oil customers will be fully settled in January 2011. These sales have generally been settled only after publication of the tax reference price by the Oil Ministry.Valero Marketing & Supply .PTT Public Company Ltd .Kangoi Oil Trading Ltd . Beijing .Unipec – China Intern.China National Unit Oil .Formosa Petrochem Co.Shell Trading Comp. This represents a post-closure event but is in keeping with the terms and conditions for crude oil sales.Braskem Incorp.Reliance Industries .CNOOC Trading .

Other miscellaneous debtors 12/31/10 12/31/09 The ―Increases and deferments‖ item reflects the amount for Sonagás accounts receivable.2. Transactions with the subsidiaries relate basically to services provided to Sonangol EP and to amounts charged by the latter and remaining unpaid. Luanda Sonangol Gás Natural Sonangol Distribuidora Sonangol Logística Sonangol Holdings Sonangol Refinaria de Luanda Essa Clínica Girassol Sonangol Finance Ltd Sonangol Shipping Holding Limited SIIND Tuala Kumoxi Amounts receivable – Barclays Wealth Amounts receivable – Esperaza BV Supplies – Elf Advances to suppliers Concessionaire inventory Amounts receivable – BCGTA – partners) Amounts receivable – Total EP (Abandonment Fund – Block 3/8) Material stimulus social fund Workers social fund – Subscription Others Subtotal Total . by type of debtor Item Other miscellaneous debtors Increases and deferments Sonangol Shipping (Angola). related to the reimbursement of principal and interest on transfers it has granted. related to the collection of Sanha operating costs. which will take place in early 2011. It also includes dividends for 2009.26 9. .1. As regards the intra-Group transactions.2 Composition. the Sonangal Finance balance consists mainly of amounts resulting from the differences found between the remainder to be transferred after debt servicing in the context of financing contracted by Sonangol EP and the amount actually transferred by the subsidiary in question. recognized and paid to the subsidiary at the end of the period.

27 9. Stock of oil rights as concessionaire (value) Item Concessionaire Block 2/85 Block 2/05 Block 3/85 Block 3/91 Block 3/05 Block 4 – Gimboa Block 14 (Kuito) Block 14 (BBLT-Nemba) Block 14 (BBLT-Kuito) Block 14 (TL) Block 14 (Belize Norte) Block 15 (Hungo) Block 15 (Kisanje) Block 15 (Xikomba) Block 15 (Mondo) Block 15 (Saxi-Baluque) Block 17 (Girassol) Block 17 (Dália) Bock 18 (Plutónio) Initial Balance Increase (Production) Decrease (Exports) Final Balance Total .3.1.1.

1.3. Concessionaire’s stock of oil rights (in barrels) Block Initial Stock Concessionaire’s Profit Oil Concessionaire’s Exports Adjustments Final Stock Block 2/85 Block 2/05 Block 3/85 Block 3/91 Block 3/05 Block 3 – Gimboa Block 14 (Kuito) Block 14 (BBLT-Nemba) Block 14 (BBLT-Kuito) Block 14 (TL) Block 14 (Belize Norte) Block 15 (Kisanje) Block 15 (Xikomba) Block 15 (Mondo) Block 15 (Saxi-Batuque) Block 17 (Girassol) Block 17 (Dália) Bock 18 (Plutónio Total ―Concessionaire’s stock‖ fell sharply because of the volume of exports in 2010.28 9.2. . as recorded in the fourth quarter.

000 treasury notes maturing in five years. each with a nominal value of US$1. in Decision 8/2010.000. Shareholder Equity 12. generating income on the order of US$3.000 subordinated deposit bonds issued by the BAI.000.000 bonds. the proposal was presented. Returns on this investment totaled US$748.2 Details of bonds Product Amount (USD) Amount (AKZ) BAI deposit bonds Treasury bonds* Total * Represents 20. .29 10. 12.1 Composition.1 Composition and movements during the year Item Statutory capital Supplementary contribution Legal reserve Investment fund Current balance for the financial year Total Initial Balance Increase Decrease Final Balance Given the need to adjust the company’s capital structure and build its borrowing capacity in light of future challenges. Date Maturity Date The ―negotiable securities portfolio‖ consists of: (i) 35.505. each valued at US$5.240. These mature in six years and bear interest paid semiannually at the six-month LIBOR plus a margin.000 bonds this year. Cash and other liquid assets 10.823. after the redemption of 10. by type Item Cash Transfers of funds Balances held at banks Sight deposits Time deposits Bonds Total Movement in Cash and Other Liquid Assets 2010 2009 10. and (ii) 20.

Allocation of individual incentives to workers and to members of the management body by way of their share in the profits. are to be distributed as follows: (a) 10 percent for constitution of the legal reserve.EP to AKZ 1. Out of the total for adjustment.Block 2 .000.000.30 to increase the statutory capital of Sonangol . after the deduction of withheld taxes.000.000. By Presidential Decree 42/10 of May 10. was approved by the shareholders in letter 2344/66/01/GMF/2010 of October 14.000. the company’s profits.000. 2010 action had been taken in respect of AKZ 900. At least 10 percent for constitution of the fund to assess potential exploration for hydrocarbon resources.000 (one trillion Kwanza). Such an adjustment. (b) (c) (d) (e) (f) 18. within the limitations set in the pertinent legislation. through the incorporation of asset inflows and reserves. as at December 31. 2010.000.000. Provisions for risks and charges Item Workplace accidents Pension provisions Abandonment provisions . At least 5 percent to the fund for other investments. and Any other voluntary funds approved by the board of directors and agreed by the competent state bodies. Up to 5 percent to the social fund. for which funds (collected in the form of cost oil) are periodically .000 to be incorporated into financial year 2011. leaving AKZ 100. 2010 (setting forth the Policy on the Distribution of Earnings). based on the distribution of 2010 earnings.‖ These consist of liabilities declared by the oil operators of various Blocks.Block 3 Total Initial Balance Increase Decrease Final Balance The amount shown above in ―Provisions for risks and charges‖ includes ―Abandonment provisions. whose cumulative value should not exceed 2 percent of the statutory capital.

. The funds in question are intended to cover future expenses related to the closure of oil wells and the removal of platforms and other installations when reserves run out. The company currently records and recognizes abandonment provisions only in respect of Blocks 3/05 – Canuku. Sonangol . and Block 14 – Kuito. and the now extinct Block 3/80. as the pertinent operator.5 bn (SCB) . The company is aware that substantial amounts are held in operators’ accounts for Blocks 3/85. Block 15 – Xicomba. Block 2/85. As these amounts are not controlled by the company.1 Other noncurrent liabilities Item 2010 Sonangol Finance .31 transferred to the company’s accounts.Sonangol Gás Natural .SNL Finance – US$3 bn (SCB) .SNL Finance – US$2.SNL Finance – US$2.‖ the following notes are presented in accordance with the principles set out in the general chart of accounts. making the funds available to Sonangol Pesquisa e Produção.5 bn (CA-CIB) . Other noncurrent liabilities and accounts payable 19.SNL Finance – US$1. As concessionaire.SNL Finance – US$1 bn (SCB) .SNL Finance – US$1 bn (CDB & SCB) . to meet the costs of dismantling the FPSO and of the environmental impact and inspection of the project for abandonment. it is also impossible to recognize them in the accounts.PUAÇA Subtotal Total Movement 2009 Maturity (months) This item records loans contracted by the company through its subsidiary Sonangol Finance Limited.EP has used the provisions.5 bn (ICBC) Subtotal Subscription to be made . 19. Block 3/91. Although recorded in ―Other noncurrent liabilities.

2 Short and long-term loans obtained 19.000.1 Composition of loans Item Acquisition Year Initial Balance Increase Gross Amount Repay.000. .000.SNL Finance – US$1.5 bn (CACIB) . in any circumstances. The loans contracted were in the sums of $1. be less than AKZ 750. the company comprehensively observed the terms of the ―financial accords. In 2010 and as required by the ―reporting requirements‖ that form an integral part of credit agreements.5 bn (ICBC) Total As a further increase was needed for Sonangol .Current ment Amount Noncurrent Amount Maturity (Months) Liabilities .EP and Sonangol Finance Limited.SNL Finance – US$3 bn (SCB) .500.2. from consortiums led respectively by China Development Bank (CDB) in April and by Industrial and Commercial Bank of China (ICBC) in November.5 bn (SCB) .000.5. The financing mentioned above is guaranteed by the ―Gross Oil Income Contract‖ between Sonangol .EP to finance its capital structuring projects and other operating expenses under its annual budget for the financial year.SNL Finance – US$1 bn (SCB) . as can be seen in the ―Increase‖ column in Table 19. and (c) The ―EBITDA/debt service‖ ratio may not be less than 1.EP to observe the following: (a) The ―net position‖ amount may not.‖ as it is in compliance with all of them.000. and a corporate guarantee in which ―financial accords‖ require Sonangol . under which the former is required to collateralize monthly income corresponding to 125 percent of the monthly debt service.3. (b) The ―EBITDA/net debt‖ ratio may not be less than 0.SNL Finance – US$1 bn (CDB & SCB) .SNL Finance – US$2.SNL Finance – US$2.000.2.32 19.000.1.000 and $2. in 2010 the company engaged in two new financing operations.

3 Composition of accounts payable Item Suppliers Mining creditors Other creditors and liability accounts Transactions with the concessionaire Intra-Group transactions Other obligations Total 12/31/10 12/31/09 19.3.33 19.1 Composition Item Suppliers Domestic Foreign Mining creditors Cabinda Association Other creditors and liability accounts Total 12/31/10 12/31/09 .

and the FS/FST concession relate to the sale on their behalf.34 19.3.Bonuses . .Concessionaire’s income Transactions with the National Treasury . Kotoil. at end-2009. of crude oil.Price caps .Taxes payable .2 Composition Item Transactions with the concessionaire Oil taxes .Tax contingencies Increases and deferments Intra-Group transactions Sonair Sonangol Shipping (Angola) Luanda Sonangol P&P MS Telecom SONIP Other obligations FINA (minority shareholders) Social and material incentives fund Somoil Kotoil OGE – Dividends OGE – Customs Capital investment tax (IAC) Industrial Tax Law 7/97 FS/FST concession Others Total 12/31/10 The amounts payable to Somoil. the delivery of which is confirmed during the subsequent financial year.

338. Accordingly. the liabilities pending settlement at December 31. The sum of AKZ 1. payments from the national concessionaire revert to the General Government Budget.896. 2010 were those established as at December 2010 plus the Block 17 liabilities for December 2009.3. this explains the ―tax contingencies‖ recorded as a liability for the company.185.513. income for the year. net of payments related to 2009 liabilities.35 19.340. Under article 54 of Law 13/04 on the Taxation of Petroleum Activities. (ii) transfers to the accounts of the concessionaire.666. from it.600. the concessionaire’s income declared by the company is subject to review by the DNI. The amounts posted in the amended accounts for FY 2007 and FY 2008 are shown under that heading. The total amount recognized as profit oil in 2010 was AKZ 1. but.923.799. Based on the current legislation. These are covered under ―price caps‖ and ―bonuses‖ (which include ―contributions to social .3 Transactions with the National Treasury – Transactions with the concessionaire Item Initial Balance General Table of Transactions with the Concessionaire Amount Payable Current Amount Receivable Amount Paid Final Balance Initial balance Concessionaire’s income External debt service Transfer to the concessionaire Novas Centralidades Others Subtotal Bonuses Price caps Subtotal Total As regards transactions with the government. stood at AKZ 77. These liabilities were settled during the first quarter of 2011.867. and (iii) payments representing government debt service. which is settled in three forms: (i) payments directly to the accounts of the National Treasury. the concessionaire’s income represents the value of profit oil from the various Blocks under production.005 was validated in 2010.

which include the adjustments made at the end of the period when the final returns are recorded.EP disbursed funds for the development of a housing project called Novas Centralidades.Oil transaction fee . Sonangol . within the legal framework of the state.3. as concessionaire. This explains the ―tax contingencies‖ posted in the amended accounts for FY 2002 to FY 2008.4 Transactions with the National Treasury – Oil taxes payable Item Initial Balance General Table of Transactions with the National Treasury Amount Receivable/ Payable Amount Payable Current Additional Amount Paid Final Balance Tax payable . the final tax declared by the company is subject to revision by the DNI. .Oil income tax Total The amount of tax payable relates to the December liabilities that will be settled in 2011.‖ The amounts received from these companies operating in the oil sector are in the custody of Sonangol . and constitute a liability of Sonangol EP to the National Treasury. Those funds will be recovered. Under the legislation in force. through ―transactions with the concessionaire.‖ ―trade discovery.Production fee . under the responsibility of its subsidiary SONIP.36 projects. 19.‖ and ―signings‖) and relate to payments made by the companies for the development of oil operations.EP.

relating to the investment of cash surpluses from the subsidiaries Sonangol Logística.37 19.3.5 Transactions with the National Treasury – Tax contingencies Item Initial Balance General Table of Transactions with the National Treasury Amount Receivable/ Payable Amount Payable Current Additional Amount Paid Final Balance Tax contingencies .Oil transaction fee .Oil profit tax . and MS Telecom. Sonangol Distribuidora.MS Telecom Total Movement 2009 This item includes the loans granted to Sonangol – EP. Other current liabilities 21. Those loans are subject to respective contracts.Sonangol Logística .1 Composition of other current liabilities Item 2010 Liquidity management . .Concessionaire’s income .Sonangol Distribuidora .Dividends for collection Total 21.Production fee .

SNL Finance – US$1 bn (SCB) .5 bn (SCB) .38 21.SNL Finance – US$1 bn (CDB & SCB) . .5 bn (CA-CIB) .2 Composition of short-term liabilities Item Sonangol Finance .5 bn (ICBC) Total Current Amount The above amounts represent contractual liabilities that the company must assume in 2011 to the financial institutions.SNL Finance – US$3 bn (SCB) .SNL Finance – US$1.SNL Finance – US$2.SNL Finance – US$2.

by area of business and by market Area of Business Domestic Market 2010 2009 Foreign Market 2010 2009 2010 Total 2009 Mining Crude oil – Associate Crude oil .1 Composition of the change in the concessionaire’s stock Item Crude oil . Sales 22.39 NOTES TO THE EARNINGS STATEMENT 22.1.Concessionaire’s stock Total Initial Stock Final Stock Change/Year .1 Composition. 25.1 Other operating income Type Income from secondary business Sales of refined products Marketing fees Other Total 12/31/10 12/31/09 Included in ―other operating income‖ are operating costs collected from Sanha and the income related to bonuses paid for trade discovery.Concessionaire Accessory products Deliveries to refinery Total 24.1 Change in finished products and goods in the manufacturing process 25. Other operating income 24.

Block 3-05 Concessionaire . the change corresponds to any decrease noted in the final stock after deduction of the volume of exports for the year.Block 18 Total 12/31/10 12/31/09 The amounts involved represent income from crude oil sales—the rights of the concessionaire— at least 90 percent of which must.Block 4 Concessionaire . be surrendered to the National Treasury.Associate .Block 3-91 Concessionaire . the company has opted for the largest deduction possible.2 Surrender of proceeds from the concessionaire’s sales to the government Concessionaire’s income Concessionaire .Block 2-05 Concessionaire . In the absence of a costing system that makes it possible to separate out the costs of exercising the concessionaire function.Block 2-85 Concessionaire .Concessionaire Subtotal Charges for refined products Total Association Contract 12/31/10 12/31/09 . 27.Block 15 Concessionaire .40 The ―concessionaire’s stock‖ item shows the concessionaire’s rights (profit oil) at the end of each period.Block 3 – Canuku Concessionaire .Block 3-85 Concessionaire . constantly bearing in mind the charges that are legally eligible for such a deduction. under article 55(2) of Law 13/04 of December 24. 25. Accordingly. 2004. Cost of stocks sold and raw materials consumed Item Production fees Production costs Production expenses Marketing expenses .Block 17 Concessionaire .Block 14 Concessionaire . This is recognized as the concessionaire’s asset and/or liability with respect to the Group.

1 Composition Type Wages and salaries Special services Subsidy for shift in function Training expenses Premiums and other additional remuneration Family bonuses Social gatherings and social action Accommodation expenses Medical expenses Insurance expenses Pensions Uniforms Other Total 12/31/10 12/31/09 29.41 28.Transport equipment . Payroll costs 28.Buildings and other construction .Intangible fixed assets Subtotal Investments in mining Research expenses Development expenses Inventory material Subtotal Total Amount in AKZ 12/31/10 12/31/09 .Administrative equipment Subtotal Intangible assets . Amortization Type Tangible assets .Basic equipment .

1 Composition Type Conservation and repairs Representation expenses Fuel and lubricants Rent and leases Communications Insurance Information technology hardware Travel and accommodation Fees and adjustments Publicity and advertising Surveillance and security services Offers and grants Taxes and fees Specialized work Hygiene and comfort material Water and electricity Auditors and consultants Office material Legal cases and notary services Food products and meals Books and technical documentation Other Total 12/31/10 12/31/09 31. Profit and loss account 31. Other costs and operating losses 30.42 30.1 Composition In AKZ Type Profits and gains Interest Return on property investments Return on equity investments Positive exchange differences Costs and losses Interest Banking expenses Financing-related charges Negative exchange differences Provision for financial investment Total 12/31/10 12/31/09 .

33. minus the capital investment tax (IAC). Nonoperating balances 33. . provisions were made and recognized as irrecoverable debt with respect to amounts receivable from Sonangol Congo (50 percent) and Kwanda Ltda (100 percent). Balances with subsidiaries and associates Company Subsidiaries Sonangol P&P Sonangol Gás Natural Sonangol Refinaria de Luanda Sonangol Shipping Sonangol Logística Sonangol Distribuidora Sonangol Finance Ltd Sonangol Holdings Ltda Sonair MST – Telecomunicações Essa Total – Subsidiaries Associates Banco Millennium BCP Total – Associates Grand total Subsidiary Account Shareholder 2009 Equity Balance Dividend Share Dividend Partners Sonangol Holdings . which is withheld by the subsidiaries.43 32.1 Composition In AKZ Type Profits and gains Gains on fixed assets Adjustment related to previous years Costs and losses Provisions for doubtful loans Losses on fixed assets Irrecoverable debt Adjustment related to previous years Compensation Discontinuation of operations (projects) Other losses Total 12/31/10 12/31/09 By management decision.EP IAC (10%) Dividend Paid Owed This item concerns the amounts collected from the subsidiaries by way of dividends for the 2009 financial year.

461. . This amount relates to oil income tax and the oil transaction fee.44 34.541. the company’s final income tax liabilities stood at AKZ 102. so that changes can be expected to the final tax.1 Adjustment to the company’s tax liabilities 35.1 Adjustment to the company’s tax liabilities for 2010 Type Fees Production fees Taxes Oil transaction fees Oil income tax Profit oil Concessionaire’s income Total Tax Return Provisional Final Additional Tax (-)/ Tax Credit (+) The table above shows the difference between the taxes recognized in the provisional tax returns and those in the final tax returns as at 12/31/10. Income tax Under the legislation in force. Noncurrent balances 34. 35.902.1. The latter amount may be altered in the accounts by amendment of the Tax Assessment Committee.1 Composition In AKZ Type Noncurrent profits and gains Other gains Noncurrent costs and losses Fines and penalties Other losses Total 12/31/10 12/31/09 35.

45 35.3 Oil transaction fees Tax Returns Year Final (Sonangol) Review Committee Final (Min. of Finance) 2002 2003 2004 2005 2006 2007 2008 35. of Finance) 2002 2003 2004 2005 2006 2007 2008 .1.2 Production fees Tax Returns Year Final (Sonangol) Review Committee Final (Min.1.

of Finance) 2002 2003 2004 2005 2006 2007 2008 .1.46 35. of Finance) 2002 2003 2004 2005 2006 2007 2008 35.5 Concessionaire’s income Tax Returns Year Final (Sonangol) Review Committee Final (Min.4 Oil income tax Tax Returns Year Final (Sonangol) Review Committee Final (Min.1.

47 39. the company had already disclosed transactions with the National Treasury (see note 11. .2 Composition of noncurrent transactions Company 12/31/09 Loans Granted Repayment 12/31/10 Subsidiaries Sonangol P&P Sonangol Gás Natural Sonangol Shipping Holdings Ltd Sonangol Logística Sonangol Holdings Lda Sonair Essa SONIP Total Apart from the transactions with subsidiaries shown in this table.nos.1 Composition of current transactions Company 12/31/09 Loans Granted Repayment 12/31/10 Subsidiaries Sonangol P&P Sonangol Gás Natural Sonangol Shipping Holdings Ltd Sonangol Logística Sonangol Holdings Lda Sonair Essa SONIP Total 39. Balances with related entities 39. 53 and note 16. 65 and 66) as well as transactions with public enterprises (EDEL only— see note 11) and with associated companies (note 7).no.

the financial investments secured by its exclusive subsidiary Sonangol Holdings in some of the associated companies will undergo adjustments. Nonetheless. 43. the ongoing investment in the FCKS construction project will be called the Instituto de Desenvolvimento Industrial de Angola (Angolan Industrial Development Institute—IDIA). The guarantees in question are established through the earmarking of crude oil ladings/sales. insofar as the general chart of accounts considers its recognition as a temporary exclusion. Disbursements made by the company to date under the Business Development Law 14/03 of July 18. the company is holding funds in its assets to cover future deficits in the cost of the pension plan.2 Sonangol Holdings Limitada (SHL) By decision of the company’s shareholders. the nature and size of which are yet to be determined. in the sum of $4. 43.1 Kwanza Sul Cement Factory (FCKS) By decision of the company’s shareholders. Such adjustments will give legitimacy to the subsidiary in securitizing future income .EP 42. Pensions The company does not recognize any balance sheet liability as regards the defined pension plan.EP is assumed to be the guarantor of external financing for the Republic of Angola from international financial institutions. 2003 will be recovered in accordance with the pertinent procedures.500 million. Events occurring after the balance sheet date 43.48 41. Financing guarantee Sonangol . The funds being managed by Sonangol and AAA Pensões show the following cumulative balances: [Date] 12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 12/31/10 Cumulative Pension Plan Balance AAA Pensões Sonangol . in accordance with the pertinent contractual clauses.

49 (dividends). with a substantial impact on its capacity to repay its liabilities to the company. .

Nafigas. Nanaftaplun. Somoil. Angola LNG Project Zaire – Soyo Percen -tage 41 20 25 70 25 6. Initial Oil Svenska Eni. Petrogal SSI. GALP. SSI Falcon Oil. Ajoco. Falcon Oil. NIR. Kotoil Somoil China Sonangol. Grupo Gema Svenska Esso. Statoil Esso. Braspetro. Partex. Total 22 Sonagás Development Angola LNG LDT . International concessions Blocks in Brazil Block C-M-498 Block C-M-622 Block S-M-225 Block ES-T-410/Espirito Santo Block ES-T-401/Espirito Santo Block REC-T-166 Block REC-T-130 Block POT-T-749 Block POT-T-794 Block POT-T-748 Block BT-REC-18-Maritaca Field Block BT-REC-7/Cambacica Field Block BT-SEAL-18/Aracuo Field Block BT-REC-19/Guanambi Field Iraq Block Iran Block Gulf of Mexico Blocks Sudan Block 3. Shell 100 100 60 50 50 57 50 30 30 30 50 25 30 20 75 20 20 30 40 Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonagás Exploration Exploration Exploration Exploration Exploration Exploration Exploration Exploration Exploration Exploration Development Development Production Production Exploration Exploration Exploration Exploration Exploration Sonangol P&P Brazil Sonangol P&P Brazil Sonangol P&P Brazil Petrobras Petrobras Sonangol P&P Brazil Sonangol P&P Brazil Sonangol P&P Brazil Sonangol P&P Brazil Sonangol P&P Brazil Sonangol P&P Brazil Petrobras Sonangol P&P Brazil Petrobras Sonangol P&P Sonangol P&P Cobalt Sonangol P&P Sonagás Petrobras Somoil Petrobras Petrobras Petrobras Petrobras Somoil Petrobras Najmah & Qaiyarah Southpars 12 & Petropars HS Resources & other entities ENI. Phillips. Concessions in Angola Block 0 . Somoil. EXEM ENI. Total. Ocean Angola – Devon SSI. Statoil. Somoil. Naftagas Norsk Hydro.Gimboa Block 5/06 Block 6/06 Block 8/05 Block 14 Block 15/06 Block 16 Block 17/ 06 Block 18/06 Block 23 Block 26 Block 31 Block 32 Block 33 Block 34 2. Gas Natural. Svenska.EP Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Production Exploration Production Production Production Production Production Exploration Exploration Production Production Production Exploration Exploration Development Development Exploration Development Development Exploration Exploration Chevron Texaco Tullow Angola BV Sonangol P&P Sonangol P&P Sonangol P&P Total Sonangol P&P Vaalco Angola Sonangol P&P Maersk Oil & Gas Chevron Texaco Eni Maersk Oil & Gas Total Petrobras Maersk Oil & Gas Petrobras BP Total Total Sonangol P&P Total.50 44.Cabinda – Areas A and B Block 01/06 Block 2/85 Block 2/05 – Morsa West Block 3/05 Block 3/85 and 3/91 Block 4 . Ajoco.1 Sonangol’s stake in joint ventures Area/Block 1. Falcon Oil. Petrobras Odebrecht.25 50 20 20 20 20 15 20 24 20 20 20 20 20 20 20 Investor Status Operator Other Companies Sonangol . GALP Norsk Hydro. Chevron. SSI. Eni. BP Angola. Additional mining information 44. ACR Inter Oil Falcon Oil. Somoil SSI. Gas consortium Open Area 4. ACR. Eni Prodoil. Poliedro Oil. Force Petroleum Braspetrom BV. Petrogal. Marathon. Ina-Nafte Eni. Total. Marathon. Falcon Oil.

as an investor. and its indirect stake in the other blocks through its subsidiary Sonangol Pesquisa e Produção.Sonangol’s stake in joint ventures.EP in Block 0. and by Sonangol Pesquisa e Produção. . as investor and operator in the other blocks. 2010 This information. as investor in Block 0.2 Summary of crude oil and natural gas reserves (Thousands of barrels) Units Reserves at January 1. 44.EP. relates solely to claims secured by Sonangol . as shown in note 42.1. concerning proven reserves. 2010 Revisions Purchases Sales Production Reserves at December 31.51 Information in addition to mining data relates to the stake of Sonangol .

the stakes of Sonangol – EP.52 As a result. Accounting Department /s/ Raquel Rute da Costa David Vunge Director of Finance /s/ Mbiavanga Filipe Director of Internal Control and Audit Seen and approved /s/ Francisco de Lemos José Maria Executive Director /s/ Manuel Domingos Vicente Chairman of the Board of Directors . which determine the degree of predictability of the oil resources. as concessionaire. are not included. /s/ Jacinto Manuel Veloso Chief. owing to the characteristics of the production sharing agreements.

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