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Kilimanjaro Capital Ltd. Acquires Oil Rights to Cabinda Northeast Block
Kilimanjaro Capital Ltd. Acquires Oil Rights to Cabinda Northeast Block.
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[{"type":"text","content":"Kilimanjaro Capital Ltd. \n \n \n \n \n\n \n\n\n\n\n \n \n \n \n \n \nFebruary 05, 2013 02:11 ET\nKilimanjaro Capital Ltd. Acquires Oil Rights to Cabinda Northeast Block\n\n\n\n\n\n\n\n CALGARY, ALBERTA--(Marketwire - Feb. 5, 2013) -\n Kilimanjaro Capital Ltd., a private Canadian company, focusing on \nemerging nations in West Africa, has signed an Oil Assignment Agreement \nwith the Republic of Cabinda and the Front for the Liberation of the \nState of Cabinda (FLEC). The license becomes fully active upon \ninternational recognition of the Republic of Cabinda. \n The Assignment Agreement grants future rights to Cabinda's \ndisputed Northeast Block. Angola's state owned Sonangol currently claims\n the concession however control of the countryside in the region has \nbeen contested between FLEC and the Angolan army for almost four \ndecades. The Cabinda Northeast Block's hydrocarbon potential is \ncurrently unknown due to the proximity of FLEC's forward bases, dense \nvegetation and hilly terrain. \n Cabinda is a former Portuguese Protectorate. In 1975, Cabinda\n attained independence but the oil rich territory was invaded by Angola \nand a 38 year struggle has ensued. Cabinda's current government of \nPresident Aphonse Massanga and Premier Dr. Joel Batila has focused on \ncivil and political remedies. Dr. Batila will join the Kilimanjaro \nCapital Advisory Board. In 2012, the African Union's Banjul Commission \nat the request of FLEC took jurisdiction over disputed claims to \nCabinda's dormant onshore resources including the Northeast Block. \n Kilimanjaro Capital recently signed agreements for exclusive \noil and minerals rights with the exile governments of Southern Cameroons\n and Biafra. Forest Gate Energy (TSX VENTURE:FGE) also has a 20% stake \nin Southern Cameroons. \n CEO Zulfikar Rashid has indicated the Northeast Block \nacquisition completes Phase One of Kilimanjaro's portfolio which also \nincludes the disputed Cabinda offshore blocks currently operated by \nChevron. Kilimanjaro will now concentrate on development of its assets \nthrough strategic partnerships, assignments and joint ventures in order \nto maximize shareholder value. \n Kilimanjaro Capitals' fast growth and emphasis on disputed \nproperties has placed it in contention with majors like Chevron, \nExxon-Mobil, and Royal Dutch Shell over the future righ...