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Kilimanjaro to Assume Pivotal Role in Somalia Oil Project
Kilimanjaro to Assume Pivotal Role in Somalia Oil Project.
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[{"type":"text","content":"Kilimanjaro Capital Ltd. \n GXG : KCAP\n\n \n \n \n\n \n\n\n\n\n \n \n \n \n \n \nSeptember 30, 2013 08:00 ET\nKilimanjaro to Assume Pivotal Role in Somalia Oil Project\n\n\n\n\n\n\n\n CALGARY, ALBERTA--(Marketwired - Sept. 30, 2013) - Kilimanjaro Capital (\"Kilimanjaro\" or \"the Company\")\n (GXG:KCAP), the ethical investment company with acquisitions in the \nAfrican mining and Oil & Gas sectors, is pleased to announce that it\n has entered into a farmout agreement (\"the Agreement\") with the \nAustralian-Somali company Amsas to obtain a 5% non working interest in \nthe Somalia Amsas-Coriole-Afgoye (\"ACA\") Block with an opportunity to \nearn an additional 5% each in additional three Somali blocks.\n \n The ACA Block is located on the coast of Somalia just south \nof the capital of Mogadishu and was formerly known as the \"Government \nBlock.\" Amsas obtained 49% of the block in 2008 from the Somali \nTransitional Federal Government (\"TFG\"). The ACA Block is a 4700-square \nkilometer coastal parcel directly onshore opposite the offshore Block \nM-7 once held by a Shell unit before the Somali civil war started in \n1991. Amsas estimates expect the block to contain 1 billion BOE, while \noptimistic estimates anticipate 5 billion BOE.\n \n The block has a history of promising exploration. Test bores \ndrilled in the 1960s by Sinclair Oil were followed by Somali Government \ndrilling in 1985. A mere 40 kilometers south of Mogadishu, about 200 \nbillion cubic feet of gas was discovered before the civil war stopped \nall activity in 1991.\n \n Since 2008, Amsas and its partner Tembo Petroleum which has a\n 10% interest in the ACA, have had to deal with incursions by Al \nShabaab, currently considered to be the most brutal terrorist gang \noperating in Africa and which has claimed responsibility for the Nairobi\n Westgate Mall atrocities. \n \n Kilimanjaro's role is to utilize its unique structure to \nobtain the financing necessary for the ACA Block to begin exploration on\n the ground leading to a test well. According to Kilimanjaro CEO \nZulfikar Rashid the ACA Agreement plays to Kilimanjaro's strengths in \nAfrican frontier markets: \"We are pleased to be working with a Somali \nowned company and in particular it's CEO Dr. Ali Abdullahi. This is \nAfrican economic self determination in progress which will ultimately \nbe...