Kilimanjaro Announces Somalia Exploration Program
Post# of 6702
Posted On: 05/27/2014 9:31:46 AM
Kilimanjaro Announces Somalia Exploration Program
http://finance.yahoo.com/news/kilimanjaro-ann...55456.html
BELIZE CITY, BELIZE - The directors and management of Kilimanjaro Capital (KIMJF) are pleased to announce its exploration program for the Company's interest in Somalia where Kilimanjaro Capital currently has a 5% interest in the Amsas-Coriole-Afgoi (ACA) Block of 1,161,400 acres with a prospective oil resource of 21 million barrels and 130 billion standard cubic feet of sales gas (Bscf) according to an independent NI 51-101 Evaluation of Prospective Resources. The 112 page report is available in its entirety online and conservative estimates that the value for Kilimanjaro Capital's share is approximately $187.5 million USD with an overall contractor group net present value of $3.75 billion USD for the entire ACA Block.
Kilimanjaro has obtained partners to provide security and logistic solutions for the exploration block. The company has progressed into deep discussions with partners to carry out the drilling operations and is excited about the plans to drill the first test well in 2014. "This is an exciting time in Somalia with majors such as Shell, Conoco-Phillips, Chevron and others are entering one of the last untapped frontier regions. For Kilimanjaro to be a part of the rebuilding effort that is going on in Somalia through the exploration of natural resources is a wonderful opportunity for the company to cement its position in Africa as natural resource leader," says CEO Zulfikar Rashid about the exploration program.
The block sits only 30-50 kilometers from Mogadishu in a strategic region in which African Union peacekeepers are operating. Kilimanjaro has recently proposed to the World Bank that a joint development project in the ACA Block along with the Somalia Government which owns 51% of the block could ensure peace and stability in that region.
The ACA Block was original drilled by Somal Sinclair Oil in the 1960s and found to be extremely promising. The block was nationalized by the Somali government in the 1970s and drilled in the 1980s with World Bank financing. The Somalia civil war intervened and in the Transitional Somalia government assigned the ACA Block to Amsas Pty. in 2008. Kilimanjaro signed a farm out agreement with Amsas in 2013.
In other news the company intends to withdraw its listing from the GXG Markets effective June 11, 2014. The company will continue to trade on the OTC Markets.
http://finance.yahoo.com/news/kilimanjaro-ann...55456.html
BELIZE CITY, BELIZE - The directors and management of Kilimanjaro Capital (KIMJF) are pleased to announce its exploration program for the Company's interest in Somalia where Kilimanjaro Capital currently has a 5% interest in the Amsas-Coriole-Afgoi (ACA) Block of 1,161,400 acres with a prospective oil resource of 21 million barrels and 130 billion standard cubic feet of sales gas (Bscf) according to an independent NI 51-101 Evaluation of Prospective Resources. The 112 page report is available in its entirety online and conservative estimates that the value for Kilimanjaro Capital's share is approximately $187.5 million USD with an overall contractor group net present value of $3.75 billion USD for the entire ACA Block.
Kilimanjaro has obtained partners to provide security and logistic solutions for the exploration block. The company has progressed into deep discussions with partners to carry out the drilling operations and is excited about the plans to drill the first test well in 2014. "This is an exciting time in Somalia with majors such as Shell, Conoco-Phillips, Chevron and others are entering one of the last untapped frontier regions. For Kilimanjaro to be a part of the rebuilding effort that is going on in Somalia through the exploration of natural resources is a wonderful opportunity for the company to cement its position in Africa as natural resource leader," says CEO Zulfikar Rashid about the exploration program.
The block sits only 30-50 kilometers from Mogadishu in a strategic region in which African Union peacekeepers are operating. Kilimanjaro has recently proposed to the World Bank that a joint development project in the ACA Block along with the Somalia Government which owns 51% of the block could ensure peace and stability in that region.
The ACA Block was original drilled by Somal Sinclair Oil in the 1960s and found to be extremely promising. The block was nationalized by the Somali government in the 1970s and drilled in the 1980s with World Bank financing. The Somalia civil war intervened and in the Transitional Somalia government assigned the ACA Block to Amsas Pty. in 2008. Kilimanjaro signed a farm out agreement with Amsas in 2013.
In other news the company intends to withdraw its listing from the GXG Markets effective June 11, 2014. The company will continue to trade on the OTC Markets.
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