From the Wires
Kilimanjaro Capital Ltd. Signs Deal for Disputed Offshore Oil in Cabinda
By: Marketwired .
Nov. 19, 2012 12:17 AM
CALGARY, ALBERTA -- (Marketwire) -- 11/19/12 -- Kilimanjaro Capital Ltd., a private Canadian company focusing on emerging nations in Africa, is pleased to announce that on 17 November 2012 it signed a formal Offshore Oil Assignment Agreement with the Republic of Cabinda. Cabinda's prolific offshore blocks have produced up to 700,000 barrels of crude oil per day and accounts for much of OPEC member Angola's output.
The Assignment Agreement grants future rights to the Republic of Cabinda's disputed offshore claims including an ultra deepwater block not previously explored. Angola's licensees' Agip, Total, and Chevron currently operate the concession.
Cabinda is a former Portuguese Protectorate. In 1975, Cabinda attained independence but the oil rich territory was invaded by Angola and a 38 year struggle has ensued. Cabinda's current government of President Aphonse Massanga and Premier Joel Batila has focused on civil and political remedies. In 2011, the African Union Commission took jurisdiction over disputed claims to Cabinda's dormant onshore resources. According to the Republic of Cabinda, due to pending shifts in regional geopolitics, self determination could be achieved in a matter of months.
Kilimanjaro Capital will immediately be seeking financial, oil and mineral industry partners and has a bold plan to acquire disputed and distressed oil and mineral assets throughout Africa. Kilimanjaro Capital recently signed an agreement for exclusive oil and minerals rights with the Government of Southern Cameroons.
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