From the Wires
Kilimanjaro Capital Ltd. Acquires Oil Rights to Cabinda Northeast Block
By: Marketwired .
Feb. 5, 2013 02:12 AM
CALGARY, ALBERTA -- (Marketwire) -- 02/05/13 -- Kilimanjaro Capital Ltd., a private Canadian company, focusing on emerging nations in West Africa, has signed an Oil Assignment Agreement with the Republic of Cabinda and the Front for the Liberation of the State of Cabinda (FLEC). The license becomes fully active upon international recognition of the Republic of Cabinda.
The Assignment Agreement grants future rights to Cabinda's disputed Northeast Block. Angola's state owned Sonangol currently claims the concession however control of the countryside in the region has been contested between FLEC and the Angolan army for almost four decades. The Cabinda Northeast Block's hydrocarbon potential is currently unknown due to the proximity of FLEC's forward bases, dense vegetation and hilly terrain.
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 Dr. Joel Batila has focused on civil and political remedies. Dr. Batila will join the Kilimanjaro Capital Advisory Board. In 2012, the African Union's Banjul Commission at the request of FLEC took jurisdiction over disputed claims to Cabinda's dormant onshore resources including the Northeast Block.
Kilimanjaro Capital recently signed agreements for exclusive oil and minerals rights with the exile governments of Southern Cameroons and Biafra. Forest Gate Energy (TSX VENTURE:FGE) also has a 20% stake in Southern Cameroons.
CEO Zulfikar Rashid has indicated the Northeast Block acquisition completes Phase One of Kilimanjaro's portfolio which also includes the disputed Cabinda offshore blocks currently operated by Chevron. Kilimanjaro will now concentrate on development of its assets through strategic partnerships, assignments and joint ventures in order to maximize shareholder value.
Kilimanjaro Capitals' fast growth and emphasis on disputed properties has placed it in contention with majors like Chevron, Exxon-Mobil, and Royal Dutch Shell over the future rights to some of the most productive oil properties in the world.
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