January 14, 2014 11:06 ET
BELIZE CITY, BELIZE--(Marketwired - Jan. 14, 2014) - The directors and management of Kilimanjaro Capital (GXG:KCAP) (PINKSHEETS:KIMJF), an investment company focused on hydrocarbons, minerals and other natural resources, are pleased to provide an update on 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.
The company has obtained an independent NI 51-101 Evaluation of Prospective Resources report for Kilimanjaro Capital which indicates prospective oil resources of 21 million barrels and 130 billion standard cubic feet of sales gas (Bscf) in the ACA Block. 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. This is consistent with the findings by Sinclair Somal Oil in the 1960's and the Somalia Government in 1980's during their drilling of test wells. The Company is in negotiations to raise funds for the Somalia ACA Block Project and to exercise its option to acquire an additional 5% interest. Unlike other blocks in Somalia, the ACA Block is not subject to reentry by major oil companies who have declared force majeure. The ACA Block was nationalized in the 1970's by the Somalia Democratic Republic due its close proximity to the capital, Mogadishu, and was known as the Government Block. Kilimanjaro Capital expresses its support for a portion of the gas reserves to be set aside for revitalization of the Somali economy by providing an efficient fuel source and local participation in the project.
In a another African development, Kilimanjaro has signed a Letter of Intent with the Matabeleland Liberation Organization (MLO) to set up and operate a Matabeleland Oil, Gas, and Mining Authority jointly administered by Kilimanjaro Capital and the MLO. The MLO seeks the total independence of Matabeleland from Zimbabwe. Matabeleland consists of the western half of Zimbabwe with its capital at Bulawayo and is rich in gold and other resources.
Kilimanjaro Capital is a Belize company conducting business in Africa in conjunction with its stakeholders and affiliates. The Company is listed on the Danish GXG Exchange and has obtained a secondary listing on the US OTC Markets exchange as a foreign issuer under the ticker symbol KIMJF.
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