Welcome!

News Feed Item

Kilimanjaro Moves Forward With Somalia ACA Block-Proven Probable 20 Millions Barrels of Oil: Kilimanjaro is Petitioning World Bank to Continue Funding

BELIZE CITY, BELIZE -- (Marketwired) -- 04/02/14 -- The directors and management of Kilimanjaro Capital (GXG: KCAP)(OTC PINK: KIMJF) 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 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.

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.

Kilimanjaro is requesting the Washington DC based international organization, World Bank; reactivate their position in a new mega project. According to Kilimanjaro's CEO Zulfikar Rashid: "Kilimanjaro Capital believes the development of the ACA Block is vital to not only to the national economy of Somalia but its security. Extremism can only be prevented through economic opportunity." In addition Kilimanjaro is negotiating with a security firm, seismic and drilling companies to carry out the project.

Rashid's vision is that the ACA Block can fuel the Somali economy's recovery: "The commercial potential of the ACA Block is not just as an export resource but also as an inexpensive source of natural gas for local industry. Kilimanjaro envisions that a Somalia Free Trade Zone could be built around the presence of this abundant, affordable and clean energy resource. This type of project which equally emphasizes local development and export revenue will be appealing to both the World Bank and Somali government."

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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection. In his session at 18th Cloud Expo, Bradley Holt, a Developer Advocate with IBM Cloud Data Services, discussed...
Between 2005 and 2020, data volumes will grow by a factor of 300 – enough data to stack CDs from the earth to the moon 162 times. This has come to be known as the ‘big data’ phenomenon. Unfortunately, traditional approaches to handling, storing and analyzing data aren’t adequate at this scale: they’re too costly, slow and physically cumbersome to keep up. Fortunately, in response a new breed of technology has emerged that is cheaper, faster and more scalable. Yet, in meeting these new needs they...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
According to Forrester Research, every business will become either a digital predator or digital prey by 2020. To avoid demise, organizations must rapidly create new sources of value in their end-to-end customer experiences. True digital predators also must break down information and process silos and extend digital transformation initiatives to empower employees with the digital resources needed to win, serve, and retain customers.
"We are the public cloud providers. We are currently providing 50% of the resources they need for doing e-commerce business in China and we are hosting about 60% of mobile gaming in China," explained Yi Zheng, CPO and VP of Engineering at CDS Global Cloud, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
Predictive analytics tools monitor, report, and troubleshoot in order to make proactive decisions about the health, performance, and utilization of storage. Most enterprises combine cloud and on-premise storage, resulting in blended environments of physical, virtual, cloud, and other platforms, which justifies more sophisticated storage analytics. In his session at 18th Cloud Expo, Peter McCallum, Vice President of Datacenter Solutions at FalconStor, discussed using predictive analytics to mon...
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...