Belize listed Kilimanjaro Capital will explore oil deposits estimated to be as much as 21 billion barrels at Amsas-Coriole-Afgoi (ACA) Block 35 kilometers out of Somali capital Mogadishu.
Kilimanjaro Capital owns 5% stake in the highly prized Amsas-Coriole-Afgoi (ACA) oil Block in Somalia.
Amsas-Coriole-Afgoi (ACA) Block has an estimated 130 billion standard cubic feet of sales gas (Bscf) reserves, some of the worlds largest deposits.
The company has sought funding of the exploration project from the World Bank with a view of political stability.
The farm is owned by the Somali government which has 51% stake with Kilimanjaro Capital owning 5% and Amsas Pty owning the rest of the equity.
World Bank originally funded the exploration but abandoned it after Somalia ebbed into civil strife.
The Belize listed oil explorer already has data collected in the 1980’s exploration activities that confirm existence of vast oil and gas reserves.
Kilimanjaro insists that exploring and drilling the oil will not only furnish the Somali economy but also provide the local markets with reliable and affordable gas and oil.
