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Thursday, June 19, 2014
Amsas Consulting, operator of the Amsas-Coriole-Afgoye (ACA) Block in Somalia, has terminated its MoU with Kilimanjaro Capital. The MoU, agreed upon by both parties in September, was canceled when Kilimanjaro could not raise the required $5 million to earn a 5% interest in the block.
Amsas CEO Dr. Ali Adawe Abdullahi said that this was a challenging decision and one that was not taken lightly by the investors, management, and board of directors of Amsas Consulting. “All Parties have worked tremendously to secure an outcome which could be commercially viable, but after many months of negotiations it was time to acknowledge that we were not moving forward,” said Ali.
According to Amsas the ACA Block has proven discoveries and potential of one billion barrels of oil and close to 6 Tcf of gas and has two discoveries; one oil in 1961 and the other gas in 1965. Amsas Consulting has been operator since 2008. The block is still under force majeure that was declared by Amsas Consulting due to security challenges in Coriole, Marka, and Afgoye regions of Somalia.
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