Kilimanjaro Capital signs oil and mineral contract with Forest Gate Energy

Kilimanjaro Capital signs oil and mineral contract with Forest Gate EnergyKilimanjaro Capital holds the rights to future offshore projects in the Southern Cameroons. (Image source: Aaron Logan/Wikimedia Commons)Kilimanjaro Capital has announced that it has signed an agreement granting fellow Canadian company Forest Gate Energy a 20 per cent stake in the future oil and mineral development of the Southern Cameroons

Under the terms of the contract, Kilimanjaro Capital, which focuses on the development of emerging West African countries, has permitted Forest Gate Energy to convert its 20 per cent interest to a specific property if it so desires.

The terms also state that Kilimanjaro Capital and Forest Gate Energy, a natural resource exploration and development company, will provide mutual technical assistance to each other throughout the development process. Forest Gate Energy CEO Michael Judson will also join the Kilimanjaro Capital board of directors.

Zulfikar Rashid, chief executive of Kilimanjaro Capital, said, “Forest Gate Energy and its CEO Michael Judson's association with Kilimanjaro Capital is a welcome development. Michael Judson has a proven track record of the ability to see value where others cannot and to exploit exceptional opportunities.

“The mining and hydrocarbon experience of Forest Gate Energy will immediately boost Kilimanjaro's asset acquisition and development stance in West Africa,” he added.
Kilimanjaro Capital holds exclusive rights to the development of a 43,000 sq km area in the region, as granted by the Southern Cameroons government.

According to the company, the region, which includes the Northern and Southern Provinces, the Bakassi Peninsula and future offshore rights, contains known petroleum reserves and untapped opportunities for gold, diamond, uranium, iron, bauxite and manganese exploration.

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