Amsas scraps MoU with Kilimanjaro Capital

Deal departure: Amsas Consulting quits fundraising partnership

Australian explorer Amsas Consulting has terminated its memorandum of understanding (MoU) with GXG-registered Kilimanjaro Capital after a warning issued 60 days ago, and the move takes effect from 17 June.

In a letter this week addressed to Kilimanjaro chief executive Zulfikar Rashid, Amsas insists it had to take action “in line with the non-performance of Kilimanjaro on raising funds for the Amsas-Coriole-Afgoye (ACA) block in Somalia.”

In late April, Amsas Consulting gave 60 days’ notice to Kilimanjaro Capital that it would terminate the partnership unless the latter company came up with the $5 million required to earn a 5% stake in the ACA block, which is situated onshore Somalia’s coastal basin.

The original deal was for a 12-month period in which Kilimanjaro had to find the finance to make progress on the licence but communication between the companies broke down, sources said previously.

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