Sterling Energy on Wednesday announced that its subsidiary Sterling Energy Mauritania has finalized its withdrawal from Block C-3, offshore Mauritania. According to the company, its total 40.5% participating interest in the production sharing contract for Block C-3 will be given to Tullow, at no cost. Sterling had in January 2016, announced that the company will surrender its shares in Block...

Tullow Oil on Wednesday announced that the Cheptuket-1 well located in Block 12A, North of Kenya, has encountered good oil shows. The Cheptuket-1 well is the initial well to test the Kerio Valley Basin and was spud to a final depth of 3,083 metres. The aim of the well according to the company was to create an effective petroleum system as well as test a structural closure south-west of the...

Banque Marocaine du Commerce Extérieur (BCME Bank) just started construction of a 45-storey and 250 m tower in Bouregreg, near Rabat, for 3 billion dirham ($307 million). Construction works for the tower which is to be Africa’s tallest started on March 9. King Mohammed VI was present at the launching. The tower is the central pillar of the future urban, touristic and cultural centre which...

In a statement published on March 15, International Monetary Fund said Cote d’Ivoire should record a growth of 8.5% in 2016 against 8.6% in 2015. Macroeconomic outlook, both in 2016 and in the mid-term, is positive. Real growth of GDP is forecast at 8.5% for 2016, with a low inflation level, said an IMF delegation which visited Abidjan from February 29 to March 15. This forecast is lower than...

Ecobank Transnational Incorporated (ETI) issued a warning on its 2015 profits, forecasting lower results than expected. “Our revised growth targets communicated during our third quarter 2015 analysts and investor conference call for deposits and loans will not be achieved,” the group said in a statement published on March 15, 2016.    The group, Africa’s leading banking group,...

Senegalese President Macky Sall commissioned the 96 MW Tobène power plant. “I am happy to come back to Taiba Ndiaye to commission this plant. The construction started in November 2014 so it took us 14 months to achieve this. A true record,” said the President during the ceremony. The infrastructure which can run on gas will initially use heavy fuel oil. Developed by Tobène Power SA,...

AIM-listed firm Stellar Diamonds Plc has raised £600,000 to support various development initiatives at its mining projects in Sierra Leone and Guinea. The diamond mining developer has issued 4.4 million new ordinary shares at 10p a piece, while its partner Deutsche Balaton agreed to subscribe 1.6 million shares at 10p each. The subscription will allow the German investment firm to hold a total...

President of National Cashew Association of Nigeria (NCAN) Babatola Faseru said the sector needed a financing of N100 billion (about $503 million) to boost production and generate more foreign currencies. “Right now, cashew provides a livelihood for over 300,000 families with 175,000 tons of estimated production for the year,” said Babatola Faseru. He added that the country can do...

In South Africa, the 50 MW Bokpoort concentrated solar plant (CSP) has been commissioned. Developed by Saudi Acwa Power, its construction of the infrastructure started in 2013 and cost $328 million. The plant can power 200,000 households in average. The plant has a thermal storage capacity of 9 hours, allowing it to provide energy over this period after sunset. The technology used to...

Promote their respective activities, valorize events and cultural heritage. These are the main aims of the partnership agreement signed in Cote d’Ivoire by Fraternité Matin and Alpha Blondy Fm radio. The two parties announce regular updates, stories, shows, advertising, and the establishment of various promotional platforms. The agreement was signed on March 10, 2016, at Fraternité Matin....