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8Nov

By Africa BusinessNo Comments

African News

VAALCO Energy Provides Update on Mutamba Iroru Block Onshore Gabon

HOUSTON, Nov. 8, 2012 /PRNewswire/ -- VAALCO Energy, Inc. (NYSE: EGY) today announced that the N'Gongui 2 exploration well being drilled onshore Gabon in the Mutamba Iroru concession has encountered hydrocarbons in the objective Gamba sandstone section. (Logo: http://photos.prnewswire.com/prnh/20100316/NY71495LOGO ) Robert Gerry, Chairman and CEO, commented: "With our partner, Total Gabon, we have elected to drill this well as a "tight hole" and therefore specifics of the operation will not be released until a later date. Suffice to say that VAALCO is excited about the results as the reservoir encountered is the same oil bearing sandstone that produces so prolifically from our offshore fields in Gabon. We are presently conducting additional operations to ascertain the size o...

7Nov

By Africa BusinessNo Comments

African News, Democratic Republic of the Congo

Democratic Republic of Congo: ICT4Gov Project Uses Participatory Budgeting and Telecommunications to Build Transparency and Accountability

Synopsis Project feedback mechanisms driven by participatory budgeting and new innovations in information communication technology are working to successfully build transparency, increase accountability and overcome a long history of mistrust in the Democratic Republic of Congo's South Kivu Province. Challenge Following decades of colonial rule, conflict upon conflict, mismanagement, and internal corruption, the Democratic Republic of Congo's national government was left with limited institutional capacity to provide effective services at the local level. This limited capacity has often prompted citizens' groups to view the central government as illegitimate, rent-seeking authorities uninterested in ensuring that resources filter down from the capital to far flung pr...

7Nov

By Africa BusinessNo Comments

African News

Sarama Resources announces $500,000 private placement

TSX-V Ticker: SWA SWA.WT VANCOUVER, Nov., 2012 /PRNewswire/ - Sarama Resources Limited ("Sarama" or the "Company") announces a private placement (the "Private Placement") for the issuance of 555,556 units (the "Units") at a price of $0.90 per Unit to raise gross proceeds of approximately $500,000. Each Unit will be comprised of one common share of the Company and one-half of one common share purchase warrant (each such whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one common share of the Company at a price of $1.20 at any time prior to 5:00 p.m. (Toronto time) on October 17, 2014. The Private Placement will be conducted on a non-brokered basis and is subject to regulatory approval. The proceeds of the Private Placement will be used principa...

6Nov

By Africa BusinessNo Comments

Energy, Green Energy, South Africa News

Serving up a POWER-GEN-sized slice of colossal Kusile

As part of the inaugural POWER-GEN Africa, taking place at the Sandton Convention Centre from 6-8 November, an intrepid group of delegates had a unique opportunity to visit Kusile, which once operational will be the fourth largest coal-fired power installation in the world. By its scheduled 2018 completion date the station, located in Mpumalanga province, will have a total capacity of 4800 MW. The first of its six 800 MW units is due to commence operations in 2014. Under development by South African state-owned utility Eskom, Kusile is the country’s most technologically advanced coal plant and will be the first to feature flue gas desulphurisation (FGD), a key environmental objective for Eskom. A base-load facility, Kusile forms part of Eskom’s plan to increase...

5Nov

By Africa BusinessNo Comments

African News, Uganda News

Tánaiste welcomes commitment from Government of Uganda to repay funds misappropriated from Irish Aid

DUBLIN, Ireland, November 5, 2012/African Press Organization (APO)/ – The Tánaiste and Minister for Foreign Affairs and Trade, Eamon Gilmore, T.D., today welcomed the Government of Uganda’s commitment to repay €4m in Irish Aid funds which was misappropriated by officials in the Office of the Prime Minister, the Ministry of Finance and Bank of Uganda. The Tánaiste stated: “I have received assurances from the highest level in the Government of Uganda that they will repay in full the €4 million in Irish Aid funding which was misappropriated by corrupt officials. “I welcome this swift response to the very grave concerns which I conveyed to the Ugandan Government and the speed with which the Government has moved against officials who were implicated in this ...

3Nov

By Africa BusinessNo Comments

Energy, Green Energy

Solar Engineering & Manufacturing Association holds outstanding meeting on Supply and Demand Forecasts for Solar

SAN JOSE, Calif., Nov., 2012 /PRNewswire/ -- The Solar Engineering & Manufacturing Association (SEMA) held an informative solar forecast meeting hosted by Stion Corporation, a leading manufacturer of high efficiency thin film solar panels on October 30. The keynote was given by Paula Mints of SPV Market Research on the state of the North American Photovoltaic Industry. While the manufacturing infrastructure has been faced with significant challenges and price erosion, installation of photovoltaic generation capacity in North America continues to grow with CAGR of over 60% from 2006 – 2011. 2011 saw an increase of 781Mw of installed photovoltaic power generation. Matt Holzmann, president of SEMA stated "With the many challenges facing us, this information was invaluable ...

31Oct

By Africa BusinessNo Comments

African News

Bunna International Bank Partners With Finacle From Infosys for Banking Transformation

ADDIS ABABA, Ethiopia and BANGALORE, India, November 1, 2012/PRNewswire-FirstCall via African Press Organization (APO)/ — New Core Banking Solution to Improve Customer Service and Operational Efficiency Bunna International Bank, a leading player in the Ethiopian market, today announced the selection of Finacle[TM] core banking solution [http://www.infosys.com/finacle ] from Infosys for its transformation journey. Finacle will enable the bank to integrate its front and back office operations and deploy a state-of-the-art loan origination system. This will include automating the credit check and loan approval processes for risk-free and efficient loan disbursals. This transformation will help Bunna improve the overall banking experience for its customers. Finacle will also comp...

11Oct

By Africa BusinessNo Comments

African News

Investors Applaud Hershey’s Vow To Source 100% Certified Cocoa By 2020

Move to certify entire product line seen as significant step to eradicate trafficking and forced child labor on cocoa farms and plantations NEW YORK, Oct. 11, 2012 /PRNewswire-USNewswire/ -- Today, the Interfaith Center on Corporate Responsibility, a shareholder coalition that engages companies on labor and human rights standards in global supply chains, commends the Hershey Company for its commitment to certify all its cocoa by a third party by 2020. With a 43% share of the U.S. chocolate market, the investors view Hershey's decision as an important advancement that is certain to influence the industry and result in more sustainable cocoa farming and production. Said Chris Meyer of Praxis Mutual Funds and co-convener of the Hershey dialogue, "Seventy percent of the worl...

10Oct

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Science

The Falcon Project – the Most Penetrating Search for the Legendary Sasquatch Ever Undertaken

St. George, UT, October, 2012 --(PR.com)-- The Falcon Project proposes to conduct an extensive aerial search for an unrecognized North American primate, a.k.a. sasquatch or Bigfoot, by means of an helium-filled airship, upon which a platform supporting thermal-imaging and high resolution wireless videography equipment is mounted. The Aurora Mk II airship offers major advantages over similar applications with helicopter or fixed-wing aircraft platforms, foremost, stealth and maneuverability. The former permits approach and observation with minimal or no disturbance of the subject’s natural behavior. The latter is critical for surveying in areas of dense stands of forest where a sustained vertical perspective is essential for locating animals on the forest floor. The unmanned 45' du...

10Oct

By Africa BusinessNo Comments

African News, South Africa News

South Africa: John Thompson flying higher

By Thandisizwe Mgudlwa Here is a company that knows how to make it big in the international business arena. The South African group, John Thompson is continuing its strong international performance with multiple export orders into the East African tea industry, brewing industry and the highly competitive Far East market, research reveals. According to JT, the tea industry, mostly concentrated in the East African region, has placed orders for a total of five wood-fired boiler units during the year to date. This industry also has vast tracks of land available for planting of blue gum trees making this the cheapest and most sustainable fuel. And the John Thompson Simpac boiler has been custom designed for wood log firing. It complies with latest design code yet is robustly built ...