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Category: International

Corporate News Diamonds International

Lucara Lowers 2024 Revenue Forecast Amid Diamond Market Challenges

Lucara Diamond Corp. has announced that its 2024 revenue projections have been revised downward due to reduced sales of high-value diamonds, which typically account for up to 70% of its annual revenue, and ongoing softness in the global diamond market. In its third-quarter update, the company adjusted its full-year revenue guidance to $160 million–$180 million, down from the previous range of $220 million–$250 million. While other operational guidance remains unchanged, Lucara lowered its 2023 capital

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International Corporate News Oil

Sirte Oil Boosts Output with Advanced Horizontal Wells in Libya

Sirte Oil, a subsidiary of Libya’s National Oil Corporation (NOC), has successfully drilled two horizontal wells in the Zelten and Wadi fields, leveraging advanced real-time reservoir mapping technology. These developments are expected to enhance production capacity by 2,300 barrels per day (BPD), pushing Sirte Oil’s total output beyond the 100,000 BPD milestone. The first well, C355H-6, located in the Zelten field, was completed as part of the initial phase of Sirte Oil’s 2024 exceptional production

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Oil Corporate News Gas International

Bourbon Logistics Secures Integrated Logistics Contract for Namibia Offshore Exploration

Bourbon Logistics, a marine services company, has been awarded a comprehensive logistics contract to support an offshore exploration campaign in Namibia. The six-month contract, granted by a major but undisclosed oil and gas company, involves drilling its first well off southern Namibia’s coast. Bourbon Logistics’ responsibilities encompass the entire supply chain, including freight forwarding, logistics base services, and marine operations. The company will manage international shipments, customs clearance for equipment, and base management services to

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Corporate News Diamonds International

De Beers and Botswana Join Forces to Boost Natural Diamond Market

Al Cook, CEO of De Beers Group, has announced a robust marketing initiative aimed at reviving the demand for natural diamonds. This campaign will be launched in collaboration with Botswana, De Beers’ long-standing partner. Following his inaugural meeting with Botswana’s President Duma Gideon Boko in Gaborone, Cook expressed optimism about the renewed energy in their partnership and a shared commitment to bolstering the diamond industry. “With the diamond market facing challenges, it’s essential for us

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International Corporate News Oil

Africa Oil Corp. Completes $99 Million Farm-Down Deal for Offshore Namibia Blocks

Africa Oil Corp. has finalized a farm-down agreement for its interests in offshore Blocks 2912 and 2913B, located off the coast of Namibia. Through its investee company, Impact Oil & Gas, Africa Oil Corp. will sell a 9.39% participating interest in Block 2912 and a 10.5% participating interest in Block 2913B to TotalEnergies for $99 million. Despite the sale, Impact Oil & Gas will retain a 9.5% interest in each block and secure a carry

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International Renewable Energy

Tinda Energy Secures Funding for 65 MW Renewable Energy Project in Congo

Congolese firm Tinda Energy has finalized a financial agreement with the Chinese engineering company Complant to advance the Ignie 2021-2046 project, a 65 MW renewable energy initiative in the Republic of Congo (RoC). The project, located in the Ignie Special Economic Zone (SEZ), will produce 55 MW from a hybrid solar power plant and an additional 10 MW from a biomass facility. Spread over a 100-hectare area designated for renewable energy within the SEZ, the

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International Oil Petroleum

Dangote Refinery and IPMAN Finalize Agreement for Direct Fuel Distribution

The Dangote Refinery and the Independent Petroleum Marketers Association of Nigeria (IPMAN) have reached a deal to supply Premium Motor Spirit (PMS), also known as petrol, directly to IPMAN for nationwide distribution. This agreement, following prolonged negotiations, was announced by IPMAN President Abubakar Garima during a press conference in Abuja after the Association’s National Working Committee meeting. Garima stated that the partnership would ensure a steady and competitively priced supply of PMS across Nigeria. “After

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Diamonds Corporate News International

Petra Diamonds Announces Board Changes as Varda Shine Steps Down

London-listed Petra Diamonds has announced that Varda Shine will not stand for re-election at the upcoming annual general meeting (AGM) on November 13, and will retire from the board at the conclusion of the meeting. Nonexecutive director José Manuel Vargas has been appointed to succeed Shine as chairperson, effective immediately after the AGM. Vargas will also take on the role of chairperson of the investment committee. Additionally, Bernard Pryor, the senior independent director and current

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Diamonds Corporate News International

Aton Resources Reports Promising High-Grade Results from Abu Marawat Drilling in Egypt

TSX-V-listed Aton Resources has announced the first results from its diamond drilling program at the Abu Marawat deposit in Egypt, highlighting high-grade mineral findings, including 8.98 g/t gold, 185 g/t silver, 0.43% copper, and 6.12% zinc over a 3.9-meter interval. To date, the company has drilled 35 diamond drill holes at Abu Marawat, totaling 3,381 meters. All holes have been drilled horizontally or at shallow angles to target previously untested, near-surface mineralization in a challenging

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Oil International

Ghana’s Oil Production Shows Strong Recovery in 2024

Ghana’s crude oil production saw a significant rebound in the first half of 2024, rising by 10.7% year-on-year, marking a reversal of a five-year decline, according to the country’s Public Interest and Accountability Committee (PIAC). After peaking in 2010, Ghana’s oil output had been on a steady decline, reaching a five-year low in 2023. This drop was mainly due to reduced production from older fields, which could not offset the growth from new wells, as

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