Namib Times Virtual Edition

Page 1

N$3

SERVING THE COASTAL COMMUNITY SINCE 1958

NO6362

TUESDAY 17 JUNE 2014

Tel +264 64 205 854/+264 64 461 866/Fax +264 64 204 813/+264 64 461 824/Website www.namibtimes.net

Tower crumbles after hitting dry well

inside Help for fire victims

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Jade McClune

Photo by Otis Finck

Biscuits competiotion

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Night of the Arts

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Dancing Ladies

CELEBRATING THE AFRICAN CHILD: Yesterday 16 June, the African Union and its partners celebrated the Day of the African Child (DAC), in commemoration of the bloody 1976 protests by school children in Soweto, South Africa. They protested against an education system designed to further the purposes of the apartheid regime. The brutal response of the apartheid security agencies to the unarmed students’ protests resulted in the death of many. The 1976 protests contributed greatly to the eventual collapse of the apartheid regime. In 1991, the African Union Assembly passed a resolution designating 16 June as a Day for the celebration of the African child. During its 21st Session, the Committee of Experts deliberated upon and adopted the theme “A child friendly, quality, free and compulsory education for all children in Africa" as the DAC theme for 2014.

New classrooms for !Nara Primary School Piquet Jacobs !Nara Primary School in Kuisebmond officially inaugurated 5 new classrooms and 2 storerooms, donated by the Japanese Embassy, last week. The school opened in 2011 with 10 classrooms, 10 teachers and 475 learners. In 2012

they applied for the Japanese sponsorship, but were denied. In 2013 they were called by

the embassy to reapply, which led to them being accepted for the sponsorship to build

the classrooms and storerooms. They hope to have an office block standing by next year. Continues on page 2

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WE

The mineral exploration company, Tower Resources, which has been searching for oil and gas offshore Walvis Bay over the past three months, lost two thirds of its share value on Friday following the announcement that no oil or gas reserves were found during the company’s first two drilling attempts in Namibian waters. In a brief statement to the London Stock Exchange, the company said the Welwitschia-1A well, off the Namibian coast was found to be dry and would be plugged and abandoned. Following its announcement of the “disappointing find”, Tower’s share value went into virtual freefall on the LSE as its market capitalisation fell from over N$1.4 billion to just N$438 million in a matter of hours. Head of Exploration for Tower Resources, Nigel Quinton confirmed that “no hydrocarbons were encountered” at the second well drilled on Prospecting Exploration License Block 10, in which Tower hold a 30% stake. Its partner, the Spanish oil and gas giant, Repsol, which spearheaded the drilling campaign found that the area proved to be “less developed”

than initially projected, the company said. Tower said drilling had been also delayed due to “late rig-delivery and operational issues during drilling and logging, including the onset of winter weather conditions.” The value of Tower’s shares had shot up by more than 10 per cent in the first week of March, when it announced that the brand new Rowan Renaissance Drillship had arrived from a construction yard in South Korea to begin drilling at PEL 10, but on Friday investors responded rapidly to the news of a duster by showing their heels. Analysts said around N$914 million was wiped from Tower’s market value on Friday, in response to the news that Tower’s drilling partner, Repsol had come up dry at the Welwitschia-1A well.

Normal Selling Price N$12.99 each

FRUIT

Juicy Paw Paws

3forN$30

Avocados

Normal Selling Price N$9.99 each

Sweet Pineapples

3forN$25

N$5.99 each

Golden Bananas

N$10.99 per kg

BIG

DEAL

COMBO

N$35

1 x Juicy Paw Paw 1 x Sweet Pineapple 1 x Avocado 1 x Golden Banana Pack 1 kg

Food Lover’s Market Centre, 50 Moses Garoëb, Swakopmund, Tel: 414 400 • Fresh Produce Market, 69 Moses Garoëb St, Walvis Bay, Tel: 207 152 • Valid Tuesday 17 - Sunday 22 June 2014 ACTUAL PRODUCTS ON OFFER MAY DIFFER FROM VISUALS SHOWN, AS THESE ARE SERVING SUGGESTIONS ONLY! • HAMILTONS ADVERTISING 1106 14 • NO HAWKERS • NO TRADERS • WE RESERVE THE RIGHT TO LIMIT QUANTITIES • E&OE • WHILE STOCKS LAST

Continues on page 2


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