Business
Adoption of Investing Strateg
Adoption of Investing Strateg.
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[{"type":"text","content":"\n RNS Number : 5976J White Nile Limited 05 December 2008 \n \nWhite Nile Ltd / Ticker: WNL / Index: AIM / Sector: Oil & Gas\n5 December 2008\nWhite Nile Ltd ('White Nile' or 'the Company')\nProposed Change of Name, Adoption of Investing Strategy and Notice of EGM\n\nWhite Nile Ltd, the AIM traded oil and gas exploration company, announces a proposal for the future operation of the Company and hereby gives notice that an Extraordinary General Meeting of the Company will be held at Elizabeth House, Les Ruettes Brayes, St Peter Port, Guernsey, on Tuesday 6 January at 8.30 a.m. \n\nBackground \n\nSince listing in 2005, White Nile has assembled a portfolio of early stage exploration licences in Southern Sudan, Ethiopia, Kenya and Nigeria. The development of these assets has been on-going and the Company has invested funds in these exploration projects in order to evaluate their respective hydrocarbon potential. However, due to certain situations beyond the control of the Board, including the fluctuating political situation in Southern Sudan and the current global economic downturn, it has not been possible, to date, to fully maximise the initial perceived value of the Company's portfolio.\n\nOn 22 October 2008, the Company provided shareholders with a detailed update on the current situation in Southern Sudan and subsequently obtained shareholder approval to convert the 155 million Ordinary Shares held by the Government of Southern Sudan ('GOSS') through Nile Petroleum Corporation Limited into non-voting deferred shares. These shares will remain deferred until complete clarity of title can be given as to the Company's position within Block Ba or an acceptable position within a consortium to develop an enlarged Block B is agreed. Although the Board remains fully supportive and committed to the Southern Sudanese, it is recognised that there are wider political issues which are the current focus for the GOSS and realistically, the Board does not believe that the resolution of title issues relating to Block Ba or the establishment of an acceptable consortium in respect of Block B will occur before the referendum on total independence for Southern Sudan is held on 9 January 2011. \n\nThe Board believes that in the current economic environment, which is not conduci...