Business
Notice of EGM
Notice of EGM.
About this update from Pacsco Limited
[{"type":"text","content":"\n RNS Number : 3879G White Nile Limited 22 October 2008 \n \nWhite Nile Ltd / Ticker: WNL / Index: AIM / Sector: Oil & Gas\n22nd October 2008\nWhite Nile Ltd ('White Nile' or 'the Company')\nUpdate and Notice of EGM\n\nWhite Nile Ltd, the AIM listed oil and gas exploration company, is pleased to provide an update on its situation in Southern Sudan 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 11 November 2008 at 8.30 a.m. A circular containing notice of the EGM will be posted to shareholders shortly.\n\nBackground and Update\n\nOn 9 January 2005, a Comprehensive Peace Agreement ('CPA') was struck between North and South Sudan which officially terminated hostilities between the two regions. This internationally endorsed agreement contained numerous protocols setting out a structure for the advancement of Sudan and for the development of its assets. It included the possibility for the autonomous South to secede totally through the implementation of a referendum in the South on the sixth anniversary of the signing of the CPA.\n\nSubsequent to the signing of the CPA, White Nile was awarded full exploration and development rights to Block Ba, by the Government of Southern Sudan ('GOSS') and Nile Petroleum Corp ('NilePet'), the southern Sudanese national oil company, in return for 155 million new ordinary shares in White Nile. Following this, White Nile embarked on extensive exploration activities on the block to assess its carboniferous potential as well as initiating significant community development activities. \n\nHowever, political uncertainty continues in Sudan and the implementation of the protocols agreed on the signing of the CPA is proving, in many parts, difficult to effect. This is particularly relevant to those protocols concerning border issues, including the oil rich Abyei region, the equitable partition...