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[{"type":"text","content":"\n White Nile Limited\n29 November 2006\n\n\n White Nile Ltd / Ticker: WNL / Index: AIM / Sector: Oil & Gas\n\n29th November 2006\n\n\n White Nile Limited ('White Nile' or 'the Company')\n\n\n Raises £12 million and identifies drill rig\n to advance Southern Sudanese oil assets in Block Ba\n\n\nWhite Nile Ltd, the AIM traded oil and gas exploration company, has raised £12\nmillion through the issue of 12,000,000 new ordinary shares of 0.1p each at\n£1.00 per share. The proceeds of the placing, conducted with existing as well as\nnew institutional investors, will be utilised to fund the drilling and\ndevelopment of the Company's Block Ba oil concession area in Southern Sudan.\n\n\nWhite Nile is also pleased to announce that it has identified for use a Romanian\nF200 DH modular drill rig, which will target identified structures on Block Ba\nwhere the productive Muglad Basin extends into the concession area. The Company\nbelieves these structures are suitable for forming hydrocarbon traps analogous\nto the producing oilfields of the area of Muglad Basin located to the northwest\nof Block Ba, which include the Unity, Heglig and Thar Jath oilfields, which have\nestimated oil in place figures of circa 600 million, 550 million and one billion\nbarrels respectively.\n\n\nIt is intended that the proposed initial programme, involving the drilling of\nthree exploration wells, will be carried out in the dry season with the first\nexploration well targeted for the first quarter of 2007. The immediate target\nstructures, located in the Jonglei sub-basin of the Muglad Basin in the western\npart of Block Ba, were identified following the interpretation of over 550 km of\nhigh-density, 2D seismic data acquired by White Nile over the last year.\n\n\nWhite Nile will continue its high-density 2D seismic programme in the Pibor Post\nBasin, part of the productive Melut Basin which extends from Block Ba northwards\nand includes the Great Palogue oilfield and the Adar-Yale oilfield. These fields\nhave estimated oil in place of circa 2.9 billion barrels and circa 276 million\nbarrels respectively. The programme at Pibor remains on target to commence in\nearly 2007.\n\n\nWhite Nile Chairman Phil Edmonds said, 'Following the seismic interpretation, we\nbelieve we have a new understanding of the prospective nature of the Jonglei\nsub-basin of the Mu...