White Nile Limited
04 March 2005
White Nile Limited ('White Nile' or 'the Company')
Acquisition of Major Oil Concession and request for suspension - Update
On 16 February 2005, the Company announced that an agreement ('the Joint Venture
Agreement') had been concluded with the Government of South Sudan ('the GOSS')
and its national oil company, Nile Petroleum Corporation Limited ('NPC') whereby
the Company would acquire ('the Transaction') a 60% interest in the 65,700 sq km
Block Ba, which contains part of the Muglad basin in South Sudan.
The Directors can now confirm that the Transaction falls to be treated as a
reverse transaction under the AIM Rules. Accordingly, the Directors will prepare
a circular to shareholders comprising, inter alia, an AIM admission document,
seeking their approval of the Transaction.
The shares will remain suspended pending the publication of the Circular which,
depending on the progress of due diligence, is expected to be posted to
shareholders by the end of March 2005.
This information is provided by RNS
The company news service from the London Stock Exchange