11th Nov 2008 10:45
White Nile Ltd / Ticker: WNL / Index: AIM / Sector: Oil & Gas
11th November 2008
White Nile Ltd ('White Nile' or 'the Company')
Result of EGM
White Nile Ltd, the AIM listed oil and gas exploration company, announces that at the Extraordinary General Meeting held earlier today all resolutions were passed. Of the proxy votes received 99.9% were in favour of the resolutions.
Accordingly, the 155,000,000 ordinary shares in White Nile ('Ordinary Shares') held by Nile Petroleum Corporation Limited ('NilePet'), the Southern Sudanese national oil company, have been converted into deferred shares in the Company.
The decision to defer the shares owned by the Government of Southern Sudan ('GOSS') through NilePet was taken due to the ongoing uncertainty and lack of clarity regarding title to Block Ba in Southern Sudan. They will remain non-voting deferred shares until complete clarity of title can be given as to White Nile's position with regards to Block Ba.
The Company looks forward to a positive resolution of title issues, although remains cognisant of the present political uncertainties. The Board remains strongly supportive of the GOSS, NilePet and the people of Southern Sudan, and wishes the country well as it approaches the referendum for total independence on 9 January 2011, as endorsed by the international community.
Following this conversion, there are 195,132,688 Ordinary Shares in issue.
* * ENDS * *
For further information please visit www.whitenile-ltd.com or contact:
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Andrew Groves
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White Nile Ltd
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Tel: 0845 108 6060
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Jonathan Wright
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Seymour Pierce Ltd
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Tel: 020 7107 8000
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Hugo de Salis
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St Brides Media & Finance Ltd
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Tel: 020 7236 1177
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