28th Jun 2005 07:01
White Nile Limited28 June 2005 White Nile Limited ('White Nile' or 'the Company') 'Raises £7 Million for Exploration and Working Capital' White Nile Ltd, the AIM traded oil & gas exploration company 50% owned by the 'New Government of South Sudan'*, has raised £7 million through the issue of7,000,000 new ordinary shares of 0.1p each at £1.00 per share. The proceeds ofthe non-brokered private placing, conducted with existing shareholders as wellas new institutional investors, will be utilised for exploration and for generalworking capital purposes. The fund raising follows the appointment of Terra Seis Geophysical Ltd ('TerraSeis'), a wholly owned subsidiary of Terra Seis International, to conduct anextensive seismic evaluation programme of White Nile's Block Ba oil licence areawhich is approximately 65,000 sq km in South Sudan. White Nile Chairman Phil Edmonds said: "We are extremely pleased to haveconcluded the placing. This not only means that we have a healthy cash positionto fulfil our exploration objectives, but also underlines the support we havefrom our existing investors and other leading financial institutions. The fundswill be predominantly allocated towards our intensive exploration work programmeaimed at establishing new discoveries of oil in South Sudan. "Earlier this month we commissioned Terra Seis to acquire 2,000 km of highresolution geophysical data focussed on a high definition seismic programme onthe Block Ba concession area. The 10-month project will primarily focus on theareas within Block Ba thought to be highly prospective i.e. where the Muglad andMelut Basins extend into the concession. These Basins already have oilproduction to the north of the Block Ba concession area. We're very excited andhope that by the end of the programme we would have identified a number of drilltargets which will allow us to expedite the transition to becoming a productioncompany." Central African Mining & Exploration Company plc (CAMEC), a company in whichdirectors Phil Edmonds and Andrew Groves have interests and which is asubstantial shareholder of White Nile, has agreed to subscribe for 200,000 newordinary shares in the Placing at £1 per share. Application will be made today for the new shares to trade on AIM and it isexpected that dealings in these shares will commence on Monday 4th July 2005.The new ordinary shares will rank pari passu in all respects with the existingshares in issue. * * E N D S * * Contacts: Phil Edmonds White Nile Ltd Tel: 0845 108 6060 Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477 Notes: * The 'New Government of South Sudan' refers to the Civil Authority ofNew Sudan, which is currently in the process of being constituted as theGovernment of Southern Sudan. It controls 50% of White Nile following the issueof 155,000,000 to Nile Petroleum Corp, the South Sudanese National oil companyfor an interest in a petroleum concession, Block Ba. This was confirmed at anEGM on 16th June 2005. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Agriterra Ld