27th Apr 2005 07:00
White Nile Limited27 April 2005 White Nile Ltd ('White Nile' or 'the Company') 'Update' On 16 February 2005 the Company announced that it had concluded an agreementwith the Government of South Sudan to acquire a 60% interest in the Block Bawhich contains part of the Muglad Basin in South Sudan (the "Transaction"). Itwas announced that full information on this transaction would be published assoon as possible and, pending such publication, the directors of White Nile (the"Directors") requested a temporary suspension of trading on AIM of the Company'sshares. On 4 March 2005 the Company announced that the Transaction falls to be treatedas a reverse transaction under the AIM Rules and that, accordingly, theDirectors would prepare a circular to shareholders (the "Circular") in the formof an AIM admission document and would seek shareholder approval for theTransaction. Shareholder approval will be sought at an Extraordinary GeneralMeeting. Extensive work has been undertaken to prepare this Circular and the Company hascommissioned a report from leading international oil consultants, ExplorationConsultants Limited, to provide comprehensive information for the Circular.Details of the Company's rights to the Block Ba concession and the prospectivenature of the venture will be included in the Circular to shareholders. Certaindetails concerning the concession and the operating arrangements have beenfinalised during the period since suspension culminating in a LicensingAgreement which was signed with Nile Petroleum Corporation Ltd on Monday 25April 2005. Finalising the Licensing Agreement was a necessary step in advanceof the despatch of the Circular and the Company's readmission as it providesgreater clarity and certainty for shareholders. The Circular to shareholders is now being finalised and it is anticipated thatthe Circular will be sent to shareholders and the temporary suspension oftrading in the Company's shares will be lifted in the next two to three weeks. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Agriterra Ld