RNS Number:1244O
White Nile Limited
28 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 of
7,000,000 new ordinary shares of 0.1p each at #1.00 per share. The proceeds of
the non-brokered private placing, conducted with existing shareholders as well
as new institutional investors, will be utilised for exploration and for general
working capital purposes.
The fund raising follows the appointment of Terra Seis Geophysical Ltd ('Terra
Seis'), a wholly owned subsidiary of Terra Seis International, to conduct an
extensive seismic evaluation programme of White Nile's Block Ba oil licence area
which is approximately 65,000 sq km in South Sudan.
White Nile Chairman Phil Edmonds said: "We are extremely pleased to have
concluded the placing. This not only means that we have a healthy cash position
to fulfil our exploration objectives, but also underlines the support we have
from our existing investors and other leading financial institutions. The funds
will be predominantly allocated towards our intensive exploration work programme
aimed at establishing new discoveries of oil in South Sudan.
"Earlier this month we commissioned Terra Seis to acquire 2,000 km of high
resolution geophysical data focussed on a high definition seismic programme on
the Block Ba concession area. The 10-month project will primarily focus on the
areas within Block Ba thought to be highly prospective i.e. where the Muglad and
Melut Basins extend into the concession. These Basins already have oil
production to the north of the Block Ba concession area. We're very excited and
hope that by the end of the programme we would have identified a number of drill
targets which will allow us to expedite the transition to becoming a production
company."
Central African Mining & Exploration Company plc (CAMEC), a company in which
directors Phil Edmonds and Andrew Groves have interests and which is a
substantial shareholder of White Nile, has agreed to subscribe for 200,000 new
ordinary shares in the Placing at #1 per share.
Application will be made today for the new shares to trade on AIM and it is
expected 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 existing
shares 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 of
New Sudan, which is currently in the process of being constituted as the
Government of Southern Sudan. It controls 50% of White Nile following the issue
of 155,000,000 to Nile Petroleum Corp, the South Sudanese National oil company
for an interest in a petroleum concession, Block Ba. This was confirmed at an
EGM on 16th June 2005.
This information is provided by RNS
The company news service from the London Stock Exchange
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