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white nile tanks

  1. 9,623 Posts.
    White Nile shares tank as the company seeks clarification on prospect
    Monday, July 9, 2007, 03:06 PM
    The Directors of White Nile Ltd (AIM: WNL) are seeking clarification of the company’s position regarding Block Ba in Southern Sudan. While Nile’s Chairman, Phil Edmonds, attended a meeting last week, where the initiative to form a consortium with regard to Block B was confirmed. The consortium members were understood to be NilePet, White Nile, Total SA, Kuwait Foreign Petroleum Exploration Company and Sudan National Petroleum Corporation.

    However the company has today been made aware of resolutions of the National Petroleum Commission apparently signed by the Co Chairmen of the NPC on 17 June 2007. This document includes a reference to Resolution No (7), 2007 which reads, “The pulling out of the British White Nile Co from Block B”

    The Board of White Nile has had no official indication of these resolutions and is contacting government figures in Southern Sudan to account for this new information and clarify the situation.

    The Company has undertaken an exploration programme including seismic operations and identified a number of drill targets in Block Ba.

    The Board retains its belief that the Company’s licence remains legally binding and it is seeking urgent meetings to clarify the situation.

    White Nile’s shares dropped 23.5p (26.11%) to 66.50p today
 
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