WNL White Nile

    RNS Number : 7109U
  White Nile Limited
  19 May 2008
   

    White Nile Ltd / Ticker: WNL / Index: AIM / Sector: Oil & Gas
    19 May 2008
    White Nile Ltd ('White Nile' or 'the Company')
    Acquires Nigerian Oil Projects

    White Nile Ltd, the AIM listed oil and gas exploration company, has agreed to acquire PA Energy Africa Limited ('PAEA'), a private oil
company which operates in Nigeria, for a consideration of US$1.839 million in cash and 3,132,688 new ordinary shares in the Company.  The
acquisition is part of White Nile's strategy of gaining exposure to additional projects and expanding its geographical reach, which includes
Southern Sudan, Ethiopia, Kenya and now Nigeria.

    PAEA holds service contracts for the development of two Nigerian marginal fields: the Dawes Island Field in Oil Mining Lease 54 (OML 54)
and the Tsekelewu Field in Oil Mining Lease 40 (OML 40), both carve outs under the Nigerian Government's indigenisation programme.  The
service contracts have been executed with the Marginal Field Licence holders Eurafric Energy and Sahara Energy respectively.  Both Eurafric
and Sahara are Nigerian companies that acquired their licences in the Marginal Fields licensing round (2004) organised by the Nigerian
Department of Petroleum Resources ('DPR'). 

    The Dawes Island Marginal Field was previously held by Chevron, which drilled on it an oil and gas discovery well in 1979.  The
Tsekelewu Marginal Field was previously held by Shell, which was also successful in making an oil and gas discovery. Both blocks were
subsequently covered by 3D seismic surveys. It is White Nile's intention to further appraise the discoveries by drilling on both blocks
during the next 12 months, subject to rig availability.  Confirmation of economically viable reserves should allow early production, since
the blocks are adjacent to currently producing infra-structure.  The operators of the marginal fields are two local Nigerian companies.

    White Nile Chairman Phil Edmonds said, "The acquisition of PAEA expands our exposure to oil producing regions in Central Africa. We now
have substantial exposure to Nigeria, Southern Sudan, Kenya and Ethiopia, which is realising our strategy of building a regional oil
company, with assets in exciting petroliferous regions. We have development programmes in Kenya and Ethiopia as we seek to quantify the
potential of our interests. Additionally, we remain focussed on expanding our reach and exploration portfolio and will continue to evaluate
other opportunities in Africa in order to add value for our shareholders."

    Application will be made for the admission of the new ordinary shares to trading on AIM and it is expected that the new ordinary shares
will be admitted to trading on 22 May 2008.

    * * ENDS * *

    For further information please visit www.whitenile-ltd.com or contact:

    
 Andrew Groves                   White Nile Ltd  Tel: 0845 108 6060
 Jonathan Wright        Seymour Pierce Ltd       Tel: 020 7107 8000
 Hugo de Salis    St Brides Media & Finance Ltd  Tel: 020 7236 1177
 
                                

This information is provided by RNS
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