News

White Nile unsure about consortium involvement

17 December 2007 13:44:00

Shares in White Nile slumped after the Sudan-focused oil explorer said it is still unsure about its position regarding Block Ba in Southern Sudan.

The group said most recent developments suggest that the group would receive a controlling interest in a new Southern Sudanese company that would hold a 22.5% interest in a consortium that will develop Block B, including Block Ba, Block Bb and Block Bc. White Nile says it has again asked Sudanese government officials to clarify the situation.

"Obtaining clarity for shareholders over this matter remains the key priority for the board," said the group.

"Although we remain confident in our position, the lack of clarity of title for Block Ba is obviously frustrating," it added.

White Nile is still in the exploration stage and not producing revenue. Full-year pre-tax losses came in flat at £1.42m.

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