LONDON, Apr 3, 2005 (Dow Jones) — Oil company White Nile (WNL.LN) told investors late Monday it wouldn’t issue its hotly awaited circular detailing its rights to oil in South Sudan until late next week, most likely April 14 or April 15.
This latest delay will disappoint investors, who had twice been promised details of the oil deal, first on Feb. 18 and then on March 4.
"Basically it’s just been the same thing taking longer than expected. There’s nothing hidden there at all," said a company spokeswoman, explaining the delay.
White Nile’s shares will remain suspended until after the circular is issued. Shares in the company shot up 13-fold a few days after its Feb. 10 listing on speculation it had scored an oil deal with the Southern Sudan.
On Feb. 16, White Nile said it had concluded an agreement with the government of South Sudan to acquire a 60% interest in a 67,500-square-kilometer block. French oil giant Total (TOT) previously held this block and is now asserting it has legal rights to the block.
The same day, White Nile’s shares were suspended, pending an announcement.
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