White Nile raises GBP7M

LONDON, June 28, 2005 (Dow Jones) — White Nile said Tuesday that it has raised GBP7 million through the issue of 7,000,000 new ordinary shares of 0.1 pence each at GBP1.00 per share.

The company said 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 , 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: “The funds will be predominantly allocated towards our intensive exploration work programme aimed at establishing new discoveries of oil in South Sudan.”

Central African Mining & Exploration Company, 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 GBP1 per share.

Application will be made Tuesday for the new shares to trade on AIM and it is expected that dealings in these shares will commence on Monday Jul. 4, 2005.