White Nile raises 12 mln stg to fund South Sudan operations

Nov 29, 2006 (LONDON) — White Nile Limited said it has raised 12 mln stg through placing of 12 mln new shares at 1 stg per share to fund the drilling and development of its Block Ba oil concession area in Southern Sudan.

The company said it has secured a Romanian rig to start drilling three exploration wells at Muglad basin area of Block Ba during the dry season, with the first exploration well targeted for the first-quarter of 2007.

Its Pibor programme in the Melut basin is on track to begin in ‘early 2007’, the company added.

(AFX)