Monday, December 6, 2021

Sudan Tribune

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UK oil explorer White Nile delays update on Sudan

LONDON, Feb 18 (Reuters) – British-based oil exploration company White Nile Ltd , whose shares have soared since its listing last week, said on Friday it would not be able to give details of a Sudanese deal this week as planned.

Shares in White Nile were suspended on Wednesday pending more information of a deal to acquire a 60 percent stake in the 67,5000 square km Block Ba – containing part of the key Muglad Basin production area – from the Government of South Sudan.

On Wednesday the company, which had seen its shares jump to 137 pence by Tuesday’s close after floating at 10p last week, said it planned to release more information on the deal by the end of this week.

“The company has not yet been able to prepare such information, and a further update will be provided next week,” White Nile said in a brief statement on Friday.

White Nile, whose shareholders include former England cricketer Phil Edmonds, raised 9 million pounds ($17 million) before its listing, but the surge in its shares lifted its market value to more than 210 million pounds.