White Nile: Petroleum Commission Established In Sudan
LONDON, July 29, 2005 (Dow Jones) — Following the recent adoption of the new constitution in Sudan, White Nile felt that it would be helpful to provide a summary of matters affecting its Block Ba oil concession area in Southern Sudan.
The Company’s major shareholder, Nile Petroleum Corporation (’NilePet’), has advised the Company that now that the new constitution in Sudan has been adopted, the National Petroleum Commission will be established in accordance with the Comprehensive Peace Accord (’CPA’ dated 9th January 2005).
The Commission will have the power to ratify and approve oil contracts in Sudan, including those granted to White Nile.
The Commission will have five permanent representatives from both the Northern and Southern governments plus a further three representatives from the region where the oil concession being discussed is located.
The Company understands that the Co-chairmen of the Commission will be President Bashir and John Garang, the recently appointed First Vice-President of Sudan.
As disclosed in the Company’s Admission Document dated 19th May 2005, the Agreement of 12th August 2004 between NilePet and the Government of Southern Sudan, then referred to as the Civil Administration of New Sudan, was entered into prior to the date of the CPA.
Therefore NilePet believes ratification by the Commission is not theoretically necessary. However, White Nile has been informed that NilePet will be presenting to the Commission the Agreement of 12th August 2004 together with the licensing agreement with White Nile dated 25th April 2005 for ratification.
Both NilePet and White Nile believe that ratification will be forthcoming in due course.
Whilst John Garang recently confirmed in an interview that the competing claims between NilePet/White Nile and Total will be decided by the Commission, the Directors of White Nile, including the two representatives recently appointed by NilePet, would like to reiterate that they believe the Commission will confirm that the rights over Block Ba are held by NilePet and White Nile and not by Total.
When the final decision is taken by the Commission, the Company will inform the market accordingly.
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