White Nile seals oil rights deal
Shares in oil explorer White Nile will resume trading in two to three weeks now that it has finalised a Sudanese oil licensing deal
White Nile's shares soared earlier this month when it secured an oil exploration deal with ex-rebel leaders.
But, under UK stock market rules, shares were suspended pending a detailed document outlining the deal.
The deal was signed with Nile Petroleum, a company set up by ex-rebels to protect oil interests.
Under the deal, the Sudan People's Liberation Movement (SPLM) handed over part of the oil exploration block that had originally been claimed by France's Total under an agreement with the Khartoum government in 1980.
But following the civil war between the mainly Arab north and the Christian south, the Khartoum government no longer controls the land.
Block Ba
With the SPLM having formed a government-in-waiting for southern Sudan, the exploration area known as Block Ba came under Nile Petroleum's control.
After two years of talks, White Nile, which has former England cricketer Phil Edmonds on its board, finally secured the deal.
The company says it is finalising a circular for shareholders and the temporary suspension of its Alternative Investment Market (AIM) listed shares will be lifted in the next two to three weeks.
Under AIM rules, a detailed document outlining the finer details of the proposed deal with the southern Sudan leadership is required before shares can resume trading again.
White Nile will be given a 60% stake in a 67,000km Block Ba exploration area, which may hold as much as six billion barrels of oil.
Nile Petroleum will be given 155 million shares in White Nile, while the remaining 40% of the Block Ba will be retained by Nile.
- Database Search
- Unpaid Debt A comprehensive overview of the role of the Lundin Consortium in the oil war. ECOS calls upon the Swedish, Austrian and Malaysian governments to investigate whether, as a matter of international law, Lundin, OMV and Petronas 'were complicit in the commission of war crimes and crimes against humanity by others during the period 1997-2003.’ In response, the Swedish Public Prosecutor for International crimes opened a criminal investigation into ‘links between Sweden and the reported crimes’.
- In Depth For more specific information about the Lundin court case please visit the Unpaid Debt dossier.
