Home | News    Thursday 16 June 2005

White Nile Hldrs OK reverse takeover by Sth Sudanese Co

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By Benoit Faucon

LONDON, June 16, 2005 (Dow Jones) — White Nile Ltd. (WNL.LN) Thursday said its shareholders have cleared the terms of an acquisition of a South Sudanese oil block which includes a reverse takeover of the company by state-owned Nile Petroleum Corp.

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In a statement, London-listed oil minnow White Nile said an extraordinary general meeting of shareholders backed the acquisition of an interest in a petroleum concession in Block Ba from Nile Petroleum. Nile is owned by the autonomous government of South Sudan.

It said the acquisition was in exchange for 155,000,000 ordinary shares of 0.1 pence each to Nile Petroleum, the equivalent of 50% of White Nile’s capital. The company had disclosed the deal’s terms May 19.

White Nile said the shares allotted to Nile Petroleum are subject to a 12-month lock-in agreement from the admission date, which is due Friday.

The contract signed by White Nile, which was co-founded by former England cricket-player Phil Edmonds, is disputed by French oil major Total SA (TOT). Total has been granted the same block by Sudan’s central government.

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