White Nile Ltd. on Thursday issued a statement regarding continued speculation regarding the Block Ba license area in Southern Sudan.
White Nile has been assured by representatives of the Government of Southern Sudan that an agreement with the Government of Khartoum has been reached with regard to its Block Ba oil concession. In this respect. White Nile has been informed that it is to be included in a consortium that will explore and develop the enlarged Block B, which will include Block Ba as well as Blocks Bb and Bc.
It is understood that the divisions in the consortium will be as follows: Total 35%, White Nile 25%, the Kuwait Foreign Petroleum Exploration Co 20%, SudaPet 10% and NilePet 10%, the latter two being the national oil companies of Northern and Southern Sudan, respectively.
White Nile representatives are seeking further clarity on the situation and the Company will update the market once this has been provided.