Companies: WNL   

Controversial oil explorer White Nile lost £1.4 million last year, but claims estimated resources in Sudan of two billion barrels.

Losses at White Nile rose nearly fourfold to £1.4 million in the year to June and cash fell from £15 million to £6 million, but the AIM-quoted company replenished its coffers in November with a £12 million placing at £1. Chairman Phil Edmonds says the company continues to pursue an exploration and development programme at Block Ba, the 67,000 sq km area in the autonomous region of Southern Sudan, whose state-owned oil company is a White Nile shareholder.

By interpreting and extrapolating seismic data on parts of Block Ba, White Nile has come up with estimates of potential oil in place at the Unity, Heglig and Thar Jath oilfields of 600 million, 550 million and one billion barrels respectively. On the crucial question of French giant Total’s claim to have a prior concession over Block Ba from the central Sudanese Government in Khartoum before Southern Sudan gained a separate status, Edmonds says: ‘We are actively petitioning our partners, specifically the Government of Southern Sudan, to obtain a solution.’

At 188p, up 5p today, White Nile shares carry obvious risk but offer speculative potential.

White Nile	AIM	£5.41m	1.60p	-0.53p
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White Nile loses £0.4m			22/12/2005
Robert Tyerman’s exploration insights			04/07/2005
Edmonds awaits Gallic googly			01/07/2005