Agriterra Ld Regulatory News (AGTA)

7 Nov 2006 07:02

White Nile Limited07 November 2006 White Nile Ltd / Ticker: WNL / Index: AIM / Sector: Oil & Gas 7th November 2006 White Nile Ltd ('White Nile' or 'the Company') Exploration Update White Nile Ltd, the AIM listed oil and gas exploration company, is pleased toannounce that the first phase of its seismic operation in Block Ba, South Sudanhas been completed. Over 500 km of high-density, 2D seismic data has beeninterpreted from the prospective Jonglei sub-basin of the Muglad Basin in thewestern part of Block Ba in South Sudan. Several prospects have been identifiedin the 1800 sq km project area, including one large structure of over 50 sq km,which has been high-graded as an immediate drilling target. The seismic data from the first phase of the exploration programme has beenprocessed and interpreted to provide a new understanding of the prospectivity ofthe Jonglei sub-basin of the Muglad Basin. It clearly shows a sedimentarysection of up to 7 km in thickness and rift structures suitable for forminghydrocarbon traps analogous to the producing South Sudanese Thar Jath, Mala,Heglig and Unity oilfields of the Muglad Basin to the northwest of Block Ba. Inthis way the geological conditions pertaining to the formation of oilfields inthe Muglad Basin (Blocks 1, 2, 4 and 5A) have been extrapolated into the Jongleisub-basin in Block Ba. Blocks 1, 2 & 5A host the known Unity, Heglig and TharJath oilfields that have estimated oil in place figures of circa 600 million,550 million and one billion barrels respectively. A drilling rig is now being procured and the first exploration well is plannedto spud in the first half of 2007. White Nile's exploration and developmentprogramme for Block Ba includes three exploration wells in 2007 and further 2Dseismic acquisition. Additionally 3D seismic acquisition will be considered overany discoveries. A new 2D seismic acquisition programme in the Pibor Post Basin,part of the productive Melut Basin, in the eastern part of Block Ba will alsocommence in early 2007. The Melut Basin to the north of Block Ba includes theGreat Palogue oilfield, which has estimated oil in place of circa 2.9 billionbarrels and the Adar-Yale oilfield, which has estimated oil in place of circa276 million barrels. The seismic operation is being out by Terra SeisGeophysical Ltd, a wholly owned subsidiary of Terra Seis International ofCanada. White Nile Chairman Phil Edmonds said: "The data received clearly indicates theprospectivity and potential of Block Ba in Southern Sudan. We have identifiedsubstantial structures that warrant immediate prioritisation for drilling and wehave also demonstrated that the geology of Jonglei sub-basin is analogous to theproducing Thar Jath, Mala, Heglig and Unity oilfields, also in the Muglad Basin.Our exploration programme is ongoing and we look forward to updating themarket in our year-end figures due to be announced in December." * * E N D S * * For further information please contact: Phil Edmonds White Nile Ltd Tel: 0845 108 6060Jonathan Wright Seymour Pierce Ltd Tel: 0207 107 8000Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477 This information is provided by RNS The company news service from the London Stock Exchange