White Nile Limited 27 April 2005 White Nile Ltd ('White Nile' or 'the Company') 'Update' On 16 February 2005 the Company announced that it had concluded an agreement with the Government of South Sudan to acquire a 60% interest in the Block Ba which contains part of the Muglad Basin in South Sudan (the "Transaction"). It was announced that full information on this transaction would be published as soon as possible and, pending such publication, the directors of White Nile (the "Directors") requested a temporary suspension of trading on AIM of the Company's shares. On 4 March 2005 the Company announced that the Transaction falls to be treated as a reverse transaction under the AIM Rules and that, accordingly, the Directors would prepare a circular to shareholders (the "Circular") in the form of an AIM admission document and would seek shareholder approval for the Transaction. Shareholder approval will be sought at an Extraordinary General Meeting. Extensive work has been undertaken to prepare this Circular and the Company has commissioned a report from leading international oil consultants, Exploration Consultants Limited, to provide comprehensive information for the Circular. Details of the Company's rights to the Block Ba concession and the prospective nature of the venture will be included in the Circular to shareholders. Certain details concerning the concession and the operating arrangements have been finalised during the period since suspension culminating in a Licensing Agreement which was signed with Nile Petroleum Corporation Ltd on Monday 25 April 2005. Finalising the Licensing Agreement was a necessary step in advance of the despatch of the Circular and the Company's readmission as it provides greater clarity and certainty for shareholders. The Circular to shareholders is now being finalised and it is anticipated that the Circular will be sent to shareholders and the temporary suspension of trading in the Company's shares will be lifted in the next two to three weeks. This information is provided by RNS The company news service from the London Stock Exchange