Interim Results

White Nile Limited
25 March 2008


         White Nile Ltd / Ticker: WNL / Index: AIM / Sector: Oil & Gas

25th March 2008

                 White Nile Ltd ('White Nile' or 'the Company')

                                Interim Results



White Nile Ltd, the AIM listed oil and gas exploration company, announces its
results for six months ended 31 December 2007.



Chairman's Statement



This has been another period of both advancement and frustration as we continue
to build on our stated objective of becoming a leading independent oil producer
focused on Southern Sudan and the surrounding region.



As investors will know, our first acquisition involved the signing of an
agreement with the Government of Southern Sudan ('GOSS') to develop the 67,000
sq km Block Ba in Southern Sudan. Our second was the acquisition of our
Ethiopian concession areas where, following extensive evaluation under a Joint
Study Agreement, we signed a Production Sharing Agreement ('PSA') with the
Government of Ethiopia in January 2008 for a 29,000 sq km block in the Southern
Rift Basin in south-western part of the country.



In line with our expansion strategy, I am now pleased to announce that we are
taking a 49% stake in CAMEC Kenya, a Kenyan subsidiary of Central African Mining
and Exploration Company Plc in return for funding 49% of the past and future
costs. CAMEC Kenya has a Production Sharing Contract ('PSC') with the Government
of Kenya to explore and develop the hydrocarbon potential of Block 11, a 25,000
sq km block located in north west Kenya, which immediately abuts the Southern
Sudan border and is contiguous to our PSA area in Ethiopia.



With interests in Southern Sudan, Ethiopia and now Kenya, we are advancing our
strategy, gaining exposure across the region and de-risking our operations by
expanding our geographical area. We are actively looking at and evaluating
additional opportunities that we believe have the ability to further increase
our regional presence and build value for our shareholders.



Southern Sudan



We remain frustrated by the lack of clarification being received from the
authorities in Southern Sudan. We believe that we have demonstrated our
commitment to the country through our investment and development work targeted
at proving the hydrocarbon potential of Block Ba. We completed the first phase
of exploration work, including high-density 2D seismic acquisition and
interpretation, to gain a clearer understanding of the prospectivity of the
Jonglei sub-basin of the Muglad Basin. Following target identification, we
commenced drilling the Kedelai exploration well, to determine the hydrocarbon
bearing potential of the south-eastern extension of the Muglad basin and in
particular to evaluate reservoir objectives in the Aradeiba and Bentiu
formations. With this investment, in tandem with the implementation of
significant community development programmes, our objectives and commitment
remain very clear.



As reported in the final results, we have had numerous assurances from leading
Southern Sudanese government figures that our interests will be protected, with
the likelihood being that we would be included in a consortium that will develop
Block B in Southern Sudan, including Block Ba, Block Bb and Block Bc.  A
delegation of Southern Sudanese government officials, headed by His Excellency
the Vice President of the Government of Southern Sudan, Dr Riek Machar, met the
Board, its nominated adviser and certain shareholders in London in September
2007, and reiterated that White Nile would receive a 22.5% interest in the
enlarged Block B. More recent indications are that White Nile will receive a
majority stake in a new company that will control the 22.5% stake in the
aforementioned consortium in tandem with Nile Petroleum Corporation Limited.
However, this has not progressed to date and, without clarity of title, while
maintaining a presence in Juba and our camps on the oil block, our operations
remain temporarily suspended until the Board receives full clarification of its
position within Southern Sudan.



It has also become apparent that White Nile is part of a bigger economic and
political picture that is being played out in Sudan.  The allocation of oil
assets, the re-drawing of Block entitlements, the establishment of oil industry
infrastructure and relations between the north and south are all affecting the
decision process. Indeed, the south has 85% of the oil reserves in Sudan and the
right to secede in 2011, which again seems to be impacting the way in which oil
companies is the country are being allowed to operate. However, we remain
committed to the development of oil in South Sudan and we are ready to re-start
full operations as soon as we receive clarity.



Ethiopia



We have signed a PSA with the Government of Ethiopia for a 29,000 sq km block in
the Southern Rift Basin in south-western Ethiopia, and were awarded sole rights
for the exploration, development and production of petroleum in the contract
area in return for satisfying various development commitments.  The PSA follows
a two year Joint Study Agreement ('JSA') with the Ethiopian Government's
Petroleum Operations Department of the Ministry of Mines over the prospective
East African rift system in the southwest of the country.



Geophysical and geological work, primarily in the Omo River area to the north of
Lake Turkana, confirmed the presence of deep potential hydrocarbon bearing
sedimentary basins within the JSA area.  The prognosis by the Company and its
advisors is that the contract area is sited at an intersection between a
south-eastern extension of the petroliferous Cretaceous and early Tertiary
basins of Southern Sudan, in particular the Muglad rift system and the younger
East African rift system, which is proving petroliferous in Uganda as
highlighted by Tullow Oil Plc's recent progress.



Under the PSA, the Government of Ethiopia has granted the sole right to White
Nile to explore, develop and produce petroleum in the contract area. There is an
initial Exploration Period of four years from the date of execution, and a
Development Period and Production Period of 25 years from the date of adoption
of the development plan. During the initial Exploration Period, White Nile is
required to incur minimum expenditure of $6,000,000 for seismic operations and
$8,000,000 for drilling operations. White Nile plans to begin seismic operations
in Q4 2008, prior to which it will conduct extensive geological field work and
preparation for the geophysical programme.



Kenya



Our 49% interest in CAMEC Kenya will further increase our regional exposure.
CAMEC Kenya has a PSA with the Government of Kenya to explore and develop the
hydrocarbon potential of Block 11, a 25,000 sq km block located in north west
Kenya.



Block 11 lies between Lake Turkana and the international borders with Sudan in
the north west, Uganda in the west and Ethiopia in the north. It straddles the
so-called Turkana Depression and includes the sedimentary basins of Gatome and
Lotikipi. The Turkana Depression is a zone of interaction between three rift
systems:



 1. the NW-SE Cretaceous rift system, which links the productive Muglad Basin of
    Sudan with the Anza Graben of Kenya
 2. the NNW-SSE Paleogene rift system of Western Turkana, which is thought to
    link with the petroliferous Melut Basin of Sudan
 3. the NNE-SSW Oligo-Miocene Turkana Rift of Northern Kenya/Southern Ethiopia,
    which is analogous to the Albert rift of Uganda where commercial oil has
    recently been discovered



Results



White Nile remains focussed on the development of its oil concessions in
Southern Sudan and the surrounding region. The Company is still in the
exploration stage and therefore is not producing revenue. As such, the Company
is reporting a pre-tax loss of £799K (2006: £699K).



Outlook



We are focussed on expanding our reach and exploration portfolio and will
continue to evaluate opportunities in Africa in order to add value for our
shareholders. Our participation in CAMEC Kenya marks a further step in this
strategy of building a regional oil company with high quality assets in exciting
petroliferous regions.  Not only does it give us exposure to north west Kenya
but also complements our land positions in Ethiopia and Southern Sudan. We
remain frustrated with the situation in Southern Sudan but are confident of our
position and entitlements.  In the coming year we anticipate the implementation
of seismic programmes first in Kenya and subsequently in Ethiopia.



I would like to take this opportunity to thank the management team, shareholders
and all those involved in the Company who have supported and assisted in its
development and look forward to updating the market on our progress.





Phil Edmonds

Chairman



Unaudited Income Statement for the six months ended 31 December 2007


                                                                      Six           Six
                                                                   months        months
                                                                    ended         ended          Year
                                                                 31.12.07      31.12.06         ended
                                                                                             30.06.07
                                                                     £000          £000          £000

Operating expenses                                                (1,144)         (796)       (1,663)
Operating loss                                                    (1,144)         (796)       (1,663)

Financial income                                                      346           101           245
Financial expenses                                                    (1)           (4)           (6)
Net financing income                                                  345            97           239

Loss before tax                                                     (799)         (699)       (1,424)

Income tax expense                                                      -             -             -
Loss for the period                                                 (799)         (699)       (1,424)

Basic and diluted earnings per share (pence)                      (0.230)       (0.219)       (0.439)



Unaudited Statement of Recognised Income and Expense

for the six months ended 31 December 2007


                                                                      Six           Six
                                                                   months        months
                                                                    ended         ended          Year
                                                                 31.12.06      31.12.06         ended
                                                                                             30.06.07
                                                                     £000          £000          £000



Loss for the period                                                 (799)         (699)       (1,424)

Total recognised income and expense for the period                  (799)         (699)       (1,424)




Unaudited Balance Sheet as at 31 December 2007


                                                                        31.12.07   31.12.06   30.06.07
                                                                            £000       £000       £000
Assets
     Property, plant and equipment                                         1,122        728      1,224
     Intangible assets                                                    35,725     20,454     30,414
Total non-current assets                                                  36,847     21,182     31,638

     Trade and other receivables                                           1,534      2,331      3,556
     Cash and cash equivalents                                            11,075     10,926     16,729
Total current assets                                                      12,609     13,257     20,285

Total assets                                                              49,456     34,439     51,923

Liabilities
     Trade and other payables                                              (209)    (1,064)    (1,698)
Total current liabilities                                                  (209)    (1,064)    (1,698)

Net assets                                                                49,247     33,375     50,225

Equity
     Issued capital                                                          347        329        347
     Share premium                                                        52,284     35,557     52,464
     Retained earnings                                                   (3,384)    (2,511)    (2,586)
Total equity                                                              49,247     33,375     50,225




Unaudited Cash Flow Statement for the six months ended 31 December 2007


                                                                      Six           Six
                                                                   months        months
                                                                    ended         ended     Year ended
                                                                 31.12.07      31.12.06       30.06.07
                                                                     £000          £000           £000
Operating activities
Loss before tax                                                     (799)         (699)        (1,424)
Adjustments for:
       Depreciation of property, plant and equipment                  182            31            135
       Net interest income                                          (345)          (97)          (239)
                                                                    (163)          (66)          (104)
Working capital adjustments
       (Increase)/decrease in receivables                         (1,134)             9           (60)
       (Decrease)/increase in payables                            (1,488)            90            723
                                                                  (2,785)            33            559
Interest paid                                                         (1)           (4)            (6)
Net cash flow from operating activities                           (3,585)         (670)          (871)

Investing activities
Purchase of intangible assets                                     (5,311)       (3,607)       (12,909)
Purchase of property, plant and equipment                            (80)         (524)        (1,131)
Interest received                                                     346           101            245
Net cash flow from investing activities                           (5,045)       (4,030)       (13,795)

Financing activities
Proceeds from issue of share capital                                3,156         9,577         26,844
Share issue costs                                                   (180)             -        (1,498)
Net cash flow from financing activities                             2,976         9,577         25,346

Net (decrease)/increase in cash and cash equivalents              (5,654)         4,877         10,680

Cash and cash equivalents at start of the period                   16,729         6,049          6,049
Cash and cash equivalents at end of period                         11,075        10,926         16,729




Notes



These interim financial statements do not constitute statutory accounts of the
company within the meaning of Section 240 of the Companies Act 1985 and should
be read in conjunction with the Annual Report for 2007. Statutory Accounts for
the year ended 30 June 2007, which were prepared under accounting practices
generally accepted in the UK, have been reported on by the auditors. The report
of the Auditors was unqualified and did not contain statements under section 237
(2) or (3) of the Companies Act 1985.





1          BASIS OF PREPARATION



The accounting policies and methods of computation used in the preparation of
the unaudited financial information are consistent with the principles of
International Financial Reporting Standards ('IFRS') and its interpretations
adopted by the International Accounting Standards Board ('IASB'), and adopted by
the European Union.  An explanation of the principal changes made in the
transition from UK GAAP to IFRS is set out below.



2          EARNINGS/(LOSS) PER ORDINARY SHARE



Basic earnings per share is calculated by reference to the loss for the
financial period and the weighted average number of shares in issue in the
period of 347,000,000 (six months to 31 December 2006: 318,704,918, year ended
30 June 2007: 324,627,397).  There were no dilutive potential ordinary shares at
the end of each period presented.





3          TRANSITION TO IFRS



Introduction

The Company has adopted International Financial Reporting Standards, as adopted
for use in the European Union (IFRS), with effect from 1 July 2007.  In
accordance with IFRS 1, the group's transition date is 1 July 2006 being the
start date for which the Company will present full comparatives information in
the 2008 Annual Report and Accounts.



An exercise to assess the full impact that the change to IFRS has had on the
Company's reported equity, reported losses and accounting polices, has been
completed.  This is explained in more detail below:



Basis of transition

The accounting policies set out below have been applied in preparing the
restatement of the financial statements for the six month period ended 31
December 2006 and year ended 30 June 2007 and in the preparation of an opening
IFRS balance sheet at 1 July 2006.



In preparing its opening IFRS balance sheet, the Company has adjusted amounts
reported previously in financial statements prepared in accordance with its
previous basis of accounting (UK GAAP). An explanation of how the transition
from UK GAAP to IFRS has affected the Company's financial position, financial
performance and cash flows is set out in the notes below.



IFRS 1 exemptions

The Company has elected to apply the following exemptions from full
retrospective application



(a)                Fair value or revaluation at deemed cost:  The group has not
elected to restate items of property, plant and equipment to fair value at
transition date.



Effects of adopting IFRS on the Company's accounting policies



Based on a review of the company's accounting policies, there are no changes
required that would result in a change to the amounts previously recognised
under UK GAAP.  Therefore, the reported profit and equity of the company is not
affected by the adoption of IFRS 1 and any changes are limited to presentation
of the financial statements in line with the formats to be adopted for the year
ended 30 June 2008.



Effect of the adoption of IFRS on the cash flow statement



Under IFRS, amounts previously classified as liquid resources under UK GAAP as a
component of net debt have been classified as cash equivalents.  Accordingly,
cash flows attributable to liquid resources form part of the net increase or
decrease in cash on restatement.  There are no other significant changes to cash
flows other than presentational changes to comply with the disclosure
requirements of IAS 7 'Cash flow statements'.



                                * * E N D S * *



For further information please visit www.whitenile-ltd.com or contact:

Phil Edmonds          White Nile Ltd                   Tel: [phone]

Jonathan Wright       Seymour Pierce Ltd               Tel: [phone]

Hugo de Salis         St Brides Media & Finance Ltd    Tel: [phone]




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