Interim Results

White Knight Investments PLC
22 December 2003



WHITE KNIGHT INVESTMENTS PLC


REGISTERED NUMBER: 3937466


INTERIM REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003


For the period ended 30th September 2003 the Company returned a loss of £33,108
as compared with loss in the year to 31st March 2003 of £62,067.



Since last reported to Shareholders the company has acquired 100% of Mistral
Resouce Development Corporated Limited 'Mistral'.  Mistral is a significant
African focused exploration and development company which has acquired options
over two significant properties which are located in Mozambique and Ghana.



White Knight has issued 53,000,000 Ordinary Shares of 1p each in the company in
order to acquire 100% of Mistral and has recently raised an additional £300,000
by the issue of 7.5 Million Ordinary Shares of 1p each in the Company at 4p per
Share to Boston Life and Annuity Company Limited.



The Board is pleased to have positioned White Knight Investments in a sector
which is currently attracting international investor demand in projects with
long term fundamentals.



By Order of the Board



N A Steinberg
Finance Director


19 December 2003



UNAUDITED PROFIT AND LOSS ACCOUNT
Six Months Ended 30 September 2003





                                        Six Months Ended 30.9.2003             Year Ended 31.3.2003
                                                     £                                   £
Administrative expenses                          (39,460)                            (80,492)
Gain/(Loss) on disposal of fixed                     -                                 3,246
asset investments
                                                ----------                           --------
                                                 (39,460)                            (77,246)
Interest receivable                                6,352                              15,179
                                                 ---------                           ---------
(Loss) on ordinary activities                    (33,108)                            (62,067)
before taxation
Tax on (loss) on ordinary                            -                                   -
activities
                                                 ---------                           ---------
(Loss) for the financial period                  (33,108)                            (62,067)
                                                   =====                               =====
(Loss) per ordinary share - basic                 (0.03p)                             (0.05p)



UNAUDITED BALANCE SHEET AS AT 30 SEPTEMBER 2003



                                                        30 September 2003                          31 March 2003
FIXED ASSETS                                £                   £                    £                   £
Investments                                                   24,201                                  29,201

CURRENT ASSETS
Debtors                                  11,400                                  1,000
Cash at bank and in hand                 520,697                                  570,644
                                       ----------                               ----------
                                         532,097                                  571,644

CREDITORS:                               (17,535)                                (28,974)

Amounts falling due within one
year
                                        ---------                               -----------
NET CURRENT ASSETS                                           514,562                                  542,670
                                                            ----------                             ------------
TOTAL ASSETS                                                 538,763                                  571,871

LESS CURRENT

LIABILITIES
                                                              ======                                  =======
CAPITAL AND RESERVES
Called up share capital                                     1,300,000                                1,300,000
Share premium account                                       1,526,155                                1,526,155
Profit and loss account                                    (2,287,392)                              (2,254,284)
                                                           ------------                            ------------
EQUITY SHAREHOLDERS' FUNDS                                   538,763                                  571,871
                                                             =======                                  =======




UNAUDITED CASH FLOW STATEMENT
Six Months Ended 30 September 2003


                                                         Six Months Ended                           Year  Ended
                                                            30.9.2003                               31.03.2003
                                            £                   £                    £                   £
Net cash (outflow) from operating                            (61,299)                                (99,336)
activities

Returns on investments and

servicing of finance
Interest receivable                       6,352                                   15,179
                                        --------                                 ---------
Net cash inflow from returns on                               6,352                                   15,179
investment and servicing of
finance

Capital expenditure and financial
investment
Proceeds of disposal of fixed             5,000                                    3,250
asset investment
                                        --------                               ------------
                                                              5,000                                    3,250
                                                            ----------                              -----------
(Decrease) in cash resources                                 (49,947)                                (80,907)
                                                              ======                                  =======




NOTES TO THE UNAUDITED INTERIM ACCOUNTS
Six Months Ended 30 September 2003



1      The calculation of earnings per share is based on the
losses of £33,108 and on the number of shares in issue being the adjusted
weighted average number of shares in issue totalling  130,000,000.



       The fully diluted earnings per share is based on 130,000,000
ordinary shares allowing for the full exercise of outstanding share purchase
options and the earnings as stated above.  There is no dilutive effect in the
period and in the previous period in accordance with FRS 14 paragraph 56.



2      The comparative figures were for the year to 31 March 2003.



3      The interim statement for the period ended 30 September 2003 is
unaudited and was approved by the Directors on 19 December 2003.  The financial
information set out above does not constitute statutory accounts within the
meaning of s.240 of the Companies Act 1985.



4      Copies of the Interim Report are available to the public free of
charge from the company at Manfield House, 2nd Floor, 1 Southampton Street,
London WC2R 0LR during normal office hours, Saturdays, Sundays and bank holidays
excepted, for 31 days from today.




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