Interim Results

White Nile Limited
30 March 2007


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

30 March 2007

                 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 2006.


Overview

   •Seismic interpretation highlights multiple targets
   •Four drilling locations prioritised for development
   •Drill rig on site near Padak in Block Ba in Southern Sudan
   •First well to spud in April 2007


Chairman's Statement


It gives me great pleasure to report on the Company's progress towards
fulfilling its objective of becoming a leading independent oil producer focused
on Southern Sudan and the immediate region.


During the period under review we have made great progress at our flagship
project, the 67,000 sq km Block Ba in Southern Sudan. Having implemented and
interpreted an extensive seismic programme, we have identified numerous drill
targets and our first drill rig is on site and due to spud in April 2007.


Southern Sudan


In the last 18 months, White Nile has worked with leading oil industry
consultants and operatives and conducted an extensive seismic acquisition
programme on parts of Block Ba, in order to advance the block to production.
Following the interpretation of high-density 2D seismic, we have identified
numerous drill targets and prioritised four where we believe the productive
Muglad Basin extends into the concession area, including one large structure of
over 50 sq km. The contracted drill rig has been imported from Europe and is now
on-site ready for the first well to be spudded in April 2007. This occasion
signifies an important milestone for White Nile and underlines the significant
progress the Company is making.


In addition to proving and developing the oil potential of Block Ba in Southern
Sudan, White Nile is also focussed on building a significant community
development programme to ensure the local communities benefit appropriately
during the whole life of White Nile's operations. The Company has taken a
proactive role in the education of local workers, the provision of general tools
and equipment to the community, logistical support to Government of Southern
Sudan ('GOSS') officials in the immediate area and the development of
infrastructure. White Nile employed over 1,000 local Southern Sudanese people to
help repair 20 km of man made dyke between Jalle and Maar. Furthermore, it has
invested significant sums in a land mine clearance operation undertaken by The
Development Initiative in the specific areas of seismic operation and on key
roads and villages primarily in the Bor/Padak area.


The Company has commissioned an Environmental and Social Impact Assessment
('ESIA') study, which determines the environmental, social, technical and
economic aspects of developing the oil potential of the concession area. This
includes the local infrastructure of the area, namely the construction of access
roads, accommodation camps and eventually an oil refinery, processing plant and
pipeline. The ESIA is being carried out by ESF Consultants, a Kenyan based
independent environmental management consultancy.


White Nile's position with regard to the exploration and development rights over
Block Ba and the rival claim by the French oil company, Total E&P Soudan S.A
('Total'), remains the same. Following assurances from the GOSS that it had the
right to issue exploration and development concessions on land in Southern
Sudan, the Company signed an agreement over two years ago with the state-owned
petroleum company, Nile Petroleum Corp ('NilePet'), for the exploration and
development of Block Ba. In that transaction, NilePet received a 50%
shareholding in White Nile in return for a 60% interest in Block Ba, with the
remaining 40% interest being retained by NilePet.


In recent weeks Total has mounted a public-relations attack on White Nile and
has reaffirmed its suggestion that it has rights to develop Block Ba under the
terms of an agreement with the government in Khartoum in 1980. However, the
autonomous GOSS has transferred all the non producing oil concessions in
Southern Sudan to its state-owned petroleum company, NilePet, which has the
power to negotiate development agreements, such as that which exists with White
Nile. In this context, NilePet has, in addition, entered into an agreement with
Ascom a European oil production company, for the exploration and development of
Block 5b, which is contiguous to Block Ba in Southern Sudan.


Total has also brought into question whether White Nile has the ability to
explore and subsequently develop an area with such high potential. The Company's
structure lends itself to efficiency and good practice. It is able to choose
from among the best in the world within their respective fields in seismic,
demining, security, drilling and pipeline and refinery development, while taking
into account the local environment and your board has no doubt over White Nile's
ability to develop Block Ba.


Within 18 months White Nile has conducted seismic acquisition on parts of Block
Ba. The interpretation of this seismic data has yielded a number of prospects,
three of which the Company intends to drill this year.


Ethiopia


The Joint Study with the Ethiopian Government's Petroleum Operations Division
over the prospective East African Rift system in the southwest of the country is
progressing well. On-going geological and geophysical work over this emerging
exploration play has so far yielded positive results with detailed gravity
surveys indicating prospective depths of sediments in the northern extension of
the Turkana Rift system. Support for these results has been obtained from
complementary magneto-telluric ('MT') soundings undertaken in early 2006.
Follow-up MT work is expected to reinforce this interpretation.


Preliminary geological studies utilising apatite fission track analyses has
indicated two possible phases of rifting, which support White Nile's exploration
play of superimposed Cretaceous and Tertiary rifts systems with a concomitant
enhanced petroleum potential. In addition, the Joint Study Area is to benefit
from a regional airborne gravity and magnetic survey that will also cover highly
prospective areas of adjacent Kenya and South Sudan. These are expected to
highlight new areas of prospectivity within the region.


Results


White Nile remains focussed on the development of its oil concessions in
Southern Sudan. The Company is still in the exploration stage and therefore is
not producing revenue. In line with expectations, the Company is reporting a
pre-tax loss of £699,200 (2006: loss of £515,434).


Conclusion


The past six months have seen many positive developments for White Nile. With
our committed Board and management team, continued support from the GOSS, local
authorities and people, and with the infrastructure and resources in place, we
believe that White Nile will become a leading oil producing company in Southern
Sudan and the immediate area.


We have strong connections with many industry specialists in seismic, de-mining,
security, drilling, environmental consultancy and pipeline and refinery
development to bring Block Ba eventually into oil production, whilst taking into
account the local environment, people and development of Southern Sudan. With
the spudding of our first drill target scheduled for April, we have reached the
next phase in our development. We are looking forward to the next six months and
the exciting developments that we believe will come from the 2007 drilling
development programme.


White Nile's structure enables the owners of the resource, in this case the GOSS
and the People of Southern Sudan, not only significant control but also, through
their shareholding in White Nile, access to world capital markets and the
ability to bring in technical expertise to develop Block Ba.


Finally, I would like to take this opportunity to thank most particularly the
people and the Government of Southern Sudan and the local communities, the real
owners of the resources of Block Ba, for their help, cooperation and support. I
would also like to thank the management team, shareholders and all those
involved in the Company who have supported and believed in White Nile's cause,
and helped the Company to reach the position it is in today.


Phil Edmonds

Chairman



UNAUDITED PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS ENDED 31 DECEMBER 2006

                                  Six months        Six months        Year ended
                                ended 31 Dec      ended 31 Dec           30 June
                                        2006             2005               2006
                                         £                 £                 £

TURNOVER                                 -                 -                 -

Net operating expenses            ( 795,952)        ( 775,110)      ( 1,852,380)
                                ------------      ------------      ------------

OPERATING (LOSS)                  ( 795,952)        ( 775,110)      ( 1,852,380)

Interest receivable                 100,587           259,676           439,372

Interest payable                    ( 3,835)               -            ( 4,569)
                                ------------      ------------      ------------

(LOSS) ON ORDINARY                ( 699,200)        ( 515,434)      ( 1,417,577)
ACTIVITIES BEFORE TAXATION

Taxation                                 -                 -                 -
                                ------------      ------------      ------------

(LOSS) ON ORDINARY ACTIVITIES
AFTER TAXATION                    ( 699,200)        ( 515,434)      ( 1,417,577)
                                ============      ============      ============

(LOSS) PER SHARE

Basic and diluted                    (.219p)           (.163p)           (.447p)






UNAUDITED BALANCE SHEET AT 31 DECEMBER 2006

                               31 December       31 December           30 June
                                      2006              2005              2006
                                         £                 £                 £
FIXED ASSETS
Intangible assets               20,453,538        13,636,597        16,855,039
Tangible assets                    728,479            40,072           227,907
                                 ----------        ----------        ----------
                                21,182,017        13,676,669        17,082,946
                                 ----------        ----------        ----------

CURRENT ASSETS
Debtors                          2,331,426           410,020           340,137
Cash at bank and in hand        10,925,879         9,467,927         6,049,114
                                 ----------        ----------        ----------
                                13,257,305         9,877,947         6,389,251

Creditors: Amounts falling due
within one year                 ( 1,064,503)         ( 70,604)        ( 974,728)
                                 ----------        ----------        ----------

NET CURRENT ASSETS              12,192,802         9,807,343         5,414,523
                                 ----------        ----------        ----------

NET ASSETS                      33,374,819        23,484,012        22,497,469
                                 ==========        ==========        ==========

CAPITAL AND RESERVES
Called up share capital            329,000           317,000           317,000
Share premium account           35,556,635        24,076,485        23,992,085
Profit and loss account         ( 2,510,816)        ( 909,473)      ( 1,811,616)
                                  ----------        ----------        ----------

EQUITY SHAREHOLDERS' FUNDS      33,374,819        23,484,012        22,497,469
                                 ==========        ==========        ==========



UNAUDITED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 31 DECEMBER 2006

                                      Six months      Six months    Year ended
                                       Ended Dec    ended 31 Dec       30 June                  
                                            2006            2005          2006
                                               £               £             £
Cash outflow
from operating
activities                              ( 666,663)    ( 1,965,650)  ( 2,052,571)

Returns on
investment and
servicing of
finance                                   96,752         259,676       434,803

Capital
expenditure
and financial
investment                            ( 4,129,874)    ( 3,611,608)  ( 7,034,227)
                                        ----------      ----------    ----------

CASH OUTFLOW BEFORE USE OF LIQUID
RESOURCES AND
FINANCING                             ( 4,699,785)    ( 5,317,582)  ( 8,651,995)

Management of
liquid resources                      ( 5,000,000)      5,489,316    10,525,153

Financing                              9,576,550          ( 5,450)     ( 89,850)
                                        ----------      ----------    ----------

(DECREASE)/INC
REASE IN CASH
IN THE PERIOD                           ( 123,235)       166,284     1,783,308
                                        ==========      ==========    ==========

RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS

                                        Six months      Six months  Year ended 
                                      ended 31 Dec       ended Dec     30 June
                                              2006            2005        2006
                                                 £               £           £
(Decrease)/Inc
rease in cash
in the period                           ( 123,235)       166,284     1,783,308

Cash outflow/(inflow) from
increase/(decr
ease) in
liquid
resources                              5,000,000      ( 5,489,316) ( 10,525,153)
                                        ----------      ----------    ----------

MOVEMENT IN
NET FUNDS IN
THE PERIOD                             4,876,765      ( 5,323,032)  ( 8,741,845)

NET FUNDS AT
BEGINNING OF
PERIOD                                 6,049,114      14,790,959    14,790,959
                                        ----------      ----------    ----------

NET FUNDS AT
END OF PERIOD                         10,925,879       9,467,927     6,049,114
                                        ==========      ==========    ==========



Notes

1. 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 2006. Statutory
Accounts for the year ended 30th June 2006, 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.

2. (LOSS) PER ORDINARY SHARE

Basic and diluted loss 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 318,704,918 (six months to 31 December 2005: 316,885,870, year ended
30 June 2006: 316,942,466).



                                * * 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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