Interim Results

White Nile Limited
29 March 2006

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



29th March 2006



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

                                Interim Results



White Nile Ltd, the AIM listed oil and gas exploration company, announces its
interim results for the six month period ended 31 December 2005.



Chairman's Statement



I am pleased to announce our interim results for the period ended 31 December
2005 and update our shareholders on the developments being made. We have made
progress in a number of areas and remain committed to developing White Nile into
an oil and gas exploration and production company focussed in Southern Sudan and
the surrounding region.



During the period we have worked closely with our partners, the new Government
and people of Southern Sudan, to commence the development of Block Ba in
Southern Sudan. We appointed Canadian company Terra Seis International to
conduct an extensive 2,000 km of high resolution seismic evaluation programme in
the block, which will enable us to identify drill targets and help us understand
the oil potential of the area.



As previously reported, a camp has been established at Padak, 2 km from the
airstrip in the western section of Block Ba north of Bor and we have brought in
a huge amount of equipment including survey and drill equipment, explosives,
ARGO's, airboats, generators, accommodation and trucks. Additionally a forward
camp has been established at Panyong north of Padak for further drilling
activities. The major shipment of dynamite is now on location which means we can
speed up the seismic operations and the well targeting process. Our office in
Juba is currently being refurbished and should open in the near future.



Recently a number of analysts, investors and brokers visited Southern Sudan.
They met Vice President Riek Machar as well as the Commissioner and local
councillors of the Jonglei Province, where the extension of the production
fairway of the Muglad area of Block Ba is located and where White Nile's current
seismic programme is focussed. The Sudanese officials all confirmed their
support for White Nile and underlined their commitment to helping develop the
oil potential in their regions.



On the socio-political level we have been actively assisting the local community
and helping the area regenerate as part of White Nile's commitment to social
development. Firstly we have been training local people to help us in the
development of the projects, as we see the training of key workers being crucial
to the development of Southern Sudan. We have appointed a social programme
coordinator who has already established a local education programme at Padak and
has organised the delivery of essential development items including flour
grinding, sewing and brick making machines.



In Ethiopia, I am pleased to report that our consultants, in conjunction with
the Ministry of Mines of the Federal Democratic Republic of Ethiopia, have
completed the first half of their initial geophysical programme of
magneto-telluric and gravity surveys in the 'Southern Rift Basins'.  Preliminary
interpretation of data already gathered is now underway, which once completed
should enable us to understand the future prospectively of the region.



I'd like to take this opportunity to thank Philip Ward for his valuable
assistance and input since he joined us as Chief Operations Officer in November.
As reported, he has over 25 years executive experience within the oil and gas
industry and has spent considerable time in Sudan. In particular, from 2001-2005
he worked extensively on Block 5a which is an extension of the production
fairway in the north of the Muglad Basin.



As shareholders will already know, there is a competing claim on Block Ba from
French oil company Total. We believe we have security of tenure. Therefore, we
have been working very closely with our partners, the Government of Southern
Sudan, Nile Petroleum Corporation Ltd, local government and the people of
Southern Sudan to progress the project. We have strong support from our
investors and feel confident that we can reward all parties by creating a
Southern Sudan focussed oil company with the full support of the Government of
Southern Sudan.



Results



We are currently an exploration company and are not yet in a position to
generate revenue. For the period under review we recorded a loss of (£515,434).
We have raised circa £16 million to date which will be utilised for working
capital and to develop our activities in Southern Sudan and the immediate
region.



Conclusion



White Nile aims to become an independent oil and gas producer focussed in
Southern Sudan and the surrounding region. We have been very active in
developing international and local partners to secure and develop our assets. We
have started the 2,000 km seismic programme and are now fully operational in
Southern Sudan. With an equity stake in White Nile, the Government of Southern
Sudan has a substantial interest in its own assets.  We continue to develop our
interests in the region and look forward to an exciting year in 2006.





Phil Edmonds

Chairman




UNAUDITED CONSOLIDATED PROFIT  AND LOSS ACCOUNT

FOR THE SIX MONTHS ENDED 31 DECEMBER 2005
                                                        Six months                Period
                                                             ended                 ended
                                                       31 December               30 June
                                                              2005                  2005
                                                                                       £
                                                                 £
TURNOVER                                                         0                     0

AIM admission costs                                              0             (215,186)
Net operating expenses                                   (775,110)             (322,025)

OPERATING LOSS                                           (775,110)             (537,211)

Interest receivable                                        259,676               143,172

(LOSS) ON ORDINARY
  ACTIVITIES BEFORE TAXATION                             (515,434)             (394,039)

Taxation                                                         0                     0

(LOSS) ON ORDINARY
  ACTIVITIES AFTER TAXATION                              (515,434)             (394,039)

(LOSS) PER ORDINARY SHARE

Basic and diluted                                         (0.163p)              (0.273p)


UNAUDITED CONSOLIDATED BALANCE SHEET

AT 31 DECEMBER 2005
                                                       31 December               30 June
                                                              2005                  2005
                                                                                       £
                                                                 £
FIXED ASSETS
Intangible assets                                       13,636,597            10,029,688
Tangible assets                                             40,072                42,182
                                                        13,676,669            10,071,870

CURRENT ASSETS
Debtors                                                    410,020                     0
Cash at bank and in hand                                 9,467,927            14,790,959
                                                         9,877,947            14,790,959

Creditors: Amounts falling due within one year            (70,604)             (857,933)

NET CURRENT ASSETS                                       9,807,343            13,933,026


NET ASSETS                                              23,484,012            24,004,896

CAPITAL AND RESERVES
Called up share capital                                    317,000               310,000
Share premium account                                   24,076,485            17,088,935
Shares to be issued                                              0             7,000,000
Profit and loss account                                  (909,473)             (394,039)

EQUITY SHAREHOLDERS' FUNDS                              23,484,012            24,004,896


CONSOLIDATED CASH FLOW STATEMENT

FOR THE SIX MONTHS ENDED 31 DECEMBER 2005
                                                        Six months                Period
                                                             ended                 ended
                                                       31 December               30 June
                                                              2005                  2005
                                                                                       £
                                                                 £

Cash (outflow)/inflow from operating activities        (1,965,650)               326,748

Returns on investment and servicing of finance             259,676               143,172

Capital expenditure and financial investment           (3,611,608)           (1,012,896)

CASH (OUTFLOW) BEFORE USE OF LIQUID RESOURCES AND      (5,317,582)             (542,976)
FINANCING

Management of liquid resources                           5,489,316          (14,525,153)

Financing                                                  (5,450)            15,333,935

INCREASE IN CASH IN THE PERIOD                             166,284               265,806

RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS
                                                        Six months                Period
                                                             ended                 ended
                                                       31 December                  June
                                                              2005                  2005
                                                                                       £
                                                                 £
Increase in cash in the period                             166,284               265,806

Cash (inflow)/outflow from (decrease)/increase in      (5,489,316)            14,525,153
liquid resources

MOVEMENT IN NET FUNDS IN THE PERIOD                    (5,323,032)            14,790,959

NET FUNDS AT BEGINNING OF PERIOD                        14,790,959                     0

NET FUNDS AT END OF PERIOD                               9,467,927            14,790,959

Notes
1. The financial information contained in this unaudited interim report does not
constitute statutory accounts as defined in section 240 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
316,885,870 (period ended 30 June 2005: 144,342,105)



                                * * E N D S * *



Contacts:

Phil Edmonds       White Nile Ltd                  Tel: [phone]

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




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