White Nile Grows African Business with PAEA

Oil and gas explorer White Nile is to buy independent African oil company PA Energy Africa (PAEA) for US$1.839m and 3,132,688 new shares in the company, in a bid to expand its portfolio of African projects.

PAEA holds service contracts for the development of the Dawes Island Field in Oil Mining Lease 54 (OML 54) and the Tsekelewu Field, OML 40.

White Nile says it intends to further appraise the fields over the next year.

The company says the acquisition is part of a strategy of gaining exposure to additional projects and expanding its geographical reach, which includes Southern Sudan, Ethiopia, Kenya and now Nigeria.

By Ozge Ibrahim