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Vol 46 No 9

Published 29th April 2005


Oil bubble

Spectacular launches on London's second-tier stock market rely on odd claims about assets in Africa

White Nile, an oil company set up in London late last year and with a single, disputed, Sudanese asset to its name, tempted eager London Stock Exchange (LSE) punters. The price of its shares rose by 1,000 per cent in three days; trading in them was suspended on 16 February - after, we hear, original concession-holders Total complained to the LSE. In late April, White Nile controllers Phil Edmonds and Andrew Groves announced they would fly to Kenya to finalise the deal and would also bring in oil experts to head White Nile. Analysts still saw White Nile as lacking any concession to exploit.

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