Interactive Investor -- White Nile Ltd, the AIM-listed oil and gas explorer, said it signed with the Ethiopian government an agreement allowing it to start searching for oil in the southern part of the country.
The two-year deal will enable White Nile to conduct geological and geophysical studies in an area covering 70,000 square kilometres.
The site is adjacent to the Gambela block run by Malaysian oil group Petronas in the north and borders Sudan and Kenya to the south.
White Nile said it will initially spend around 450,000 usd to begin the survey in September.
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