WHITE ENERGY COMPANY LIMITED

White Energy Company Limited confirm that Southern Cross Equities Limited (SCE) has now formalised its unconditional offer on behalf of its institutional client base to provide White Energy with $100 million of equity financing by way of a placement of 41.67 million shares at $2.40 per share. The Company is also investigating the implementation of a Share Purchase Plan (“SPP”) so that all Shareholders can have the opportunity to subscribe for shares on the same terms as the SCE placement. Asia Special Situation Acquisition Corp. Inc which will not proceed. Since the despatch of the Scheme Booklet to Shareholders it has become clear to the Board that a number of the conditions precedent and other matters fundamental to the successful completion of the merger transaction were unlikely to be achieved. As a consequence both parties have agreed to withdraw from the proposed merger on mutually acceptable terms.