Arch-bear shows no fear as Nile surges

YOU could smell the testosterone today as share dealings in controversial oil explorer White Nile sent its price soaring 38%, or 48p, to a record 174p - way above the 138½p at which the shares returned from suspension on Monday and valuing the company at £261m.

In the blue corner is former England cricketer Phil Edmonds, who founded the company, and his influential institutional shareholders RAB Capital, Artemis and US Global. In the red corner is arch-bear Simon Cawkwell, aka Evil Knievil, the man who strikes fear into companies by selling their shares short.

He recently shorted 250,000 shares at prices ranging from 10p to 15p and, despite other bears now scrambling to close their bets and avert any more losses, he is showing few signs of buckling. Today it emerged he has shorted a further 100,000 shares at 115p. He said: 'I am not worried in the slightest about White Nile. I am under no pressure to close my position.'

Cawkwell is scathing of those who have quit the stock after broker Evolution Securities earlier this week demanded delivery of 165,000 shares lent out to the bears.

'Some men should stay at home and do the ironing. I have got balls of iron,' he said.

White Nile has struck a deal to explore for oil in South Sudan and was floated back in February at just 10p. Edmonds' business partner Andrew Groves said today: 'The shorts have to take their punishment when it comes.'