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Since the delisting of Equator Exploration from the AIM market in 2009, updates on the Company's activities are sent directly to shareholders and are no longer published on this site. Shareholders that would like to be added to the mailing list to receive these updates can please send a request to: info@oandoequator.com.

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Shareholder update  
July 06, 2009

   
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General Update  
March 19, 2009

   
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Cancellation of trading on AIM  
March 13, 2009

   
The following announcement is made further to those made on 30 June 2008 and 24 December 2008, in which Equator Exploration Limited ('Equator' or the 'Company') reported that trading in the shares of the Company would be suspended until the publication of the Company's 2007 Report and Accounts ('the Accounts').

The Company confirms that because Equator remains unable to publish the Accounts, trading in the Company's shares on AIM will be cancelled with effect from 07.00am on 16 March 2009.

The Company will continue to post information on its website and registered persons will continue to receive updates by email.


Enquiries:

Equator
+44 (0)207 235 2555
Philip Rand
CEO/CFO


Beaumont Cornish Limited (Nominated Adviser to Equator)

+44 (0)207 628 3396
Roland Cornish


Fox-Davies Capital Limited (Broker to Equator)

+44 (0)207 936 5224
Daniel Fox-Davies


Buchanan Communications
+44 (0)207 466 5000
Bobby Morse/Ben Willey


Additional information regarding the Company can be obtained from the Company's website. The Company's website can be accessed at www.equatorexploration.com.
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Update on OPL 321 and OPL 323  
January 26, 2009

   
London, 26 January 2009 - Equator Exploration Limited ('Equator' or the 'Company') would like to update shareholders on recent events regarding the status of OPL 321 and OPL 323.

BACKGROUND
In the Nigerian 2005 bid round held in August 2005, a bidding group comprising ONGC Videsh Ltd ('ONGC'), Equator and OWEL E&P Ltd ('OWEL'), submitted the winning bids for the Oil Prospecting Licences ('OPLs') for blocks 321 and 323. The bids included signature bonuses totaling US$485 million. However, the Korean National Oil Corporation ('KNOC') exercised a right of first refusal granted to it in recognition of a commitment by KNOC to implement a downstream project. After discussion among all parties, KNOC was awarded a 60% interest in the blocks and appointed as operator. A 30% interest was awarded to the ONGC group while the remaining 10% was awarded to Local Content Vehicles ('LCVs') - Tulip Energy Resources Nigeria Limited for OPL 321 and NJ Exploration Limited for OPL 323. ONGC declined its part of the award, allowing Equator to take the allocated share. The Government of Nigeria and KNOC consented to this and Equator made payment to the Nigerian Government of a full one-third share of the signature bonuses totaling US$161.7 million. On 10 March 2006, Equator signed the two Production Sharing Contracts with the Nigerian National Petroleum Corporation and the other parties as a full independent party with a 30 per cent interest. The Company also signed the Joint Operating Agreements with the other participants on 7 June 2007. Since March 2006, Equator has participated fully with the other parties in all of the technical and commercial decisions related to the detailed evaluation of the hydrocarbon prospects and in the preparations for drilling.

UPDATE
The Company has recently been informed by the Ministry of Energy of a decision made by the President of Nigeria to void the allocation of the blocks to KNOC and to restore the status of the ONGC Consortium as the winning bidder, subject to their payment in full of the US$485 million signature bonus within 60 days of 6 January 2009. KNOC and ONGC have confirmed to the Company that they have received letters from the Ministry of Energy to this effect. We understand that the basis of the decision is the non-payment by KNOC of the signature bonus offered by the winning bidder in full and that the portion of the signature bonus paid by KNOC will be refunded forthwith.

As stated above, Equator did pay its portion of the signature bonuses in full. Equator has received verbal assurances from the Ministry that its participating interest in the two PSCs is unaffected by the decision to void KNOC's allocation but to date has received no direct written communication. The directors continue to believe that the Company's interest in the OPLs remains intact and that Equator will have the right either to participate with the ONGC Consortium in a new PSC or to have its signature bonus refunded.

In order to protect its investment to date of US$16 million in petroleum operations, Equator is working with KNOC, ONGC and all LCV partners to ensure that the preparation for drilling operations continues with the minimum of disruption. The Company will continue to keep shareholders and the markets informed of events.


Enquiries:

Equator

Philip Rand
CEO/CFO
+44 (0)207 235 2555

Beaumont Cornish Limited (Nominated Adviser to Equator)
Roland Cornish
+44 (0)207 628 3396

Fox-Davies Capital Limited (Broker to Equator)
Daniel Fox-Davies
+44 (0)207 936 5224

Buchanan Communications
Bobby Morse/Ben Willey
+44 (0)207 466 5000


Additional information regarding the Company can be obtained from the Company's website. The Company's website can be accessed at www.equatorexploration.com.
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Shareholding  
January 08, 2009

   
London, 8 January 2009 - Equator Exploration Limited ('Equator' or the 'Company') was informed on 6 January 2009 that Angstrom Capital Limited, following an acquisition of ordinary shares, held 16,500,000 ordinary shares in the Company, representing 8.8% of the total voting rights.


Enquiries:

Equator

Philip Rand
Chief Financial Officer
+44 (0)207 235 2555

Beaumont Cornish Limited (Nominated Adviser to Equator)
Roland Cornish
+44 (0)207 628 3396

Fox-Davies Capital Limited (Broker to Equator)
Daniel Fox-Davies
+44 (0)207 936 5234

Buchanan Communications
Bobby Morse/Ben Willey
+44 (0)207 466 5000
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Results of AGM  
December 31, 2008

   
London, 31 December 2008 - Equator Exploration Limited ('Equator' or the 'Company') reports the results of the resolutions put forward at the Annual General Meeting held today:

Resolution 1 - to appoint PricewaterhouseCoopers LLC as auditors of the Company, was passed;

Resolution 2 - to elect Ted Giletti as a director of the Company, was passed;

Resolution 3 - to re-elect Philip Rand as a director of the Company, was passed;

Resolution 4 - to re-elect Philip Dimmock as a director of the Company, was passed; and

Resolution 5 - to re-elect Wade Cherwayko as a director of the Company, was not passed. Accordingly Mr Cherwayko ceased to be a director with effect from the close of the meeting.


Enquiries:

Equator

Philip Rand
CEO/CFO
+44 (0)207 235 2555

Beaumont Cornish Limited (Nominated Adviser to Equator)
Roland Cornish
+44 (0)207 628 3396

Fox-Davies Capital Limited (Broker to Equator)
Daniel Fox-Davies
+44 (0)207 936 5224

Buchanan Communications
Bobby Morse/Ben Willey
+44 (0)207 466 5000


Additional information regarding the Company can be obtained from the Company's website. The Company's website can be accessed at www.equatorexploration.com.
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Short Term Funding and update on publication of Report and Accounts  
December 24, 2008

   
London, 24 December 2008 - The following update is made further to the announcement made on 30 June 2008, in which Equator Exploration Limited ('Equator' or the 'Company') reported that trading in the shares of the Company would be suspended until the publication of the Company's 2007 Report and Accounts ('the Accounts').


Publication of Accounts

Equator confirms that it is making progress in working with the Company's auditors to finalize both the 2007 Accounts and the 2008 Interim Reports. Any further developments will be notified to the market as and when they take place.


Short Term Funding

The Company currently holds US$2.8mm on deposit as security for performance bonds issued to Joint Development Authority of Nigeria and São Tomé & Príncipe ('JDA') to guarantee the expenditure under the work programme on Block 2.

Equator has agreed terms with a Nigerian bank whereby the performance bonds will be issued with a requirement of only 50 per cent cash collateral. This will release initially a sum of US$1.4 million of the cash security. Following completion of the audit by the JDA of the 2006 expenditure, the Company expects the total amount required for the performance bonds to be reduced, which will release a further sum from the secured cash.


Enquiries:

Equator
+44 (0)207 235 2555
Philip Rand
CEO/CFO

Beaumont Cornish Limited (Nominated Adviser to Equator)
+44 (0)207 628 3396
Roland Cornish

Fox-Davies Capital Limited (Broker to Equator)
+44 (0)207 936 5224
Daniel Fox-Davies

Buchanan Communications
+44 (0)207 466 5000
Bobby Morse/Ben Willey
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Business Update  
September 05, 2008

   
Settlement with BW Offshore and update on suspension of share trading

London, 5 September 2008 - Equator hereby makes the following announcement to provide details of a settlement of one of the Company's outstanding contingent liabilities and an update on the current suspension of share trading.

Contingent Liabilities

Equator and a number of its wholly-owned subsidiaries have entered into an agreement (the "Settlement Agreement") with BW Peace Limited, a subsidiary of BW Offshore AS ("BW"), to settle all outstanding amounts resulting from the termination of a contract for the provision of an FPSO for the Bilabri oil development in OML122, offshore Nigeria. This Settlement Agreement has now become unconditional and as a result, the contingent liability of US$52million for early termination noted in our most recent financial reports is reduced by US$10million. In addition, if payment is made before 31 December 2008, there will be a further reduction of US$12million, resulting in a net settlement of US$30million plus interest instead of the original potential of US$52 million.

The Company has already paid US$20million, as guarantor under the FPSO Contract. Therefore if payment is made prior to 31 December 2008, a termination payment of US$10.6 million plus interest will satisfy in full all claims from BW. The Company has arranged for the settlement amount to be assigned from the cash proceeds receivable under the farm-out agreement on OPL323 with BG Exploration and Production Nigeria Limited announced on 17 August 2007.

In addition, the Settlement Agreement requires that the Company pays for variation orders under the FPSO Contract. The amount due for one variation order is still under negotiation with a third party but the total is expected to be no more than US$8.2 million, excluding any interest which may be due. Provision has been made under the Settlement Agreement for the variation orders to be funded from the cash proceeds of any farm-out of the Company's interest in OPL321. However, provision has also been made within the Bilabri Settlement Agreement, dated 13 September 2007 ("BSA"), for amounts due under the FPSO Contract to be paid from the proceeds of the financing of the Bilabri oil development being arranged by Peak Petroleum Industries Nigeria Limited. The status of this financing will be addressed in a separate news release.

2007 Annual Report and Accounts

The Company's shares were suspended from trading at the end of June because the 2007 financials had not been published within the required period of 6 months from the end of 2007. This was due to complications resulting from the implementation of International Financial Reporting Standards and their effect on the accounting treatment of the loans and warrants issued by the Company and of their subsequent re-pricings and repayment deferrals. The treatment has now been agreed with our auditors, PricewaterhouseCoopers, and the financial statements have been submitted to them for their final review. The Board of Directors will publish the 2007 Annual Report and Accounts as soon as it has approved the financial statements. Once published, the Company's share suspension is expected to be lifted and share trading should therefore re-commence.

An update covering other current issues will be distributed in due course.

Enquiries:

Equator
+44 (0)207 235 2555
Philip Rand
Chief Executive Officer

Beaumont Cornish Limited (Nominated Adviser to Equator)
+44 (0)207 628 3396
Roland Cornish


Fox-Davies Capital Limited (Nominated Broker to Equator)
+44 (0)207 936 5234
Richard Hail

Buchanan Communications
+44 (0)207 466 5000
Bobby Morse/Ben Willey

Information on Equator

Equator Exploration Limited engages in the exploration and development of oil and gas projects in highly prospective West Africa. Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company has exploration interests in the territorial waters of Nigeria and of São Tomé e Príncipe as well as in the Joint Development Zone between the two countries.

Additional information regarding the Company can be obtained from the Company's website at www.equatorexploration.com.
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Statement re Report and Accounts  
June 30, 2008

   
London, 30 June 2008 - Equator hereby makes the following announcement to provide an update on the status of the Company's 2007 Annual Report and Financial Accounts.

During 2006, 2007, and 2008, the Company entered into a number of loans which were equity-related through the use of warrants and share appreciation rights issued to the lenders. Equator subsequently entered into a series of complex transactions late in 2007 and early 2008 resulting in re-pricing of warrants which had previously been issued, the deferral of repayment dates of certain loans, and also the issue of warrants to replace share appreciation rights granted to certain lenders under loans drawn down in 2006. As a result of these transactions, the application of IFRS 2 and IAS 39 to the accounts has been under review with our auditors.

A condition of AIM Listing is that the accounts must be finalized within six months of the financial year end. The Company has been in continued contact with its auditors, but we have not yet finalized the appropriate accounting treatment for these transactions. As a result, we will not be able to comply with the deadline of 30 June 2008 for production of the 2007 financial accounts. Because of this non-compliance, the Company's shares will be suspended from trading on AIM with immediate effect until the accounts are published.

We are working closely with our auditors on these technical questions. The Company expects to resolve the outstanding issues shortly, at which point the accounts will be issued and trading will resume.


Enquiries:

Equator

Philip Rand
Chief Executive Officer
+44 (0)207 235 2555

Beaumont Cornish Limited (Nominated Adviser to Equator)
Roland Cornish
+44 (0)207 628 3396

Fox-Davies Capital Limited (Nominated Broker to Equator)
Richard Hail
+44 (0)207 936 5234

Buchanan Communications
Bobby Morse/Ben Willey
+44 (0)207 466 5000
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Bilabri Update  
June 25, 2008

   
London, 25 June 2008 - Equator hereby makes the following announcement to provide an update, firstly, on the Company's progress on its discussions with Peak Petroleum Industries Nigeria Limited ('Peak') concerning settlement under the Bilabri Settlement Agreement ('BSA') between Peak and Equator Exploration (OML 122) Limited ('OML 122 Ltd') and, secondly, on the status of the Bilabri oil and gas developments.

Peak Settlement

On 3 June 2008, the Company announced that Peak had made several representations to the Company that it would be able to and intended to satisfy in full the terms of the BSA by the middle of June 2008. In addition, Equator announced that OML 122 Ltd was taking steps in the Nigerian courts to register the LCIA arbitral award issued in its favour.

On 19 June 2008, Peak made an announcement pertaining to its suit instituted before the Nigerian courts disputing the arbitration proceedings on the basis of there being no arbitral dispute with OML 122 Ltd under the BSA. The announcement also included a statement that the Nigerian court had dismissed 'with substantial costs' an application made by Equator requesting the court to discharge an earlier court order. Equator is fully aware of Peak's claims which are currently being addressed by the Nigerian court and the Company's legal advisors are presently contesting Peak's position. The Company's legal advisors have also advised that the costs awarded so far in the court proceedings are nominal costs only.

During recent discussions, Peak has informed the Company that the claims and counter-claims being made by both Peak and the Company may be hampering progress on the financing efforts being pursued by Peak. Therefore, and without prejudice to the continuation of the legal processes, the Company reiterates that Equator's strategy is still to work closely with Peak to ensure that the financing required for the Bilabri oil development and to satisfy the terms of the BSA is secured within the shortest time possible. In this regard, Equator has been in direct discussions with Peak's financial advisers, and has received independent assurances that funding will be granted by the end of July 2008. Equator will therefore allow Peak until this time to conclude this financing initiative, before initiating conclusive steps in Nigeria to enforce the arbitral award.

Bilabri Oil and Gas Development

Over the past few weeks, progress has been made concerning the Bilabri oil and gas developments as several agreements have been entered into by Peak, as licence holder and operator of OML 122.

These agreements, in respect of which certain information has been made public already, include:
  • An FPSO contract with Nortechs FPSO Pte Limited;
  • Agreements with various suppliers for time-critical equipment;
  • Heads of agreement with Mitsubishi as the LNG offtaker for the gas development; and
  • Heads of agreement with FlexLNG as the supplier of the offshore LNG process.
  • A contract to secure the 'Energy Searcher' drillship.


The Company is working closely with Peak to put in place definitive documentation to secure its carried interest of 5 per cent in the oil development of Bilabri and its 12.5 per cent paying interest in the gas development of Bilabri and Owanare.

Enquiries:

Equator
+44 (0)207 235 2555
Philip Rand
Chief Executive Officer

Beaumont Cornish Limited (Nominated Adviser to Equator)
+44 (0)207 628 3396
Roland Cornish

Fox-Davies Capital Limited (Nominated Broker to Equator)
+44 (0)207 936 5234
Richard Hail

Buchanan Communications
+44 (0)207 466 5000
Bobby Morse/Ben Willey


Information on Equator

Equator Exploration Limited engages in the exploration and development of oil and gas projects in highly prospective West Africa. Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company has exploration interests in the territorial waters of Nigeria and of São Tomé e Príncipe as well as in the Joint Development Zone between the two countries.
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Corporate Update  
June 03, 2008

   
London, 3 June 2008 - Equator, the exploration and development oil and gas company with projects in the highly prospective offshore basins of The Gulf of Guinea, offshore West Africa, hereby makes the following announcement to provide an update on the Company's progress on a number of initiatives.


Farm-out Strategy and Progress

The Company's stated ongoing strategy is to optimise the value of and secure funding for its interests offshore West Africa in the best interests of all stakeholders. This strategy is progressing satisfactorily as summarized below.

Progress on OPL 323
The farm-out of 20 per cent of the Company's interest in OPL 323 held by Equator Exploration Nigeria 323 Limited ('323 Ltd') to BG Exploration and Production (Nigeria) Limited ('BG') is progressing and is now in the final stages. 323 Ltd is now at the point of seeking the signatures of its partners on the transfer deed and the documents to amend the joint venture agreements prior to submission to the Nigerian authorities for final approval.

Progress on OPL 321
The Company has received offers from a number of entities to farm-in to its interest held in OPL 321 by Equator Exploration Nigeria 321 Limited. The Company is currently evaluating these offers and is confident that agreement will shortly be reached with at least one of these entities. Further information will be released in due course.

Progress on Other Farm-ins
The Company continues to seek ways to monetize all or part of its interests held by Equator Exploration JDZ Block 2 Limited in JDZ Block 2 and also in the Company's two option blocks in the Exclusive Economic Zone of São Tomé e Príncipe ('EEZ').


Net Profits Interests

Further to the announcements dated 11 January 2007 and 17 August 2007, the Company is pleased to announce that it has reached a settlement with its bidding partners regarding the remaining net profits interests in both OPL 321 and OPL 323. Equator confirms that it now has the full 30% economic interest in both blocks out of which the farm-out of 20% of OPL 323 is in its final stages and the farm-out of OPL 321 has yet to be agreed. In settlement, a relatively small cash payment will be made from the proceeds of the farm-out of OPL 323 to the partners who bid with us for the blocks in 2005. The bidding partners have also been granted a total of 5.6 million warrants, priced at 8 pence, over common shares in the Company.


Arbitration Process

Further to the announcement made on 11 February 2008, the arbitration process held in London between Equator Exploration (OML 122) Limited ('OML 122 Ltd') and Peak Petroleum Industries Nigeria Limited ('Peak'), which was undertaken in accordance with the terms of the Bilabri Settlement Agreement ('BSA'), details of which were announced on 28 September 2007, is now concluded. A final award, which is enforceable in Nigeria under Nigerian Law, was issued on 27 May 2008 by the Arbitrator in favour of OML 122 Ltd in the total sum of US$123 million plus interest ('Final Award').

Prior to the grant of the Final Award, Peak had made several representations to the Company that it will be able to and intends to satisfy in full, the terms of the BSA at the latest by the middle of June 2008. With this in mind and in order not to frustrate Peak's current financing initiative, the Directors of Equator have taken the view that it would be prudent and in the interests of the Company's stakeholders to achieve settlement under the BSA before enforcing the Final Award. Although OML 122 Ltd is presently taking steps to register the Final Award in the Nigerian courts, it will however not seek to enforce its claim in the Nigerian courts until after the middle of June 2008, at which time the Company will reassess its position if settlement under the BSA is not realised. The Company will make such further announcement as would be appropriate at the time.


Contingent Liabilities

We remain in contact with Dolphin Drilling Limited, BW Offshore Limited ('BW') and other suppliers from the suspension of the Bilabri development as the farm-outs noted above and the potential settlements under the Final Award or the BSA move closer to completion. Determination of the contingent liability to BW of up to US$ 58 million, noted in the Company's Interim Accounts for 2007, of which US$20 million has already been paid, which may result from the termination of the charter agreement for the Floating Production, Storage and Offtake Unit by BW, is the subject of legal proceedings in the British Virgin Islands. However, in order to ensure that the interests of all of the Company's stakeholders are safeguarded, the Company is currently in discussions with BW.


Working Capital and Funding

Leaving aside any potential recovery under the Final Award or the BSA, the Directors believe that completion of the farm-outs noted above will provide the Company with significant additional working capital of approximately US$80 million. In addition it will eliminate the future cash requirements of approximately US$27 million under the committed exploration work programmes for the residual interests that will be held by the Company in both OPL 321 and OPL 323.

The Directors believe that following the proposed farm-outs and the resolution of the net profits interests, the Company will have residual interests in each of OPL 321 and OPL 323 of at least 10 per cent. These, together with the interest in JDZ Block 2 and the two option on blocks in the EEZ, provide an exploration portfolio with significant upside potential.

The Directors currently expect exploration drilling to commence on OPL 321 and OPL 323 late in 2009 and on JDZ Block 2 in 2010. The Directors also believe that delineation of the blocks in the EEZ is unlikely to be completed prior to first quarter 2009.


Enquiries:

Equator

Philip Rand, CEO/CFO
Philip Dimmock, COO
+44 (0)207 235 2555

Beaumont Cornish Limited (Nominated Adviser to Equator)
Roland Cornish
+44 (0)207 628 3396

Fox-Davies Capital Limited (Nominated Broker to Equator)
Richard Hail
+44 (0)207 936 5234

Buchanan Communications
Bobby Morse/Ben Willey
+44 (0)207 466 5000


Information on Equator

Equator Exploration Limited engages in the exploration and development of oil and gas projects in highly prospective West Africa. Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company has exploration interests in the territorial waters of Nigeria and of São Tomé e Príncipe as well as in the Joint Development Zone between the two countries.

Additional information regarding the Company can be obtained from the Company's website at www.equatorexploration.com.
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Share Price Movement  
May 27, 2008

   
London, 27 May 2008 - Equator Exploration Limited ('Equator' or the 'Company') notes the recent movement in the Company's share price, but is not aware of any corporate developments which could lead to such a substantial movement.


Enquiries:

Equator
Philip Rand
Chief Financial Officer
+44 (0)207 235 2555

Beaumont Cornish Limited (Nominated Adviser to Equator)
Roland Cornish
+44 (0)207 628 3396

Fox-Davies Capital Limited (Broker to Equator)
Richard Hail
+44 (0)207 936 5234

Buchanan Communications
Bobby Morse/Ben Willey
+44 (0)207 466 5000

Additional information regarding the Company can be obtained from the Company's website. The Company's website can be accessed at www.equatorexploration.com.
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Shareholding  
March 06, 2008

   
Equator Exploration Limited ('Equator' or the 'Company') was informed on 4 March 2008 that on 3 March 2008, MF Global UK Limited, following an acquisition of ordinary shares, held 7,384,590 ordinary shares in the Company, representing 3.94% of the total voting rights.


Enquiries:

Equator
+44 (0)207 235 2555
Philip Rand
Chief Financial Officer

Beaumont Cornish Limited
+44 (0)207 628 3396
Nominated Adviser to Equator)
Roland Cornish

Fox-Davies Capital Limited
+44 (0)207 936 5234
(Broker to Equator)
Richard Hail

Buchanan Communications
+44 (0)207 466 5000
Bobby Morse/Ben Willey

Additional information regarding the Company can be obtained from the Company's website. The Company's website can be accessed at www.equatorexploration.com.
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Total Voting Rights  
February 29, 2008

   
For the purposes of the Disclosure and Transparency Rules of the Financial Services Authority, the Board of Equator is required to notify the market of the following:

As at the date of this announcement, the Company's issued share capital consists of 187,491,590 ordinary shares, with voting rights ('Ordinary Shares'). The Company does not hold any Ordinary Shares in Treasury.

Therefore the total number of Ordinary Shares in the Company with voting rights is 187,491,590.

The above figure of 187,491,590 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Service Authority's Disclosure and Transparency Rules.


For further information, please contact:

Equator
Philip Rand
Chief Executive Officer
+44 (0)207 235 2555

Beaumont Cornish Limited (Nominated Adviser to Equator)
Roland Cornish
+44 (0)207 628 3396

Fox-Davies Capital Limited (Nominated Broker to Equator)
Richard Hail
+44 (0)207 936 5234

Buchanan Communications
Bobby Morse/Ben Willey
+44 (0)207 466 5000
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Corporate Update and Issue of Equity to raise $700,000  
February 11, 2008

   
London, 11 February 2008 - Equator makes the following announcement to provide a corporate update and also details on the raising of US$700,000 in addition to the US$1,172,160 announced on Friday 8 February 2008.


Farm-out status

The Company confirms that it has obtained the approval of other parties to the Joint Operating Agreement for the assignment of a 20% interest in the deep water block OPL323 to BG Exploration and Production (Nigeria) Limited. The Company has made submission to Nigerian National Petroleum Corporation ('NNPC') for its approval, which once received will allow the farm-out to be completed shortly thereafter.

Expressions of interest have been received from a number of parties wishing to participate in the Company's interest in its other deep water block in Nigerian territorial waters, OPL321.

In addition, the Company is in preliminary discussions with international oil companies regarding collaboration on its rights over two blocks in the Exclusive Economic Zone in Sao Tome e Principe.

Further announcements will follow in due course.


Financing

As noted above, the Company has not yet received approval from NNPC for the farm-out of a portion of the Company's interest in OPL323. In order to provide the Company with additional flexibility and liquidity, the interest on the US$65 million loan dated 3 August 2006, totalling US$4.1 million and due to be paid in February 2008, has been deferred with the agreement of the lenders, until completion of the farm-out of OPL323. In consideration for this deferral, the Company has agreed that the 17,397,353 warrants issued to the lenders should be re-priced to £0.30 per share from £0.40 per share, with all other terms remaining unaltered.

Further, in a separate transaction, the terms of the US$7.5 million loan from Ingalls & Snyder Value Partners LP dated 2 July 2007 have been amended. In consideration for the lender agreeing to exercise immediately 5,000,000 of the 10,989,000 warrants granted by the Company, which could have been exercised over 2 years, the Company has agreed to a reduction in the exercise price of the warrants to be immediately exercised, from £0.35 per share to US$0.14 per share (equivalent to £0.071 at current exchange rates). Following a request to exercise the warrants, the Company will issue 5,000,000 common shares in the Company (the 'Shares') for a purchase price of US$700,000. The proceeds will be used for general working capital purposes. Application will be made for the Shares, which will rank pari passu with existing ordinary shares, to be admitted to trading on AIM. The effect is therefore to raise money by the issue of Shares at the current share price, thus eliminating those warrants.


Peak Petroleum Industries Nigeria Limited ('Peak')

On 28 September 2007, the Company announced that it had entered into an agreement ('Settlement Agreement') with Peak whereby Peak agreed to take over certain current and future liabilities of the Bilabri oil development and to reimburse Equator for certain costs.

Peak has not yet made the long overdue payments to Equator and third parties. Therefore in accordance with the terms of the Settlement Agreement, Equator has issued an Arbitration Notice to Peak. Arbitration under the Settlement Agreement is to be held in London, England. Nevertheless, Equator remains committed in its cooperation with Peak and various third parties to ensure that the oil and gas discovered in Bilabri, Oribiri and Owanare are exploited to their maximum potential. The Company will issue a further update in due course.


Related Party - AIM Rule 13

Mr Robert Gipson is one of three General Partners of Ingalls & Snyder Value Partners LP ('Ingalls VP') and also a Senior Managing Director of Ingalls & Snyder LLC ('Ingalls LLC'). Ingalls LLC currently holds 15.3 per cent of the issued common shares in the Company of which 7,743,000 shares (4.2 per cent) are held on behalf of Mr Gipson. Mr Gipson also holds directly 7,326,000 shares (4.0 per cent). Ingalls VP currently holds no shares.

Following this transaction, Ingalls LLC, Ingalls VP and Mr Gipson will hold in total 40,245,767 common shares equivalent to 21.46 per cent of the issued shares. Accordingly, the transaction to accept the exercise of the warrants at the reduced price is being treated as a Related Party Transaction under the AIM Rules. The Directors of the Company, all of whom are independent of Mr Gipson, Ingalls LLC and Ingalls VP, consider, having consulted with the Company's Nominated Adviser, that the terms of both transactions are fair and reasonable insofar as the shareholders are concerned.



Enquiries:

Equator
Philip Rand
Chief Executive Officer
+44 (0)207 235 2555

Beaumont Cornish Limited (Nominated Adviser to Equator)
Roland Cornish
+44 (0)207 628 3396

Fox-Davies Capital Limited (Nominated Broker to Equator)
Richard Hail
+44 (0)207 936 5234

Buchanan Communications
Bobby Morse/Ben Willey
+44 (0)207 466 5000


nformation on Equator

Equator Exploration Limited engages in the exploration and development of oil and gas projects in highly prospective West Africa. Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company has exploration interests in the territorial waters of Nigeria and of Sao Tome e Principe as well as in the Joint Development Zone between the two countries.

Additional information regarding the Company can be obtained from the Company's website at www.equatorexploration.com.
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Shareholding  
February 05, 2008

   
London, 5 February 2008 - Equator Exploration Limited ('Equator' or the 'Company') was informed on 29 January 2008 that on 28 January 2008, MF Global UK Limited, following a disposal of ordinary shares, held 6,979,520 ordinary shares in the Company, representing 3.99% of the total voting rights.

In addition, the Company was informed on 30 January 2008 that on 29 January 2008, MF Global Limited, following an acquisition of ordinary shares, now holds 7,018,520 ordinary shares, representing 4.01% of the total voting rights.


Enquiries:

Equator
Philip Rand
Chief Financial Officer
+44 (0)207 235 2555

Beaumont Cornish Limited (Nominated Adviser to Equator)
Roland Cornish
+44 (0)207 628 3396

Fox-Davies Capital (Broker to Equator)
Richard Hail
+44 (0)207 936 5234

Buchanan Communications
Bobby Morse/Ben Willey
+44 (0)207 466 5000


Additional information regarding the Company can be obtained from the Company's
website. The Company's website can be accessed at www.equatorexploration.com.
  show/hide article

Shareholding  
January 30, 2008

   
London, 30 January 2008 - Equator Exploration Limited ('Equator' or the 'Company') was informed on 28 January 2008 that on 25 January 2008, MF Global UK Limited, following an acquisition of ordinary shares, now holds 6,998,105 ordinary shares in the Company, representing 4.00% of the total voting rights.


Enquiries:

Equator
Philip Rand
Chief Financial Officer
+44 (0)207 235 2555

Beaumont Cornish Limited (Nominated Adviser to Equator)
Roland Cornish
+44 (0)207 628 3396

Fox-Davies Capital Limited (Broker to Equator)
Richard Hail
+44 (0)207 936 5234

Buchanan Communications
Bobby Morse/Ben Willey
+44 (0)207 466 5000
  show/hide article

Significant Shareholding  
January 28, 2008

   
London, 28 January 2008 - Equator Exploration Limited ('Equator' or the 'Company') was informed on 24 January 2008 that on 23 January 2008, MF Global UK Limited, following a disposal of ordinary shares, now holds 6,600,865 ordinary shares in the Company, representing 3.77% of the total voting rights.


Enquiries:

Equator
Philip Rand
Chief Financial Officer
+44 (0)207 235 2555

Beaumont Cornish Limited (Nominated Adviser to Equator)
Roland Cornish
+44 (0)207 628 3396

Fox-Davies Capital Limited (Broker to Equator)Richard Hail
+44 (0)207 936 5234

Buchanan Communications
Bobby Morse/Ben Willey
+44 (0)207 466 5000
  show/hide article

Loan Arrangements  
December 17, 2007

   
Loan repayment deferral and potential replacement loan.

London, 17 December 2007 - Equator Exploration Limited ('Equator' or the 'Company') announces a short term deferral of a loan repayment and a potential replacement of the loan.

In September 2007, as reported in the 2006 Annual Report, the Company entered into an unsecured, short term working capital loan agreement for US$5 million which, on 15 December 2007, was due for repayment or conversion into shares at a price of 10 pence per share. The lenders have agreed to a short deferral of the repayment date whilst the Company seeks the finalization of an alternative loan with a commercial bank.

Equator Exploration Limited engages in the exploration and development of oil and gas projects in highly prospective West Africa. Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company has exploration interests in the territorial waters of Nigeria and of Sao Tome & Principe as well as in the Joint Development Zone between the two countries.

Enquiries:

Equator
Philip Rand
Chief Executive Officer
+44 (0)207 235 2555

Beaumont Cornish Limited (Nominated Adviser to Equator)
Roland Cornish
+44 (0)207 628 3396

Fox-Davies Capital Limited (Nominated Broker to Equator)
Richard Hail
+44 (0)207 936 5234

Buchanan Communications
Bobby Morse/Ben Willey
+44 (0)207 466 5000
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Result of AGM  
December 05, 2007

   
LONDON, England: Equator Exploration Limited (AIM: EEL.L) ('Equator' or the 'Company').

The board of Equator Exploration Limited is pleased to announce the results of the AGM held in New York City, New York at 10:00 (EST) on 4 December 2007.

Resolutions in respect of the following were duly passed:

(i) Approval of the financial statements for the year ended 31 December 2006

(ii) Approval of the appointment of PWC as auditors to the Company

(iii) Approval of Wade Cherwayko as a non-executive director

(iv) Approval of Philip Dimmock as a director

(v) Approval of Philip Rand as a director

Ted Giletti accepted appointment as a non-executive director prior to the AGM and, because of his other business commitments, Martin Adams declined to submit himself for election as a director.

For further information please contact:

Philip Rand
Chief Executive Officer
+44 (0)207 235-2555

Richard Hail
Fox-Davies Capital Limited (Broker to Equator)
+44 (0)207 936 5234

Roland Cornish
Beaumont Cornish Limited (Nominated Adviser to Equator)
+44 (0)207 628 3396

Bobby Morse/Ben Willey
Buchanan Communications
+44 (0) 207 466 5000
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Board Changes  
December 05, 2007

   
Equator today updates shareholders on Board changes which take effect immediately.

Equator is pleased to announce that Theodore Giletti, aged 62, has agreed to join the Board as a non-executive director. Ted's industry experience in West Africa and his financial background will be invaluable as the Company implements its 2008 business strategy. Ted is currently a director of Banco Africano de Investimentos (BAI), Luanda, and also Angola Capital Partners (ACP). In the past five years, he was a director of the Tanzania Pyrethrum Marketing Company.

Wade Cherwayko has stepped down as the Chief Executive of the company, but will remain on the Board as a non-executive director.

The Board of Directors are pleased to announce that Philip Rand has been appointed to the position of Chief Executive with immediate effect.

The Board regret that Martin Adams was unable to offer himself for re-election as a director due to other business commitments. The Directors thank him for his invaluable contributions as a director and wish him well in the future.


For further information please contact:

Philip Rand
Chief Executive Officer
+44 (0)207 235-2555

Richard Hail
Fox-Davies Capital Limited (Broker to Equator
+44 (0)207 936 5234

Roland Cornish
Beaumont Cornish Limited (Nominated Adviser to Equator)
+44 (0)207 628 3396

Bobby Morse/Ben Willey
Buchanan Communications
+44 (0) 207 466 5000
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Shareholding  
November 22, 2007

   
London, 22 November 2007 - Equator Exploration Limited ('Equator' or the 'Company') was informed on 21 November 2007 that on 20 November 2007, MF Global Limited, following a disposal of ordinary shares, now holds 8,482,985 ordinary shares in the Company, representing 4.85% of the total voting rights.

Enquiries:

Equator
+44 (0)207 235 2555
Philip Rand
Chief Financial Officer

Beaumont Cornish Limited (Nominated Adviser to Equator
+44 (0)207 628 3396
Roland Cornish

Fox-Davies Capital Limited (Broker to Equator)
+44 (0)207 936 5234
Richard Hail

Buchanan Communications
+44 (0)207 466 5000
Bobby Morse/Ben Willey
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Notice of AGM  
November 20, 2007

   
London, 20 November 2007 - Equator Exploration Limited ('Equator' or the 'Company') would like to announce to shareholders plans for its Annual General Meeting.

The Equator Exploration Annual General Meeting will be held at 10:00 am on 4th December 2007 at the Hudson Hotel in the Hudson Room, 356 West 58th St., New York, Copies of resolutions to be considered at the meeting have been mailed to shareholders of record on November 16, 2007.

A copy of the notice is posted on the Company's website www.equatorexploration.com


Enquiries:

Equator
Philip Rand
Chief Financial Officer
+44 (0)207 235 2555

Beaumont Cornish Limited (Nominated Adviser to Equator)
Roland Cornish
+44 (0)207 628 3396

Fox-Davies Capital Limited (Broker to Equator)
Richard Hail
+44 (0)207 936 5234

Buchanan Communications
Bobby Morse/Ben Willey
+44 (0)207 466 5000

Additional information regarding the Company can be obtained from the Company's website. The Company's website can be accessed at ww.equatorexploration.com.
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Director's Dealings  
November 15, 2007

   
London, 15 November 2007 - Equator Exploration Limited ('Equator' or the 'Company') was informed on 15 November 2007 that on that date, Philip Rand, Director, through his Self Invested Pension Scheme, ('SIPP') purchased 50,000 ordinary shares in the Company at 11p per share. Following this purchase, Philip Rand, through his SIPP, owns a total of 100,000 ordinary shares, representing a holding of 0.05% in the Company's issued share capital.

Enquiries:

Equator
+44 (0)207 235 2555
Philip Rand
Chief Financial Officer

Beaumont Cornish Limited (Nominated Adviser to Equator)
+44 (0)207 628 3396
Roland Cornish

Fox-Davies Capital Limited (Broker to Equator)
+44 (0)207 936 5234
Richard Hail

Buchanan Communications
+44 (0)207 466 5000
Bobby Morse/Ben Willey

Additional information regarding the Company can be obtained from the Company's website. The Company's website can be accessed at www.equatorexploration.com.
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Board Change  
November 07, 2007

   
London, 7 November 2007 - Equator Exploration Limited ('Equator' or the 'Company') today announces that Tony Renton, Director, has resigned with immediate effect.

Due to a change in the ownership of Tony's consulting business, potential conflicts of interest may arise and, as a result, he has informed the Company that he is no longer able to serve as a Director on the Board of Equator.

The Company wishes him well in his future endeavours, and should like to thank him for his valued contribution to Equator during his time on the Board.

Enquiries:

Equator
Tel: +44 (0)207 235 2555
Philip Rand
Chief Financial Officer

Beaumont Cornish Limited
Tel: +44 (0)207 628 3396
(Nominated Adviser to Equator)
Roland Cornish

Fox-Davies Capital Limited
Tel: +44 (0)207 936 5234
(Broker to Equator)
Richard Hail

Buchanan Communications
Tel: +44 (0)207 466 5000
Bobby Morse/Ben Willey
  View PDF

Interim Results for six months ended 30 June 2007  
October 24, 2007

   
  View PDF

Annual Report 2006  
October 24, 2007

   
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Appointment of Nominated Adviser  
October 16, 2007

   
London, 16 October 2007 - Equator Exploration Limited ('Equator' or the 'Company') is pleased to announce the appointment of Beaumont Cornish Limited as its Nominated Adviser with immediate effect.

Equator Exploration Limited engages in the exploration and development of oil and gas projects in highly prospective West Africa. Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company has exploration interests in the territorial waters of Nigeria and of Sao Tome & Principe as well as in the Joint Development Zone between the two countries.


Enquiries:

Equator
Philip Rand
Chief Financial Officer
+44 (0)207 235 2555

Beaumont Cornish Limited (Nominated Adviser to Equator)
Roland Cornish
+44 (0)207 628 3396

Fox-Davies Capital Limited (Broker to Equator)
Richard Hail
+44 (0)207 936 5234

Buchanan Communications
Bobby Morse/Ben Willey
+44 (0)207 466 5000

Additional information regarding the Company can be obtained from the Company's website. The Company's website can be accessed at www.equatorexploration.com.
  show/hide article

Appointment of Broker  
October 16, 2007

   
London, 16 October 2007 - Equator Exploration Limited ('Equator' or the 'Company') is pleased to announce the appointment of Fox-Davies Capital Limited ('Fox-Davies') as its Broker with immediate effect.

Equator Exploration Limited engages in the exploration and development of oil and gas projects in highly prospective West Africa. Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company has exploration interests in the territorial waters of Nigeria and of Sao Tome & Principe as well as in the Joint Development Zone between the two countries.

Fox-Davies Capital is a Member of the London Stock Exchange and specializes in providing Corporate Finance advisory, broking and capital raising services to AIM listed and international oil & gas and resource companies. In its role as nominated broker, Fox-Davies provides its corporate clients with access to investors in the UK, European and North American capital markets and has an established track record in emerging markets particularly in Africa, Former Soviet Union and Asia.


Enquiries:

Equator
Philip Rand
Chief Financial Officer
+44 (0)207 235 2555

Beaumont Cornish Limited (Nominated Adviser to Equator)
Roland Cornish
+44 (0)207 628 3396

Fox-Davies Capital Limited (Nominated Broker to Equator)
Richard Hail
+44 (0)207 936 5234

Buchanan Communications
Bobby Morse/Ben Willey
+44 (0)207 466 5000

Additional information regarding the Company can be obtained from the Company's website. The Company's website can be accessed at www.equatorexploration.com.
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Settlement Agreement with Peak and Update on filing of 2006 Financial Statements and Interims Results for 2007  
September 28, 2007

   
London, 28 September 2007 - Equator Exploration Limited ('Equator' or the 'Company') announces the signing of a settlement agreement with Peak Petroleum Industries Nigeria Limited ('Peak').

On 26 September 2007, the Company approved a settlement agreement ('Settlement Agreement') with Peak. Under the terms of the Settlement Agreement, Peak will assume full responsibility for financing and developing the Bilabri field which to date has been financed by Equator under the Finance and Service Agreement between Peak and Equator Exploration (OML 122) Limited, dated 2nd April 2005 ('FSA').

The Settlement Agreement provides that the FSA will be terminated and that
Equator will retain a net profit interest of 5% in the Bilabri oil project and a paying interest of 12.5% in any gas development of the Bilabri and Owanare fields.

The Settlement Agreement also provides for Peak to assume the current and future liabilities of the Bilabri oil development and to reimburse Equator for all project costs paid by the Company since 1 June 2007. Peak is negotiating new contracts for the services and equipment required for the Bilabri oil development to continue.

Peak is expecting to conclude a financing agreement with a financial institution in the near term.

To date, Equator has invested approximately US$270 million in OML 122 including the Owanare discovery well. The directors of Equator have reviewed the potential financial implications of the Settlement Agreement for the Company and will be making suitable provisions to reflect a prudent view of any downside risk in terms of recoverability of the historical cost of investment in OML 122. The provisions will be recorded in the Company's financial statements which are expected to be issued shortly.

Filing of 2006 Financial Statements/Interim Results

Equator will be announcing its Interim Results for the six months to 30 June
2007 simultaneously with the Financial Statements for the year ended 31 December 2006 in the near term at which point trading in Equator shares is expected to recommence.

The Company will now focus on adding value to its exploration assets by pursuing additional farm-out opportunities. Further details of the Company's strategy will be included with the publication of the 2006 Annual Report and Financial Statements and the 2007 Interim Results.

Enquiries:

Equator
+44 (0)207 235 2555
Wade Cherwayko
Chief Executive Officer
Philip Rand
Chief Financial Officer

KBC Peel Hunt (Nominated Adviser to Equator)
+44(0)207 418 8900
Jonathan Marren/Richard Kauffer

Buchanan Communications
+44 (0) 207 466 5000
Bobby Morse/Ben Willey
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Board change  
September 28, 2007

   
London, 28 September 2007 - Equator Exploration Limited ('Equator' or 'the Company') announces the resignation, due to other business commitments, of Baroness Chalker as a non-executive director of the Company.

The entire Board would like to thank Baroness Chalker for the enormous contribution that she has made to the Company.

Enquiries:

Equator
+44 (0)207 235 2555

Philip Rand
Chief Financial Officer

KBC Peel Hunt (Nominated Adviser to Equator)
+44 (0)207 4188900
Jonathan Marren/Richard Kauffer

Buchanan Communications
+44 (0) 207 466 5000
Bobby Morse/Ben Willey
  show/hide article

Financing Update  
September 11, 2007

   
London, 11 September 2007 - Equator Exploration Limited ('Equator' or 'the Company') announces an additional working capital facility.

The Company has entered into an unsecured short term working capital loan facility for US$5 million with shareholder lenders. The loan is to be repaid by 15 December 2007. The funds for repayment are expected to be available either from the cash element receivable on completion of the farm-out of OPL 323 which was announced by the Company on 17 August 2007, or from other sources being evaluated by the Company.

In consideration, the Company has agreed to issue 8,375,000 warrants pro rata to the lenders at an exercise price of 30p per share, which may be re-set downwards depending upon market prices during the first fifteen days following lifting of the current suspension of trading of the Company's shares. The warrants are exercisable over 2 years. The loan carries interest at an annual rate of 6%. If repayment is not made by the due date, then both the principal and interest will be converted to common shares.


Enquiries:

Equator Exploration
Philip Rand, Chief Financial Officer
+44 (0)207 235 2555

KBC Peel Hunt Ltd (Nominated Adviser to Equator)
Jonathan Marren/Richard Kauffer
+44 (0)207 418 8900

Buchanan Communications
Bobby Morse/Ben Willey
+44 (0) 207 466 5000
  show/hide article

Corporate Update  
September 03, 2007

   
London, 3 September 2007 - Equator Exploration Limited ('Equator' or the 'Company') announces the termination of the conditional merger agreement.

On 11 June 2007, Equator announced that it had entered into a conditional merger agreement (the 'Merger Agreement') with CAMAC Energy EP Limited ('CAMAC EP') and CAMAC International Limited relating to a proposed merger of Equator and CAMAC Energy Holdings Limited ('CEHL'), a wholly owned subsidiary of CAMAC International Limited. The Merger Agreement was conditional upon, amongst other things, the posting of the AIM Admission Document, to Equator shareholders by no later than 31 August 2007. It has not been possible to produce an Admission Document that satisfies the requirements of the AIM Rules within the prescribed timeframe and as a result, the Merger Agreement has been terminated. The parties to the Merger Agreement concluded that it would not be possible to produce an Admission Document that meets the requirements in the immediately foreseeable future either and therefore it was agreed not to extend the period in which the condition could be satisfied.

The cessation of merger discussions will permit the Company to focus on optimizing the value of its assets on a stand alone basis. The Company is reviewing the most appropriate ways in which to do this, similar to the farm out of OPL 323 to BG Exploration and Production Nigeria Limited, announced on 17 August, 2007. The operating costs of the Company are expected to be adjusted commensurate with the results of the asset reviews.

In accordance with the announcement made on 20 August 2007, the Company is conducting a detailed review of its interest, commitments, prospects and financing of the Bilabri project under the terms of the Finance and Service Agreement with Peak Petroleum Industries Limited, the operator and sole license holder of Offshore Mining Lease (OML) 122, offshore Western Niger Delta, Nigeria.

The Company is finalising an agreement with an existing lender for a short term working capital facility. The terms are currently being negotiated and a further announcement will be made in due course.

The Company anticipates that its Annual Report and Financial Statements for 2006 will be released shortly, following which the suspension in trading of Equator shares is expected to be lifted.



Enquiries:

Equator
Philip Rand, Chief Financial Officer
Philip Dimmock, Chief Operating Officer
+44 (0)207 235 2555

KBC Peel Hunt Ltd (Nominated Adviser to Equator)
Jonathan Marren
Richard Kauffer
+44 (0)207 418 8900

Buchanan Communications
Bobby Morse/Ben Willey
+44 (0) 207 466 5000
  show/hide article

Bilabri Update  
August 20, 2007

   
London, 20 August 2007 - Equator Exploration Limited ("Equator" or "the Company") announces that, given the ongoing delays with the Bilabri project, the contract for the FPSO BW Peace with BW Endeavour Limited ("BW"), held jointly with the operator and sole licence holder of OML 122, Peak Petroleum Industries Limited ("Peak"), has been terminated due to the financial obligations of the joint venture not being met.

According to the terms of the original contract with BW, a US$20 million performance guarantee was issued on behalf of Equator Exploration (OML 122) Limited by its bankers. BW has indicated that it might activate this. The termination follows operational issues experienced in 2007 during the drilling of the Bilabri D2 well including the forcible removal by militants of an employee of the drilling contractor from the rig.

Discussions are continuing with BW and the providers of drilling units with respect to the financial implications of the termination and the terms on which new contracts for a rig, FPSO and related supplies and equipment may be available to proceed with the development of the Bilabri field.

Another announcement in relation to the Bilabri project will be made in due course after further detailed review.

Definitions

FPSO - Floating, Production, Storage & Offloading vessel
OML - Oil Mining Lease

Enquiries:

Equator Exploration
+44 (0)207 235 2555
Philip Dimmock, Chief Operating Officer
Philip Rand, Chief Financial Officer

KBC Peel Hunt Ltd (Nominated Adviser to Equator)
+44 (0)207 418 8900
Jonathan Marren
Richard Kauffer

Buchanan Communications
+44 (0) 207 466 5000
Bobby Morse/Ben Willey
  show/hide article

AIM Rule 26  
August 17, 2007

   
London, 17 August 2007 - Equator Exploration Limited ('Equator' or 'the Company') is pleased to announce that, in compliance with AIM Rule 26, details of the Company are available at www.equatorexploration.com.

Enquiries:

Equator Exploration
+44 (0)207 235 2555

Philip Dimmock, Chief Operating Officer
Philip Rand, Chief Financial Officer

KBC Peel Hunt Ltd (Nominated Adviser to Equator)
+44 (0)207 418 8900
David Anderson

Buchanan Communications
+44 (0) 207 4665000
Bobby Morse/Ben Willey
  show/hide article

Asset Farm Out  
August 17, 2007

   
London, 17 August 2007 - Equator Exploration Limited ('Equator' or 'the Company') announces a farm out of part of its Participating Interest in the Production Sharing Contract ('PSC') in Oil Prospecting Licence ('OPL') 323, offshore Nigeria.

The Company has entered into an agreement with BG Exploration and Production Nigeria Limited ('BG') to assign from its thirty per cent (30%) Participating Interest in the Production Sharing Contract for OPL 323, a twenty per cent (20%) Participating Interest to BG, in exchange for a total consideration of US$75 million, comprising both cash and carry on future expenditure. The completion of the farm out is subject to receipt of all necessary consents and approvals, including the approval of the Nigerian National Petroleum Corporation ('NNPC').

Equator has also agreed with its Nigerian partners to buy back 3% of the Net Profits Interest granted in March 2006 on completion of the farm out referred to above. After taking account of these transactions Equator will have a net economic interest, after recovery of costs, of 9% in OPL 323.

Wade Cherwayko, Chief Executive Officer of Equator commented, 'We are delighted to have secured this farm-out with BG. BG's adjacent and surrounding acreage and activities complement those of Equator and make BG an excellent partner. We will continue to work closely with the Korea National Oil Corporation ('KNOC'), the operator and with our other partners in the OPL 323 block; to which BG is a very welcome addition'.

Enquiries:

Equator Exploration
+44 (0)207 235 2555

Philip Dimmock
Chief Operating Officer
Philip Rand
Chief Financial Officer

KBC Peel Hunt Ltd (Nominated Adviser to Equator)
+44 (0)207 418 8900
Jonathan Marren
Richard Kauffer

Buchanan Communications
+44 (0) 207 466 5000

Bobby Morse/Ben Willey
  show/hide article

Board Change  
July 23, 2007

   
London, 23 July 2007 - Equator Exploration Limited ('Equator' or 'the Company') announces the resignation of the Executive Chairman.

It is with great regret that the Board of Equator has accepted the resignation of Samuel Jonah KBE, OSG as Executive Chairman of the Company, with immediate effect. Samuel Jonah has reluctantly resigned due to personal reasons.

The Board is actively seeking an interim Executive Chairman until the current merger activity has completed.

Baroness Chalker of Wallasey, Chair of the Board's Nomination and Governance Committee commented:

'The entire Board joins me in thanking Samuel for the enormous contribution which he has made to the Company. His wise chairing of the Board will be greatly missed and his colleagues wish him well'.

Enquiries:

Equator Exploration
Philip Rand
Chief Financial Officer
+44 7795 396489

KBC Peel Hunt Ltd (Nominated Adviser to Equator)
+44 (0)207 418 8900
Jonathan Marren
Richard Kauffer

Buchanan Communications
+44 (0) 207 466 5000
Bobby Morse/Ben Willey
  show/hide article

Financing Update  
July 18, 2007

   
London, 18 July 2007 - Equator Exploration Limited ('Equator' or 'the Company') announces an additional working capital facility.

The Company has entered into an additional secured loan agreement with a shareholder lender. Under this arrangement, the shareholder lender has agreed to provide a US$7.5 million facility to the Company. In consideration for that, the Company has agreed to issue 10,989,000 warrants at an exercise price of 0.35p to the shareholder lender, pro-rata to the amount drawn down. This facility will share pro rata in the collateral security pool which pledges Equator's interests in Equator Exploration JDZ Block 2 Limited and Aqua Exploration Limited, as previously announced on 11 June, 2007 as part of the Announcement on a conditional merger agreement and financing update.

The Company is drawing down US$2.5 million of this facility immediately, thereby issuing 3,663,000 of the total warrants consideration. These funds will bear interest at an annual rate of 8%.

This facility will be utilised by the Company for working capital requirements and has a repayment date of 1 November, 2009. However it is repayable earlier if the Board of Equator becomes satisfied that the Company has sufficient funds (taking into account its working capital requirements) to repay the loan or if shareholder lender elects to apply any amount outstanding under the facilty to exercise their right to subscribe for shares pursuant to the warrants.


Enquiries:

Equator Exploration
+44 (0)207 235-2555

Philip Dimmock
Chief Operating Officer
Philip Rand
Chief Financial Officer

KBC Peel Hunt Ltd (Nominated Adviser to Equator)
+44 (0)207 418 8900

Jonathan Marren
Richard Kauffer

Buchanan Communications
+44 (0) 207 466 5000

Bobby Morse/Ben Willey
  show/hide article

Update on Annual Report and Accounts for 2006  
July 02, 2007

   
London, 2 July 2007 - Equator Exploration Limited ('Equator' or 'the Company') announces an update on the filing of the Company's Annual Report and Accounts for 2006.

There will be a delay before the Annual Report and Accounts are filed and released to shareholders. This delay is due in part to activities relating to the recently announced (11 June, 2007) conditional Merger Agreement relating to a proposed merger of Equator and CAMAC Energy Holdings Limited ('CEHL').

The Company is working diligently to ensure that the 2006 Annual Report and Accounts are signed off and released as soon as possible.

Enquiries:

Equator Exploration +44 (0)207235-2555
Philip Dimmock
Chief Operating Officer
Philip Rand
Chief Financial Officer

KBC Peel Hunt Ltd (Nominated Adviser to Equator)
+44 (0)207 418 8900
Jonathan Marren
Richard Kauffer

Buchanan Communications +44 (0) 207 466 5000
Bobby Morse/Ben Willey
  View PDF

Proposed Reverse Takeover  
June 11, 2007

   
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Bilabri Oil Development  
May 14, 2007

   
London, 14 May 2007 - Further to the News Release of 8 May 2007, Equator Exploration Limited (the 'Company') announces that it is negotiating a further extension period with Peak Petroleum Industries Nigeria Limited ('Peak') to commence funding its share of the Bilabri Oil Development in OML 122, offshore Nigeria. Peak has confirmed that it is continuing discussions regarding its funding alternatives and the Company believes that a further extension to allow time for Peak to complete its funding is in the best interest of the Company and the Bilabri Oil Development.

Enquiries:

Equator Exploration +44 (0)207235-2555
Philip Rand
Chief Financial Officer
Philip Dimmock
Chief Operating Officer

KBC Peel Hunt Ltd (Nominated Adviser) +44(0)207 418 8900
Jonathan Marren
Richard Kauffer

Buchanan Communications +44 (0) 207 466 5000
Bobby Morse
Ben Willey
  show/hide article

Bilabri Update  
May 08, 2007

   
London, 8 May 2007 - In a News Release on 30 April, 2007, Equator Exploration Limited ('Equator' or the 'Company') announced that it was continuing negotiations with Peak Petroleum Industries Nigeria Limited ('Peak') with respect to the commercial terms on which Peak will may remedy its default of its outstanding financial obligations under the Finance and Service Agreement.

The Company announces today that it has granted Peak a further extension to the payment date to end by 18:00 hours on Friday, 11 May (the 'extended remedy period'). In the event that Peak is unable to organise finance and agree terms to remedy its default by the extended remedy period then Equator will assume 80 per cent. of the available profit hydrocarbons from the Bilabri field as opposed to its existing approximately 56 per cent. entitlement to profit oil and 40 per cent. entitlement to gas, from the field.

Enquiries:

Equator Exploration +44 (0)207 235-2555
Philip Dimmock
Chief Operating Officer
Philip Rand
Chief Financial Officer

KBC Peel Hunt Ltd (Nominated Adviser) +44(0)207 418 8900
Jonathan Marren
Richard Kauffer

Buchanan Communications +44 (0) 207 466 5000
Bobby Morse/Ben Willey
  show/hide article

Statement re Share Price Movement  
May 04, 2007

   
Equator Exploration Limited notes the recent share price movement and announces that the possible corporate activity previously announced may take the form of the Company acquiring a larger entity in a transaction which would be classified as a reverse takeover for the purposes of the AIM Rules. The Company has therefore requested that trading in its securities be suspended with immediate effect.

Shareholders should note that discussions in relation to the transaction are not complete and there can be no guarantee that a successful transaction can be concluded. Trading is anticipated to recommence either when the Company posts an Admission Document in relation to the transaction or confirms that discussions have terminated.

A further announcement will be made in due course.


Contacts:

KBC Peel Hunt Ltd, (Nominated Adviser)
Jonathan Marren
Richard Kauffer
020 7418 8900

Buchanan Communications
Bobby Morse
020 7466 5000
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Bilabri Project Update  
April 30, 2007

   
London, 30th April 2007 - In a News Release on 5th March, 2007, Equator Exploration Limited ('Equator or 'the Company') announced that it was in discussions with the leaseholder of OML 122, Peak Petroleum Industries Nigeria Limited ('Peak') regarding Peak's failure to pay cash calls on the Bilabri Oil Development. It was stated at that time that the Company had granted an extension to the period for Peak to pay the sum due, until 27th April 2007. Peak has the option of taking a carried interest from Equator for the whole of the Bilabri Oil Development, in which case Equator would receive a higher portion of the future revenues.

The Company is continuing the negotiations with Peak with respect to the detailed terms under which Peak will fund its outstanding financial obligations under the Finance and Service Agreement. In order to permit more time to conclude negotiations, the Company has granted Peak a further short term extension to the payment date. The Company intends to make a further announcement with regard to the outcome of these discussions no later than 7th May, 2007.

Further to the Company's News Release of 15th March on Corporate Activity and Refinancing, the Company is still in very active discussions with the interested party, which may or may not lead to a transaction being concluded. A further announcement will be made in due course.

The Company is also in detailed negotiations with financiers with a view to securing additional short term working capital. A further announcement will be made as and when such financing is in place.

Enquiries:

Equator Exploration

Philip Dimmock, Chief Operating Officer
Philip Rand, Chief Financial Officer
+44 (0)207 235 2555

KBC Peel Hunt Ltd (Nominated Adviser)

Jonathan Marren
Richard Kauffer
+44(0)207 418 8900

Buchanan Communications

Bobby Morse/Ben Willey
+44 (0)207 466 5000
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Rig Update  
April 04, 2007

   
LONDON, England / LAGOS, Nigeria - Equator Exploration Limited (AIM: EEL) ('Equator' or the 'Company') announces that following the announcement on 3 April 2007, the crew member who was removed from the Bulford Dolphin has now been released in good health.

Equator Exploration Limited (www.equatorexploration.com) engages in the exploration and development of oil and gas projects in highly prospective West Africa. Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company has exploration interests in the territorial waters of Nigeria and of Sao Tome & Principe as well as in the Joint Development Zone between the two countries.

Additional information can be obtained from the Company's website. The Company's website can be accessed at www.equatorexploration.com.
For further information please contact:

Philip Dimmock
Chief Operating Officer
+ 44 (0)207 235-2555
Philip Rand
Chief Financial Officer
+44 (0)207 235-2555

Bobby Morse/Ben Willey
Buchanan Communications
+44 (0) 207 466 5000
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Rig Update  
April 02, 2007

   
Equator today confirms that an incident occurred on the 'Bulford Dolphin' drilling rig in the early hours of Saturday 31st March 2007 during which a member of the crew was removed from the rig. The Bulford Dolphin is contracted to Equator Exploration Limited and is currently engaged in drilling activity on OML 122 (offshore Nigeria) under a Finance and Service Agreement with the operator, Peak Petroleum Industries Nigeria Limited.

A further announcement will be made in due course.


Enquiries:

Equator Exploration
+44 (0)207 235-2555
Philip Dimmock Chief Operating Officer
Philip Rand Chief Financial Officer

Buchanan Communications
+44 (0) 207 466 5000
Bobby Morse/Ben Willey
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Board Appointments  
March 26, 2007

   
London, 26th March 2007 - Equator Exploration Limited ('Equator or 'the Company') announces the appointment of two non-executive directors.

The Board of Equator is pleased to announce the appointment of two new non-executive directors to its Board.

Tony Renton is currently Chief Executive of Oil Experience Ltd, an oil and gas consultancy based in London. Prior to this he spent 34 years with BP in a number of technical, commercial and management roles across Europe, the US, West Africa, the Far East, Australasia and most recently as Commercial Director responsible for business development across the Middle East.

Martin Adams is an independent specialist in the management and restructuring of closed end funds and private investments in emerging markets. He has over 25 years investment and banking experience in Asia and Europe.

Samuel Jonah, Chairman of Equator commented:

'I am delighted that two such experienced people have agreed to join the Board of Equator. Their respective skills will enhance the current Board and make a significant ontribution to the Company's strategy and governance'.


Enquiries:

Equator Exploration
+44 (0)207 235 2555
Philip Dimmock Chief Operating Officer
Philip Rand Chief Financial Officer

Buchanan Communications
+44 (0)207 466 5000
Bobby Morse/Ben Willey


Full name: JOHN FREDERICK ANTHONY RENTON
Age: 52

Other current directorships
Oil Experience Limited
Berkshire Aviation Services Limited

Past Directorships (within 5 years)
None


There are no other matters to be disclosed in relation to Schedule 2 (g) of the AIM Rules.


Full name: MICHAEL MARTIN ADAMS
Age: 48

Other current directorships:
ARC Capital Holdings Limited
Armadillo Investments Limited
Beta Viet Nam Fund Limited
Bio Asia Limited
BRX Research and Development Company Limited
First Hungary Fund Limited
Kubera Cross-Border Fund Limited
Kubera Cross-Border Fund (GP) Limited
Mekong Capital Limited
Metage Funds Limited
Metage Special Emerging Markets Fund Limited
Vietnam Fund Management Co. Limited
Vietnam Investment Advisers Limited

Past directorships (within 5 years)
Anglo Vietnam Sugar Investments Limited
Asia Commercial Bank
Compagnie Generale des Zincs Limited
Creative Leisure Asia Limited
Hai Duong Tourist Center
Indotel Limited
International Hotel & Resort Management Company Inc.
International School of Ho Chi Minh City Limited
International Schools Limited
Mekong Leisure Limited
NABI Bus Industries Rt.
Societe De Developpment Du Metropole (SDM) BV
Tecobest Investment Ltd.
The Vietnam Fund Limited
VF-CGZ Limited
VF Capital Limited
VF Capital (Singapore) Pte. Limited
VFMC Limited
Vietnam Taxi Company Limited
Vina Capital Limited

There are no other matters to be disclosed in relation to Schedule 2 (g) of the AIM Rules.
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Corporate Update  
March 15, 2007

   
London, 15th March 2007 - Equator Exploration Limited ('Equator' or 'the Company') announces an update on Corporate Activity and Financing.

Further to the announcements of 15 November, 29 November and 7 December 2006, the Board of Equator gives the following update in relation to potential corporate activity. As previously stated, following the receipt of unsolicited approaches, the Company received further additional expressions of interest and as at the date of this announcement, active discussions continue with one party which may or may not lead to a transaction being concluded. A further announcement will be made as and when appropriate.

As referred to in the Company's AGM statement of 7 December 2006, additional funding for development and general working capital purposes continues to be required. We currently estimate that our short term funding requirement could be as much as US$50 million, taking into account the information provided in the Company's press release of 5 March 2007. The Company continues to explore all finance opportunities.

Enquiries:
Equator Exploration +44 (0)207 235-2555
Wade Cherwayko
President and Chief Executive Officer
Philip Rand
Chief Financial Officer

Buchanan Communications +44 (0) 207 466 5000
Bobby Morse/Ben Willey
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Executive Appointment  
March 13, 2007

   
London, 13th March 2007 - Equator Exploration Limited ('Equator or 'the
Company') announces executive appointment.

The Board of Equator today accepted the resignation of Jeffrey Auld as Chief Financial Officer and Executive Director. Mr. Auld is leaving the Company to pursue other business opportunities.

The Board is pleased to announce that Philip Rand, previously the Company's VP Finance since October 2005, has been appointed Chief Financial Officer and Executive Director of Equator.

Mr. Rand has over thirty years of financial experience of which seventeen have been in the upstream energy sector. Prior to joining Equator, Philip has held various positions including Chief Financial Officer of Burren Energy, Group Treasurer of Monument Oil & Gas and has held senior financial roles at Deminex and Louisiana Land & Exploration. Mr. Rand has been instrumental in several early-stage businesses and has significant experience in upstream project finance.

Samuel Jonah, Chairman of Equator commented:

'I would like to thank Jeffrey on behalf of Equator's Board and shareholders, for his contribution to the Company's continued growth over the past six months. I am delighted that Philip Rand will be moving to the role of Chief Financial Officer. Philip's wealth of experience in oil and gas finance will be instrumental to the Company's future as we advance the development of our exciting portfolio of assets.'


Enquiries:

Equator Exploration - +44 (0)207 235 2555

Wade Cherwayko
President and Chief Executive Officer
Philip Rand
Chief Financial Officer

Buchanan Communications - +44 (0) 207 466 5000
Bobby Morse/Ben Willey



Full name: PHILIP GRAEME RAND

Age: 54

Other current directorships: MICHCO 337 LIMITED

RS ENERGY LIMITED

Past directorships (within 5 years) CAPITAL INVESTMENTS PARTNERSHIP (UK)

LIMITED

UTILYX LIMITED

UTILYX RISK MANAGEMENT LIMITED

UTILYX TRUSTEE LIMITED

UTILYX ENERGY HOLDINGS LIMITED

UTILYX HOLDINGS LIMITED
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Block 2 JDZ Drillship Contracted  
March 08, 2007

   
LONDON, England / LAGOS, Nigeria - Equator Exploration Limited (AIM: EEL)
('Equator' or the 'Company') is pleased to announce that Sinopec, as operator on behalf of the participants in Block 2 of the Nigeria and Sao Tome & Principe Joint Development Zone ('JDZ'), has entered into an agreement with Aban Abraham Pte Ltd ('Aban'), for the provision of the Aban Abraham deep water drillship to drill a well in the second half of 2008.

The agreement, which has been entered into jointly with Addax Petroleum, has secured the Aban Abraham to drill up to ten wells in total. These wells will be shared across those blocks in which Addax and Sinopec respectively operate. The agreement contemplates five firm well slots and five optional well slots. Under a separate rig sharing agreement, Sinopec will be allocated one of the firm well slots which will fulfil the commitment well as agreed under the Block 2 Production Sharing Contract. Additionally, and as required, a share of the optional slots may be available. The day-rate for the rig is a maximum of $410,000 per day.

The JDZ was created through an agreement between the governments of Nigeria and Sao Tome & Principe in 2001 whereby revenues derived from the JDZ will be shared 60:40 between these governments respectively. Block 2 was awarded to Equator and the other participants in March 2006. Subsequent to a farm-in to the interest of another participant, A & Hatman, Equator has a 9% interest, of which 0.25% is allocated to another partner. The other participants are Sinopec, ERHC Energy and Addax Petroleum, who together have 65%, ONGC (13.5%), A & Hatman (2.5%), Amber Petroleum (5%) and Foby Engineering (5%). In its News Release of 11 January 2007, the Company reported the Best Estimate Prospective Resources for its net interest as prepared by Netherland, Sewell & Associates Inc. On an un-risked basis net to Equator they are 121 million barrels of oil and 168 billion standard cubic feet of gas, while on a risked basis they are 32 million barrels of oil and 50 billion standard cubic feet of gas.

Aban Abraham

Aban Abraham Pte Ltd is a wholly owned subsidiary of Aban Offshore Limited, publicly-quoted on Indian stock exchanges. The Aban Abraham is a deep water drill ship currently undergoing extensive refurbishment and modification at the Sembawang Shipyard in Singapore. When refurbishment is completed later in 2007 the drill ship will be capable of drilling in water depths of up to 2,100 metres (6,900 feet) having been upgraded from second generation to fourth generation capability. Once commissioned, the Aban Abraham will undertake drilling operations for a third party operator before starting drilling operations for Sinopec and Addax Petroleum.

Equator Exploration Limited engages in the exploration and development of oil and gas projects in highly prospective West Africa. Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company has exploration interests in the territorial waters of Nigeria and of Sao Tome & Principe as well as in the Joint Development Zone between the two countries.

Additional information can be obtained from the Company's website. The Company's website can be accessed at www.equatorexploration.com.
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Bilabri Project  
March 05, 2007

   
LONDON, England / LAGOS, Nigeria - Equator Exploration Limited (AIM: EEL) ('Equator' or the 'Company') announces that its partner in the Bilabri development has failed to pay its cash calls and as such is in default under the terms of the OML 122 Finance and Service Agreement ('FSA').


Peak Petroleum Industries Nigeria Limited ('Peak') is the 100% owner of the OML 122 license in Nigeria. Under the terms of the FSA which governs the development of the Bilabri field, Peak is obliged to pay 60% of costs after Equator funds 100% of the first two wells in the development program. On 28 September 2006 Equator delivered a cash call to Peak. The cash call was due for remittance to the Joint Account within 10 days from the date of the cash call. Having not received payment of the cash call by the due date Equator formally issued a default notice on 13 October 2006. The terms of the FSA allow for 90 business days to remedy any default.


According to the terms of the FSA a default by Peak, as the field owner, results in its rights and obligations in the Field in respect of which it is in default shall be converted to a carried interest and its allocation of Profit Hydrocarbons shall be reduced to 20%. The unpaid cash calls amount to approximately US$ 31 million as at the end of January 2007. This amount has been funded by Equator to the Joint Account.


Equator entered into negotiations with Peak with regard to the default. The purpose of the negotiations was to ensure that Peak had adequate time to remedy the default. To that end Equator has granted an extension of the default remedy period. This extension will expire on 27 April 2007. Should Peak be able to organize funding to remedy the default within the extension period Peak will be able to remedy its default with a payment of 120% of the outstanding amounts owing to Equator.


Should Peak not be able to organize finance to remedy its default in the extended remedy period then Equator will assume 80% of the available profit hydrocarbons from the Bilabri field as opposed to its existing 40% entitlement of profit hydrocarbons from the field.


Equator Exploration Limited (www.equatorexploration.com) engages in the exploration and development of oil and gas projects in highly prospective West Africa. Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company has exploration interests in the territorial waters of Nigeria and of Sao Tome & Principe as well as in the Joint Development Zone between the two countries.


Additional information can be obtained from the Company's website. The Company's website can be accessed at www.equatorexploration.com.
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Non-executive Director Resignation  
February 16, 2007

   
LONDON, England / LAGOS, Nigeria - Equator Exploration Limited (AIM: EEL)('Equator' or the 'Company') announces that Alexander Dembitz has decided to step down from the Board of Directors of the Company for personal reasons. This decision is effective immediately. The Board and the Company would like to thank Mr. Dembitz for his valuable contribution to the early development of Equator.

Equator Exploration Limited engages in the exploration and development of oil and gas projects in highly prospective West Africa. Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company has exploration interests in the territorial waters of Nigeria and of Sao Tome & Principe as well as in the Joint Development Zone between the two countries.

For further information please contact:
Wade Cherwayko
President and Chief Executive Officer
+44 (0)207 235-2555

Bobby Morse/Ben Willey
Buchanan Communications
+44 (0) 207 466 5000

Jeffrey Auld
Chief Financial Officer
+ 44 (0)207 235-2555
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Drilling Update  
January 18, 2007

   
LONDON, England / LAGOS, Nigeria - Peak Petroleum Industries Nigeria Limited ('Peak') and Equator Exploration Limited (AIM: EEL) ('Equator' or the 'Company') are pleased to announce the preliminary results from the Bilabri D4 well.

A successful pilot hole for the Bilabri D4 development well has reached a total depth of 2591 metres. The pilot hole was designed to define the depth of the C2 oil reservoir on the western side of the Bilabri field and to facilitate the future accurate placement of a horizontal production borehole for the Bilabri D4 well.

Based on the preliminary log analysis, the well has penetrated the top of the oil reservoir within 3 metres of prognosis, confirming the Company's structural interpretation. Within measurement accuracy, the depths of the gas-oil and oil-water contacts encountered in the well agree with those measured in previous wells, confirming the presence of the 21 metre oil column.

The well also penetrated the previously encountered gas reservoirs that lie above the C2 oil reservoir. The total thickness of the gas bearing intervals in the A, B and C Sands in the well amounts to 87 metres (285 feet).

The well is being suspended for the later drilling and completion of the production borehole.

The results of Bilabri D4 pilot hole substantiate the development scheme for the Bilabri Oil Field. As previously announced, the Field Development Plan calls for three sub-sea wells to be produced through a Floating Production Storage and Off-take vessel ('FPSO'), contracted from BW Offshore Limited. The engineering and procurement for the project are proceeding, with First Oil expected in the second half of 2007.

Equator Exploration Limited (www.equatorexploration.com) engages in the exploration and development of oil and gas projects in highly prospective West Africa. Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company has exploration interests in the territorial waters of Nigeria and of Sao Tome & Principe as well as in the Joint Development Zone between the two countries.

Additional information can be obtained from the Company's website. The Company's website can be accessed at www.equatorexploration.com.


For further information please contact:

Wade Cherwayko
President and Chief Executive Officer
+44 (0)207 235-2555

Jeffrey Auld
Chief Financial Officer
+ 44 (0)207 235-2555

Bobby Morse/Ben Willey
Buchanan Communications
+44 (0) 207 466 5000
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Website Update  
January 12, 2007

   
LONDON, England - Equator Exploration Limited (AIM: EEL) ('Equator' or the 'Company') announces that the reserve audit letters prepared by Netherland, Sewell & Associates, Inc., relating to Block 2 in the Joint Development Zone between Sao Tome & Principe and OPL 321 and 323 offshore Nigeria, are now available on its website.

Equator engages in the exploration and development of oil and gas projects in highly prospective West Africa. Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company has exploration interests in the territorial waters of Nigeria and of Sao Tome & Principe as well as in the Joint Development Zone between the two countries.

Additional information can be obtained from the Company's website. The Company's website can be accessed at www.equatorexploration.com.

For further information please contact:

Wade Cherwayko
President and Chief Executive Officer
+44 (0)207 235-2555

Bobby Morse/Ben Willey
Buchanan Communications
+44 (0) 207 466 5000

Jeffrey Auld
Chief Financial Officer
+ 44 (0)207 235-2555
  View PDF

Asset Update/Clarification  
January 11, 2007

   
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Update on Share Capital  
December 19, 2006

   
LONDON, England - Equator Exploration Limited (AIM: EEL) ('Equator' or the
'Company') confirms that the total number of common shares of no par value
('Shares') currently in issue is 175,165,590. This represents the number of voting rights in the Company and is the number to be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in or a change to their interest in the Company.

The number of Shares currently admitted to trading on AIM is 175,704,090, a difference of 538,500 Shares. This difference is due to the fact that (i) an amount of 726,000 Shares was admitted to trading on AIM in error on 21 July 2005; (ii) an amount of 113,664 Shares was not admitted to trading on AIM following the announcement made by the Company on 15 May 2006; and (iii) an amount of 73,836 Shares was not admitted to trading on AIM following the exercise of options on 17 March 2006. Application has now been made for the 73,836 and 113,644 Shares to be admitted to trading on AIM. Following admission of the 73,836 and 113,644 Shares (expected on 22 December 2006), the total number of Shares admitted to trading on AIM will be the same as the number of Shares currently in issue, being 175,165,590 Shares.

Equator engages in the exploration and development of oil and gas projects in highly prospective West Africa. Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company has exploration interests in the territorial waters of Nigeria and of Sao Tome & Principe as well as in the Joint Development Zone between the two countries.

Additional information can be obtained from the Company's website. The Company's website can be accessed at www.equatorexploration.com.


For further information please contact:

Wade Cherwayko
President and Chief Executive Officer
+44 (0)207 235-2555

Jeffrey Auld
Chief Financial Officer
+ 44 (0)207 235-2555

Bobby Morse/Ben Willey
Buchanan Communications
+44 (0) 207 466 5000
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Result of AGM  
December 08, 2006

   
LONDON, England : Equator Exploration Limited (AIM: EEL.L) ('Equator' or the 'Company'). The board of Equator Exploration Limited is pleased to announce the results of the AGM held at 14:00 (US Eastern time) on 6 December 2006.

Resolutions in respect of the following were duly passed:

(i) Approval of the financial statements for the year to 31 December 2005

(ii) Approval of the appointment of PWC as auditors to the Company

(iii) Approval of an amendment to the articles of association

(iv) Approval of the resignation of James Ladner as a director

(v) Approval of the re-election of Alex Dembitz as a director

(vi) Approval of the election of Jeffery Auld as a director

The resolution in respect of the appointment of Jean Luc Vermeulen as a director, which was originally due to be proposed, was withdrawn by the Company.'

For further information please contact:

Wade Cherwayko Bobby Morse/Ben Willey
President and Chief Executive Officer Buchanan Communications
+44 (0)207 235-2555 +44 (0) 207 466 5000

Jeffrey Auld
Chief Financial Officer
+ 44 (0)207 235-2555
  View PDF

AGM and Chairman’s Statement  
December 07, 2006

   
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Update on Unsolicited Offer  
November 29, 2006

   
LONDON, England - Equator Exploration Limited (AIM: EEL) ('Equator' or the 'Company') announced on November 15, 2006 that it had received an unsolicited proposal regarding a possible offer for the Company.

Since that announcement Equator has held preliminary discussions with the party that made the proposal but these discussions have now terminated.

Equator has also received preliminary expressions of interest from various other parties regarding a range of strategic transactions involving the Company. The Board is considering those expressions of interest and the strategic options available to the Company. There can be no certainty that this process will result in a proposal or transaction being made or implemented.

Equator Exploration Limited is registered in the British Virgin Islands and is subject to the law of the British Virgin Islands. It is not subject to the provisions of the City Code on Takeovers and mergers or to UK company law. Equator engages in the exploration and development of oil and gas projects in highly prospective West Africa. Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company has exploration interests in the territorial waters of Nigeria and of Sao Tome & Principe as well as in the Joint Development Zone between the two countries.

Additional information can be obtained from the Company's website. The Company's website can be accessed at www.equatorexploration.com.

For further information please contact:

Wade Cherwayko
President and Chief Executive Officer
+44 (0)207 235-2555

Jeffrey Auld
Chief Financial Officer
+ 44 (0)207 235-2555


Bobby Morse/Ben Willey
Buchanan Communications
+44 (0) 207 466 5000
  View PDF

Statement Regarding Unsolicited Offer  
November 15, 2006

   
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Appointment of NOMAD and Broker  
November 08, 2006

   
LONDON, England - Equator Exploration Limited (AIM: EEL) ('Equator' or the 'Company') announces the following appointment.

The Company is pleased to announce that KBC Peel Hunt Ltd has been appointed as the sole nominated adviser and broker of the Company with immediate effect.

Equator Exploration Limited engages in the exploration and development of oil and gas projects in highly prospective West Africa. Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company has exploration interests in the territorial waters of Nigeria and of S(C)?o Tome & Principe as well as in the Joint Development Zone between the two countries.

Additional information regarding the Company can be obtained from the Company's website. The Company's website can be accessed at www.equatorexploration.com.

For further information please contact:

Wade Cherwayko
President and Chief Executive Officer
+44 (0)207 235-2555

Jeffrey Auld
Chief Financial Officer
+ 44 (0)207 235-2555

Bobby Morse/Ben Willey
Buchanan Communications
+44 (0) 207 466 5000
  View PDF

Bilabri D3 Well  
November 01, 2006

   
  View PDF

Chief Executive Officer Update  
October 30, 2006

   
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Purchase of Shares by President & CEO of Equator  
October 25, 2006

   
LONDON, United Kingdom - 25 October 2006, Equator Exploration Ltd. (AIM: EEL.L) ('Equator') announces that Mr. Wade Cherwayko, President & CEO of Equator has purchased 50,000 (fifty thousand) common shares of Equator at an average price of 70 pence per share on 24 October 2006. With the addition of these shares, Mr. Cherwayko currently holds a total of 3,350,000 shares in Equator.

For further information, contact:

Wade Cherwayko, Chief Executive Officer +44 (0)20 7235 2555
Jeffrey Auld, Chief Financial Officer +44 (0)20 7235 2555
Bobby Morse, Buchanan Communications +44 (0)20 7466 5000

Background information:

Equator (www.equatorexploration.com) engages in the exploration and development of oil and gas projects in areas offshore West Africa which the Board believes to be highly prospective. Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company has exploration interests in the territorial waters of Nigeria and of Sao Tome & Principe as well as in the Joint Development Zone between the two countries.
  View PDF

Bilabri FPSO Contract  
October 17, 2006

   
  View PDF

Issue of Options  
October 11, 2006

   
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Bilabri Field Development Update  
October 03, 2006

   
LONDON, England / LAGOS, Nigeria - Peak Petroleum Industries Nigeria Limited ('Peak') and Equator Exploration Limited (AIM: EEL.L) ('Equator' or the 'Company') would like to update shareholders on the Bilabri Field Development subsequent to the results of the Bilabri D2 well.

Equator and Peak are pleased to comment on the plans for the Bilabri field development. As previously reported the Bilabri D2 well encountered an 8 metre column of oil in the C2 sands of the reservoir. The C2 oil is of excellent quality with an oil gravity of 39o API. The original DX-1 well encountered an oil column in the C2 sands of approximately 22 metres. The D2 well establishes the existence of a larger aerial extent of this reservoir. The existence of C2 oil was unexpected in the area of the D2 well and as such is considered to be incremental to the development plan. The D2 well was technically unable to sufficiently penetrate this sand, as a result the oil in the C1 sand remains in the probable category of reserves recognition. The Bilabri field development continues to progress and negotiations for the FPSO are being advanced. The partners consider that an economically viable project exists with the resources already proven as previously reported.

The Company continues to believe that reserve based funding will be available for the project and that the target of first oil in the second half of 2007 remains realistic. Long lead items have been ordered and the development plan is being finalised. Further development drilling of the Bilabri development will be shared with Peak on a 60/40 basis with Peak assuming its obligation to fund its 60% share.

Equator Exploration Limited Equator (www.equatorexploration.com) engages in the exploration and development of oil and gas projects in highly prospective West Africa Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company has exploration interests in the territorial waters of Nigeria and of Sao Tome & Principe as well as in the Joint Development Zone between the two countries.

This News Release has been reviewed and approved by Philip Dimmock. Mr. Dimmock, Chief Operating Officer for Equator, is a petroleum engineer with over 30 years of oil and gas industry experience.

Additional information can be obtained from the Company's website. The Company's website can be accessed at www.equatorexploration.com.


For further information please contact:

Wade Cherwayko
President and Chief Executive Officer
+44 (0)207 235-555

Jeffrey Auld
Chief Financial Officer
+ 44 (0)207 235-2555

Bobby Morse/Ben Willey
Buchanan Communications
+44 (0) 207 466 5000
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Drilling Update on Bilabri Development D2 Well  
October 02, 2006

   
LONDON, England / LAGOS, Nigeria - Peak Petroleum Industries Nigeria Limited ('Peak') and Equator Exploration Limited (AIM: EEL.L)('Equator' or the 'Company') would like to update shareholders on the Bilabri Development D2 well.

The Bilabri D2 well was drilled to a deviated depth of 2,912 metres (2,578 True Vertical Depth). The well was logged successfully but as it encountered the C1 sands 48 metres shallower than expected it was unable to test for oil in the C1 objective. However, the well encountered approximately an 8 metre column of oil in the C2 sands of the reservoir. The C2 oil is of excellent quality with a 39o API. The existence of this oil column is significant in that it was not anticipated to encounter oil bearing portions of the C2 sands at this location. The well was subsequently sidetracked for geological reasons to a deviated depth of 3,220 metres 2,386 metres True Vertical Depth). Operations were ceased after the bottom-hole drilling assembly became stuck and could not be recovered.

The well was suspended for future sidetracking and completion as a C2 production well for the Bilabri development. Evaluations of the drilling results are ongoing. The Bulford Dolphin semi-submersible drilling rig will leave the D2 drill site and begin work on the next appraisal well. This next well, the Bilabri D3 well, is anticipated as having similar depths and objectives as the D2 well. It is expected that the rig will return to the D2 well in early 2007 to complete the well as a production well to be tied into the Bilabri development.

The D2 well is the culmination of a two well drilling commitment in which Equator has committed to fund the cost of two wells to earn a 40% economic interest in the Bilabri field area.

Equator Exploration Limited Equator (www.equatorexploration.com) engages in the exploration and development of oil and gas projects in highly prospective West Africa. Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company has exploration interests in the territorial waters of Nigeria and of Sao Tome & Principe as well as in the Joint Development Zone between the two countries.


Additional information can be obtained from the Company's website. The Company's website can be accessed at www.equatorexploration.com.

For further information please contact:

Wade Cherwayko
President and Chief Executive Officer
+44 (0)207 235-2555

Jeffrey Auld
Chief Financial Officer
+ 44 (0)207 235-2555

Bobby Morse/Ben Willey
Buchanan Communications
+44 (0) 207 466 5000
  View PDF

Interim Results for six months ended 30 June 2006  
September 26, 2006

   
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Equator Exploration Limited Announces the Signing of a US$65 Million Loan Agreement  
August 04, 2006

   
LONDON, United Kingdom & Lagos, Nigeria - 4th August 2006 - The Board of Directors of Equator Exploration Limited (AIM: EEL) is pleased to announce that the Company has signed a two year loan agreement (the 'Loan') with certain of its shareholders for US$65 million.

The Loan, which is secured on Equator's shares in its wholly owned subsidiary, Equator Exploration (OML 122) Limited (Equators OML122/Bilabri project company), is repayable in full within 24 months of first drawing, carries an interest rate, payable semi- nnually, commencing at 10 per cent per annum and increasing to 11 per cent on 1st January 2007 and 12 per cent 1st July 2007, to a maximum of 14 per cent on any balance outstanding at 1st January 2008. In addition the lenders will have the option to receive warrants to subscribe for new ordinary shares in the Company at £2.00 per share, exercisable at any time from commencement for a period of 38 months. Alternatively, the Lenders can elect to receive share appreciation rights whereby the lenders will receive a cash settlement from the Company for the difference between the £2.00 warrant subscription price and the market price at the warrant expiry date. The lenders who elect to participate in the share appreciation rights will have the option to convert to warrants on a pro rata basis once the Company commences production. A total of approximately 17.4 million warrants, the exact number being dependent upon the exchange rate ruling at the date of closing of the loan, are available if fully exercised.

The Loan provides the Company with additional cash resources for funding the ongoing development of the Bilabri oil field offshore Nigeria within Block OML122.

Commenting on the Loan, Wade Cherwayko, Chief Executive Officer of Equator, stated:

'We are very pleased to have concluded this Loan, which provides Equator with interim funding for the ongoing development of the Bilabri field on OML 122, offshore Nigeria. Having now secured the FPSO, we are confident of realising production in the third quarter of 2007.'

www.equatorexploration.com

For further information, contact:

Wade Cherwayko, Chief Executive Officer +44 (0)20 7235 2555
Philip Dimmock, Chief Operating Officer +44 (0)20 7235 2555
Bobby Morse /Ben Willey, Buchanan Communications +44 (0)20 7466 5000


Background information

Equator engages in the exploration and development of oil and gas projects in areas offshore West Africa which the Board believes to be highly prospective. Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company has exploration interests in the territorial waters of Nigeria and of Sao Tome & Principe as well as in the Joint Development Zone between the two countries.

Glossary of terms:
AIM Alternative Investment Market of the London Stock Exchange
FPSO Floating Production Storage and Offloading facility
OML Oil Mining Lease
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Appointment of CFO  
July 24, 2006

   
Equator is pleased to announce the appointmentof Mr. Jeffrey David Auld (40) as Chief Financial Officer and to the Board of Equator (AIM: EEL) with effect from Tuesday 15th August 2006.


Jeffrey has sixteen years of emerging market oil and gas experience, most recently as Vice President and Treasurer of PetroKazakhstan Inc. Prior to PetroKazakhstan, Jeffrey was employed by Goldman Sachs advising oil and gas companies on their strategic and financial opportunities and before that he worked in a variety of financial and acquisition roles for Premier Oil plc. Jeffrey began his career in the Canadian oil and gas industry.

Jeffrey has a Masters of Business Administration with Distinction from Imperial College, University of London and an undergraduate degree in Economics and Political Sciences from the University of Calgary.


Matters for disclosure under Rule 17 of the AIM Rules with respect to the appointment of Jeffrey Auld as an Executive Director of Equator:

Full name: Jeffrey David Auld

Age:40

Current Directorships/Partnership:

Directorships/Partnerships held within the last 5 years:
PetroKazakhstan Kumkol Marketing Limited(Cyprus)
Phoenix Capital Advisors Ltd


There are no other matters which are required to be announced with regards to this appointment as outlined under paragraph (g) of Schedule 2 of the AIM Rules.


Wade Cherwayko, Equator's Chief Executive, commenting on the appointment said:


'The appointment of Jeffrey Auld as Equator's new CFO is an important step in strengthening the management team at Equator. Jeffrey brings considerable experience and has an excellent track record in his various financial roles within the oil industry.'


For further information please contact:

Wade Cherwayko, Chief Executive Officer, Equator Exploration Limited 020 7235 2555 Bobby Morse / Ben Willey, Buchanan Communications 020 7466 5000
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FPSO Letter of Intent  
June 28, 2006

   
Letter of Intent Signed For Floating Production Storage and Offloading Facility With Bergesen Worldwide Offshore Limited

- Agreement signed with Bergesen Worldwide Offshore Limited to provide Floating Production Storage and Offloading Facility ('FPSO')
- FPSO will be used in the Bilabri Field development on OML 122 offshore Nigeria - proven plus probable recoverable reserves 45 million barrels of oil and 730 BCF of gas
- Q3 2007 production target at an estimated 30,000 Bopd
- Additional development well to commence drilling in July

LONDON, United Kingdom & LAGOS, Nigeria - 28th June 2006 - Equator (AIM: EEL.L) and Peak Petroleum Industries Nigeria Ltd. ('Peak') are pleased to announce that they have issued a Letter of Intent ('LOI') for the provision of the BW Endeavour FPSO to Bergesen Worldwide Offshore Ltd ('BW Offshore '), listed on the Oslo Stock Exchange

The FPSO will be used for the development of the Bilabri Field on OML 122 offshore Nigeria, with a Best Estimate for the recoverable reserves, as previously announced, of 45 million barrels of oil and 730 BCF of gas. Production is planned to commence in the third quarter of 2007 at an estimated 30,000 Bopd. The initial term of the FPSO lease is five years with an option to extend for up to an additional five years.

Equator and Peak are currently operating the Bulford Dolphin semisubmersible drill rig which is due to commence drilling a development well on the Bilabri field in July following the recent completed Owanare discovery well, also on OML 122.

OML 122 is located 25-60 kilometres offshore in water depths of 40-300 metres and covers an area of 1,295 square kilometres on the Western Niger Delta, east of Shell's giant Bonga Field (estimated 1.4 billion barrels) and South West of Shell's EA Field.

Sergio Ottochian, Senior Petroleum Consultant of independent consultants, Horizon Energy Partners BV, has fully approved the publication of all volumetric estimates as mentioned in this announcement.

Wade Cherwayko, President and CEO of Equator, comments:

'Today's letter of intent with BW Offshore keeps us on target to realise first oil production by mid 2007 and generate revenues next year. Peak and Equator are delighted to be working with a company of the stature of BW Offshore and look forward to working with our partners in developing a truly world class oil and gas development offshore Nigeria'.

For further information, contact:

Wade Cherwayko,
Chief Executive Officer
+44 (0)20 7235 2555

Philip Dimmock,
Chief Operating Officer
+44 (0)20 7235 2555

Bobby Morse /Ben Willey,
Buchanan Communications
+44 (0)20 7466 5000

Background information:

Equator Exploration Limited Equator (www.equatorexploration.com) engages in the exploration and development of oil and gas projects in highly prospective West Africa. Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company has exploration interests in the territorial waters of Nigeria and of Sao Tome & Principe as well as in the Joint Development Zone between the two countries.

BW Offshore

BW Offshore is publicly owned and part of the Bergesen Worldwide Group, one of the world's largest maritime groups. Their operational head office is in Oslo, Norway. BW Offshore has assets operating in Nigeria, Mauritania, Equatorial Guinea and Russia, and has recently entered into Mexico as well as setting up a strategic cooperation in Malaysia.

BW Offshore is a dependable contractor for long-term lease arrangements as well as a provider of shorter-term solutions. A philosophy combining modularisation, standardisation and flexibility by design with hands-on project management ensures that a variety of customer needs are met. BW Offshore offers versatile solutions ranging from lean fast track projects to large and complex conversions, both for oil and gas FPSOs. BW Offshore works with numerous reputable sub-contractors and suppliers as well as conversion yards.

For more information, please visit www.bwoffshore.com
  View PDF

Reserves Report  
June 19, 2006

   
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Completion of Owanare 1  
May 24, 2006

   
• Equator announces gas discovery
• Well indicates gas-in-place of 185 bcf

LONDON, United Kingdom & LAGOS, Nigeria - 24 May 2006 - Peak Petroleum Industries Nigeria Ltd. ('Peak') and Equator Exploration Ltd. AIM: EEL.L) ('Equator') are pleased to announce the discovery of gas in the exploratory 'Owanare 1' well, located on OML 122, offshore Nigeria.

The OML 122 licence area is located 25-60 km offshore and covers an area of 1,295 sq km on the Western Niger Delta. Owanare 1, the second well drilled on OML 122 by the Peak/Equator JV, is located in a water depth of 137 metres. The well has encountered high pressures and temperatures at a depth of 4100 metres making it necessary to suspend the well for later possible production. Gas was discovered in a 48 metre zone (157 feet) in the interval 1,683-1,732 metres brt and in a 13 metre zone (43 feet) in the interval 2,183-2,196 metres brt. The independent advisers to Equator, Horizon Energy Partners B.V. ('Horizon'), estimate the gas-in-place to be 185 bcf, an amount capable of commercial production as a satellite to a gas development of the B-DX1 discovery.

The aim of the Peak/Equator drilling campaign is to prove up significant volumes of gas for potential supply to the numerous gas-utilisation projects currently underway or in planning stages in Nigeria within close proximity to OML 122. A secondary objective is to develop and produce the B-DX1 oil discovery.

After the suspension of the Owanare well, the rig will move 18 miles to the north to commence development drilling on the B-DX1 discovery. Evaluation of additional exploration and appraisal opportunities continues in and around the area of OML 122.

Elsewhere, Equator has paid signature bonuses and given guarantees to the authorities for its share of the work obligation, including a total of five wells, on deepwater OPL 321 and OPL 323, offshore Nigeria, and on deepwater Block 2 in the JDZ between Nigeria and Sao Tome & Principe. The 3D seismic surveys have already been acquired and the operators of the blocks, KNOC for OPL 321 and 323 and Sinopec for Block 2, are aggressively seeking deepwater rigs.

Commenting on the results of Owanare 1, Wade Cherwayko, Chief Executive Officer of Equator, said:

'The results from Owanare 1 are disappointing in terms of total volume discovered. Nevertheless, we do have a discovery which is yet another strong indication that OML 122 and its surrounding area have an active petroleum system and excellent reservoirs, providing many highly prospective exploration and appraisal opportunities. We look forward to commencing the drilling programme on the oil development of B-DX1'

For further information, contact:

Wade Cherwayko,
Chief Executive Officer
+44 (0)20 7235 2555

Philip Dimmock,
Chief Operating Officer
+44 (0)20 7235 2555

Bobby Morse /Ben Willey,
Buchanan Communications
+44 (0)20 7466 5000

Background information:

Equator Exploration Limited

Equator (www.equatorexploration.com) engages in the exploration and development of oil and gas projects in the highly prospective waters of West Africa. Its objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company has exploration interests in the territorial waters of Nigeria and of Sao Tome & Principe as well as in the Joint Development Zone between the two countries. Equator is also currently evaluating other exploration opportunities in West Africa.

Glossary

2D seismic (two-dimensional seismic data): geophysical data that depicts the subsurface strata

3D seismic (three-dimensional seismic data):geophysical data that depicts the subsurface strata in three dimensions. 3D seismic typically provides a more detailed and accurate interpretation of the subsurface structure and strata than can be achieved using 2D seismic data

bbl : one stock tank barrel, or 42 US gallons liquid volume, used herein in reference to crude oil, condensate or other liquid hydrocarbons

block : an area designated by a government or any authority, entity or representative of a government for allocation to oil and gas exploration companies with a view to the granting of hydrocarbon exploration and production rights

JV : joint venture

km : kilometres

km2 : square kilometres

m : metres

mmboe : one million barrels of oil equivalent

OML : Oil Mining Lease

OPL : Oil Prospecting Lease

TCF : trillion cubic feet
  View PDF

Final Results for year ended 31 December 2005  
May 15, 2006

   
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Comment on Share Price  
May 04, 2006

   
Equator Exploration Ltd. ('Equator') has noted the fall in its share price today and knows of no reason as to why this has occurred, as there is no further news to the announcement made on 3 May 2006 on the drilling of the Owanare 1 well in OML 122, offshore Nigeria. The Company confirms that drilling operations on Owanare 1 continue towards deeper objectives.

Further announcements on the Owanare 1 well will be made once the drilling operations have been completed.

For further information, contact:

Wade Cherwayko, Chief Executive Officer
+44 (0)20 7235 2555
Philip Dimmock, Chief Operating Officer
+44 (0)20 7235 2555
Bobby Morse /James Strong, Buchanan Communications
+44 (0)20 7466 5000

Background information:

Equator

Equator (www.equatorexploration.com) was founded in December 2000 and listed on the Alternative Investment Market of the London Stock Exchange in December 2004.

Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the Gulf of Guinea. The Company has exploration interests in the territorial waters of Sao Tome & Principe and Nigeria as well as the Nigeria-Sao Tome and Principe Joint Development Zone. Equator is also currently evaluating other exploration opportunities in West Africa.
  show/hide article

Intermediate results for exploration well Owanare 1, OML122, Nigeria - Owanare 1 exploration well discovers gas  
May 03, 2006

   
LONDON, United Kingdom & LAGOS, Nigeria - 3 May 2006 Peak Petroleum Industries Nigeria Ltd. ('Peak') and Equator Exploration Ltd. (AIM: EEL.L) ('Equator') are pleased to announce that their second well in the OML 122 lease, offshore Nigeria, has discovered gas.

OML 122 is located 25-60 km offshore in water depths of 40-300 metres and covers an area of 1,295 sq. km on the Western Niger Delta, east of Shell's giant Bonga Field (estimated 1.4 billion barrels).

Owanare 1, the second well drilled on OML 122 by Peak/Equator, is located in a water depth of 137 metres, 18 kilometres to the southeast of the Peak/Equator 'B-DX1' discovery well. The Owanare 1 well is being logged while drilling and has encountered gas in a 48 metre zone (157 feet) in the interval 1683-1732 metres brt and in a 13 metre zone (43 feet) in the interval 2183-2196 metres brt. Several water bearing zones have also been encountered below these zones to the current depth. The 9 5/8' casing has been successfully installed with the shoe at 3063 metres brt. The well is drilling ahead at 3346 metres brt towards deeper targets starting at 3550 metres brt. Depending on the extent of the increase in pressures experienced at these depths, a 7' liner may be required before the deeper objectives can be reached. Equator is funding the cost of the Owanare 1 exploration well to earn a 40% economic interest in any gas development scheme.

The aim of the Peak/Equator drilling program is to prove-up significant volumes of gas as potential supply for the numerous gas-utilisation projects currently underway or in planning stages in Nigeria within close proximity to OML 122. The secondary objective is to find commercial volumes of oil on the block.

Commenting on the results to date from the Owanare 1, Wade Cherwayko, Chief Executive of Equator, said:

'Peak and Equator are delighted to announce another gas discovery in their joint venture on OML 122 and look forward to penetrating and evaluating the deeper objectives. With the large number of gas utilization projects being developed onshore Nigeria, Peak and Equator hope to monetize the gas discoveries to date on OML 122 in the near future.'

This Press Release has been approved for issue by David Nabarro for the Nomad, Nabarro Wells, and by Equator's independent technical adviser, Horizon Energy Partners B.V..

For further information, contact:

Wade Cherwayko, Chief Executive Officer
+44 (0)20 7235 2555
Philip Dimmock, Chief Operating Officer
+44 (0)20 7235 2555
Bobby Morse /James Strong, Buchanan Communications
+44 (0)20 7466 5000

Background information:

Equator

Equator (www.equatorexploration.com) was founded in December 2000 and listed on the Alternative Investment Market of the London Stock Exchange in December 2004.

Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the Gulf of Guinea. The Company has exploration interests in the territorial waters of Sao Tome & Principe and Nigeria as well as the Nigeria-Sao Tome and Principe Joint Development Zone. Equator is also currently evaluating other exploration opportunities in West Africa.

Glossary:

barrel - 42 US gallons or 35 imperial gallons;

billion - 1,000,000,000

brt - below rotary table - a point on the drilling rig, which in this case is 25 above sea level;

casing - a string of steel pipe installed in the borehole in lengths and cemented in place to prevent the borehole from collapsing and to prevent the unwanted influx of hydrocarbons. The number of casing strings depends on the depth and pressure regime of a well;

kilometre - 3,281 feet; 0.6214 miles;

liner - a casing string that does not go back to the wellhead;

logging - measuring the properties of rocks and of the fluids contained in their pores using sophisticated electrical and nuclear instruments. These can be run on the drilling string to allow measurements to be made while drilling or on wireline after a section of borehole has been drilled;

metre - 3.281 feet;

OML - Oil Mining Lease;

shoe - a short, heavy, cylindrical section of steel placed at the bottom of the casing string. It prevents the casing from snagging on irregularities in the borehole as it is lowered. A passage through the centre of the shoe allows drilling fluid to pass up into the casing while it is being lowered and then allows cement to be pumped through during cementing operations.
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Drilling Update on OML 122 and Increased Interest in Block 2 JDZ  
April 28, 2006

   
  • Peak and Equator continue drilling on OML 122

  • Equator acquires an additional 3% interest in Block 2 JDZ

  • Equator now has a total 9% interest in Block 2 JDZ


LONDON, United Kingdom & LAGOS, Nigeria - 28 April 2006 - Peak Petroleum Industries Nigeria Limited ('Peak') and Equator Exploration Ltd. (AIM: EEL.L) ('Equator') continue their drilling operations on the Owanare X1 well on OML 122 located offshore Nigeria. After some slight operational delays in the drilling program, Peak and Equator anticipate announcing the initial well results within approximately seven to ten days.

Equator is pleased to announce that it has increased its net participating interest in Block 2 of the Nigeria/Sao Tome and Principe Joint Development Zone ('JDZ') from 6% to 9%. This follows the acquisition by Equator and its partner ONGC Videsh Limited of a 7.5% interest held by A. & Hatman Limited ('Hatman'), a Nigerian E&P company. The assignment of Hatman's interest to Equator has been approved by the Nigeria/Sao Tome and Principe Joint Development Authority ('JDA'); the transfer is subject to final partner and Joint Development Approval.

JDZ Block 2 is adjacent to Nigerian Block OML 130 which hosts the 700 million barrel and 2.5 TCF of gas Akpo field and another series of discoveries totalling an additional 500 million barrels and several TCF of gas as well as several additional developing discoveries with reserves in excess of 500 MMBO and several TCF. Akpo is anticipated to begin production in 2008 with maximum rates currently forecasted to reach 175,000 BOPD.

The JDZ is located approximately 200 kilometres offshore Nigeria and was established in 2001 following the ratification of a bilateral treaty between Nigeria and the island nation of Sao Tome and Principe. The JDZ is administered by the JDA.

Commenting on the increased interest in Block 2 of the JDZ, Wade Cherwayko, Chief Executive Officer of Equator, said:

'We are delighted to have increased our net stake to 9% in the very prospective Block 2 JDZ, located in the highest potential exploration region in the Gulf of Guinea.'


For further information, contact:

Wade Cherwayko, Chief Executive Officer
+44 (0)20 7235 2555

Philip Dimmock, Chief Operating Officer
+44 (0)20 7235 2555

Bobby Morse /Ben Willey, Buchanan Communications
+44 (0)20 7466 5000

Background information:

Equator Exploration Limited

Equator (www.equatorexploration.com) engages in the exploration and development of oil and gas projects in the highly prospective waters of West Africa. Its objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company has exploration interests in the territorial waters of Nigeria and of Sao Tome & Principe as well as in the Joint Development Zone between the two countries. Equator is also currently evaluating other exploration opportunities in West Africa.

Glossary:

barrel 42 US gallons or 35 imperial gallons

billion 1,000,000,000

OML Oil Mining Licence

TCF trillion (1000,000,000,000) standard cubic feet of gas

3D seismic three dimensional seismic data - acquired on a very tight spacing
  show/hide article

Spudding of Well  
March 30, 2006

   
Commences Drilling of Exploration Well on OML122, Nigeria

  • Peak and Equator commence drilling the Owanare X1 exploration well on OML 122
  • Estimated gas-in-place potential in the Owanare prospect exceeds 3 TCF


LONDON, United Kingdom & LAGOS, Nigeria -- 30 March 2006 Peak Petroleum Industries Nigeria Ltd. ('Peak') and Equator Exploration Ltd. (AIM: EEL.L)('Equator') are pleased to announce that they have commenced drilling their second well in the OML 122 licence area, offshore Nigeria.

OML 122 is located 25-60 km offshore in water depths of 40-300 metres and covers an area of 1,295 sq. km on the Western Niger Delta, east of Shell's giant Bonga Field (estimated 1.4 billion barrels) on OML 118 and southwest of Shell's EA Field on OML 79.

The Owanare AX1 well was spudded this week on the large and promising Owanare prospect, which lies in a water depth of 135 metres. The 3D seismic data covering the prospect has been re-processed and interpreted by Peak, Equator and its independent technical advisors, Horizon Energy Partners. The data suggests that Owanare has gas-in-place potential of 3 TCF.

The aim of the Peak/Equator drilling program is to prove-up significant volumes of gas as potential supply for the numerous gas-utilisation projects currently underway or in planning stages in Nigeria within close proximity to OML 122. The secondary objective is to find commercial volumes of oil on the block.

Commenting on the spudding of the second well on OML 122, Wade Cherwayko, Chief Executive of Equator, said:

'Owanare AX1 has significant potential based on 3-D seismic and existing wells drilled on the block including the recently drilled Bilabri BX1 well drilled by Peak and Equator. With the large number of gas utilization projects being developed onshore Nigeria, Peak and Equator hope to monetize gas discoveries on OML 122 in the near future.'


For further information, contact:

Wade Cherwayko, Chief Executive Officer +44 (0)20 7235 2555
Philip Dimmock, Chief Operating Officer
+44 (0)20 7235 2555
Bobby Morse /James Strong, Buchanan Communications
+44 (0)20 7466 5000



Background information:


Equator


Equator (www.equatorexploration.com) was founded in December 2000 and listed on the Alternative Investment Market of the London Stock Exchange in December 2004.


Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the Gulf of Guinea. The Company has exploration interests in the territorial waters of Sao Tome & Principe and Nigeria as well as the Nigeria-Sao Tome and Principe Joint Development Zone.
Equator is also currently evaluating other exploration opportunities in West Africa.
  show/hide article

Well and flow test completion  
March 24, 2006

   
  • Well indicates gas-in-place of nearly 1 TCF and oil-in-place of 130 million barrels
  • Flow testing programme confirms excellent reservoir properties
  • Oil reservoir flowed at 7188 bopd, main gas reservoir flowed at 26 mmscf/d
  • Engineering for Oil Development continues
  • Drilling of large Owanare prospect (+3 TCF potential) about to commence


LONDON, United Kingdom & LAGOS, Nigeria - 24 March 2006 - Peak Petroleum Industries Nigeria Ltd. ("Peak") and Equator Exploration Ltd. (AIM: EEL.L) ("Equator") are pleased to announce the completion of operations with successful production flow tests on the "B-DX1" well, located on OML 122, offshore Nigeria.

The OML 122 licence area is located 25-60 km offshore in water depths of 40-300 metres and covers an area of 1,295 sq. km on the Western Niger Delta, east of the giant Bonga Field (estimated 1.4 billion barrels) on OML 218 and southwest of EA Field on OML 79. B DX1 is an exploratory-appraisal well on one of the discoveries made in OML 122 in the 1970's.

Extensive production flow testing of a selected perforated interval (2314-24 metres sub-sea) in the main gas reservoir is now complete. After a clean-up period and a multi-flow test, the well was flowed for 12 hours on a 56/64" choke. A stabilised rate of 26.5 mmscf/d was achieved with a well head flowing pressure of 1682 psig. The condensate-to-gas ratio was 18.0 stb/mmscf and the field measurements of gas gravity and condensate gravity were 0.615 and 51.8 degrees API respectively. The final bs&w was 3.0%.

As previously reported, the oil reservoir below this gas zone has been tested from selected perforated intervals (2400-03, 2407-09 metres sub-sea) at a rate of 7,188 bopd on 64/64" choke. The well head flowing pressure was 721 psig, the gas-oil ratio was 663 scf/bbl and the field measurement of oil gravity was 38.8 degrees API. There was no water or sand production other than a trace of fine particles.

Subject to further drilling, the independent technical advisers to Equator, Horizon Energy Partners BV ("Horizon"), estimate the oil-in-place to be 130 million barrels. They estimate the total gas-in-place in the zones that could be evaluated to be 900 billion standard cubic feet, not including the deep gas zone penetrated but not evaluated because of its high pressure. Production testing and wireline logging information indicate that all of the reservoir horizons, which are located in the paralic sequence in the Agbada Formation, have excellent properties.

Peak and Equator continue engineering work on a scheme for the immediate development of the oil reservoir based on sub-sea horizontal wells and a floating processing, storage and offloading system (FPSO). Orders for long-lead time equipment are being placed and negotiations for a suitable FPSO continue. Subject to further engineering, reservoir evaluation and drilling, it is anticipated that oil production could commence in the first half of 2007. Equator is funding the cost of two wells in the field to earn a 40% economic interest in the field area.

The B-DX1 well has been suspended for later oil production service and the rig is now being moved 18 miles to the south to the second location in the OML 122 drilling campaign. In the next few days it will spud Owanare AX1 on the large and promising Owanare prospect, which lies in a water depth of 135 metres. The 3D seismic data covering the prospect has been re processed and interpreted by Peak, Equator and its independent technical advisors, Horizon, indicating that Owanare has undiscovered gas-in-place in excess of 3 TCF.

The aim of the initial two wells being drilled by Peak/Equator is to prove-up significant volumes of gas as potential supply for the numerous gas-utilisation projects currently underway or in planning stages in Nigeria within close proximity to OML 122. A secondary objective is to find commercial volumes of oil and condensate on the block. Additional appraisal and development wells will follow the drilling of the Owanare prospect.

Commenting on the results of B-DX1, Wade Cherwayko, Chief Executive Officer of Equator, said:

"The production tests have proved the quality of the oil and all of the gas reservoirs in the B-DX1 discovery. We can expect very productive development wells. We press on with the early development of the oil reservoir and the monetisation of the gas reservoirs, while looking forward to the exploration of the first class Owanare prospect."

This Press release has been approved for issue by Keith Smith for the Nomad, Nabarro Wells, and for Equator by Philip Dimmock, Chief Operating Officer.

For further information, contact:

Wade Cherwayko, Chief Executive Officer
+44 (0)20 7235 2555
Philip Dimmock, Chief Operating Officer
+44 (0)20 7235 2555
Bobby Morse /Ben Willey, Buchanan Communications +44 (0)20 7466 5000


Background information:

Equator Exploration Limited

Equator (www.equatorexploration.com) engages in the exploration and development of oil and gas projects in the highly prospective waters of West Africa. Its objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company has exploration interests in the territorial waters of Nigeria and of São Tomé & Príncipe as well as in the Joint Development Zone between the two countries. Equator is also currently evaluating other exploration opportunities in West Africa.

Glossary:

API American Petroleum Institute
barrel 42 US gallons or 35 imperial gallons
billion 109
bopd barrels of oil per day
bs&w basic sediment and water
degrees API a measurement of the density of oil - higher numbers are less dense and more valuable
FPSO floating production, storage and offloading vessel
mmscf million standard cubic feet
mmscf/d million standard cubic feet per day
OML Oil Mining Licence
psig pounds per square inch gauge
RFT repeat formation tester - a device that measures reservoir pressure and collects oil, gas and water samples directly from the reservoir
scf standard cubic foot (measured at atmospheric pressure and 60º F)
stb stock tank barrel (measured at atmospheric pressure and 60º F)
TCF trillion (1012) standard cubic feet of gas
3D seismic three dimensional seismic data - acquired on a very tight spacing

Standards:

The gas-in-place figures for the B-DX1 discovery are considered proved based on 3D seismic, seismic attributes and the logs, RFT's and production tests from three wells. The oil-in-place volume is considered proved/probable based on 3D seismic, seismic attributes and the logs, RFT's and production tests from three wells. However, definitive development schemes are yet to be engineered.

The undiscovered gas-in-place estimate for Owanare is based on 3D seismic and seismic attributes.
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Exercise of Warrants and Admission of New Shares for Trading on AIM  
March 23, 2006

   
The Directors of Equator Exploration Limited (AIM: 'EEL', 'Equator' or the 'Company'), announce that 100,000 (one hundred thousand) common shares have been issued at a price of US$1.31 per share as a result of the exercise of warrants. Application has been made for the new shares to be admitted to trading on AIM on the 28th March 2006.

For further information please contact:

Wade Cherwayko, Chief Executive Officer
020 7235 2555
Bobby Morse / Ben Willey, Buchanan Communications
020 7466 5000



Background information:

Equator

Equator (www.equatorexploration.com ) was founded in December 2000 and listed on the Alternative Investment Market of the London Stock Exchange in December 2004, raising £60 million to fund its exploration activities in the highly prospective waters of the Gulf of Guinea.

Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company is focusing its efforts in West Africa, in particular the JDZ (Block 2), the territorial waters of Nigeria where it recently acquired rights in Nigeria Block OML 122 and in Sao Tome and Principe where Equator has been active since 2001. Equator is also currently evaluating other opportunities in West Africa, including Nigeria, Congo and Equatorial Guinea.

In recent years West Africa has become one of the most prolific offshore deepwater exploration and production regions. Deepwater discoveries in Equatorial Guinea and Nigeria, coupled with hydrocarbon finds offshore Gabon, suggest geological extensions into the JDZ and the territorial waters of Sao Tome and Principe. In addition, seismic data for the region indicate widespread prospectivity in the waters of the JDZ and Sao Tome and Principe.
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Equator Acquires Interest In Block 2 Of Nigeria-São Tomé Joint Development Zone ("JDZ")  
March 17, 2006

   
  • Highly Prospective Block 2 has one - two billion barrel reserve potential


  • JDZ Block 2 is adjacent to Nigerian Block OML 130 which hosts the 700 million barrel Akpo discovery and other discoveries with an additional 500 million barrels and several TCF of gas


LONDON, United Kingdom & LAGOS, Nigeria - 17 March 2006 - Equator is pleased to announce that it has together with its co-venturers signed a Production Sharing Contract with the Nigeria/Sao Tomé and Principe Joint Development Authority ("JDA"). A 15% interest in the highly sought after JDZ Block 2 of the Joint Development Zone has been awarded to Equator and its joint bidding partner ONGC Videsh Limited ("OVL").

Based on a 3D seismic survey funded and acquired by Petroleum Geo-Services ("PGS") and Equator in 2003, the block has estimated recoverable reserves of 1 billion barrels. JDZ Block 2 is adjacent to Nigerian Block OML 130 which hosts the 700 million barrel Akpo field and another series of discoveries totalling an additional 500 million barrels and several TCF of gas. Other stakeholders in the block include the consortium of Sinopec, ERHC Energy and Addax Petroleum, who together have 65% with Sinopec acting as operator of the block. In addition, Nigerian firms A & Hatman (10%), MoMo Petroleum (5%) and Foby Engineering (5%) were allocated interests in JDZ Block 2.

Under terms of the JDZ joint bidding agreement between Equator and OVL ("the OVL/Equator Venture"), any allocations will be shared on a 60%-OVL and 40%-Equator basis. This results in a net 6% participation in the block for Equator. The signing bonus for JDZ Block 2 is US$71 million. Equator's share of the signing bonus is US$4.26 million which will be funded from Equator's existing cash reserves.

Mr. Wade Cherwayko, CEO of Equator stated "We are pleased to be among the small number of companies worldwide to be awarded participation in a block in this highly prospective deep water exploration play offshore Nigeria and Sao Tome. The allocation further expands Equator's portfolio of high potential exploration acreage in the Gulf of Guinea, the world's premier deep water basin."

The JDZ was created through an agreement between the governments of Nigeria and Sao Tomé and Principe in 2001 whereby revenues derived from the JDZ will be shared 60:40 between these governments respectively. The JDZ is governed by the JDA who also signed Blocks 3 and 4 this week. Block 3 was allocated to Anadarko (51%) who was designated as operator. Other participants in Block 3 are ERHC, Addax and several Nigerian firms. Block 4 was allocated to a consortium led by ERHC and Addax, who together have 60% and operatorship. The additional equity in Block 4 was allocated to Nigerian firms and Hercules, a company partnered with Canadian-based Centurion Energy. JDZ Block 1 was signed in early 2005 to a consortium which comprised ChevronTexaco, ExxonMobil and Dangote Energy Equity Resources, for a signature bonus of US$123 million. Drilling of the first well in JDZ Block 1 is currently underway.


For further information, contact:

Wade Cherwayko, Chief Executive Officer
020 7235 2555

Philip Dimmock, Chief Operating Officer
020 7235 2555

Bobby Morse / Ben Willey, Buchanan Communications
020 7466 5000


Background information:

Equator Exploration Limited

Equator (www.equatorexploration.com) engages in the exploration and development of oil and gas projects in the highly prospective waters of West Africa. Its objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company has exploration interests in the territorial waters of Nigeria and of São Tomé & Príncipe as well as in the Joint Development Zone between the two countries. Equator is also currently evaluating other exploration opportunities in West Africa.
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Statement re. Press Comment  
March 17, 2006

   
Following press comment today, Equator Exploration (RIC code EEL.L), an oil and gas exploration company, would like to clarify that it is in no way connected with Equator Group PLC (EQG), an AIM listed film company.

For further information, contact:

Bobby Morse Buchanan Communications
+44 (0)20 7466 5000
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Equator - Awarded 30% Interest in Deepwater Blocks OPL 323 & OPL 321 of Nigeria 2005 Licensing Round  
March 13, 2006

   
  • Awarded 30% Interest in the highly prospective OPL 323 & OPL 321 Blocks
  • Most sought after Blocks in the Nigeria 2005 Licensing Round
  • Seven large prospects identified on the Blocks
LONDON, United Kingdom & LAGOS, Nigeria - 9 January 2006 - Following a signing of Production Sharing Contracts ('PSCs') on Thursday, 9th March 2006, Equator (AIM: EEL.L) is pleased to announce that it has been awarded a 30% interest in blocks OPL 323 and OPL 321, offshore Nigeria. The Korean National Oil Corporation ('KNOC') was awarded a 60% interest in the blocks. The balance of 10% was awarded to local Nigerian companies.

Details on OPL 323

In water depths of between 1,300 m and 2,000 m, six large structures have been identified by interpretation of a regional 3D seismic survey covering the block, acquired by Petroleum Geo-Services ('PGS'). Estimated risked recoverable reserves are in excess of 2 billion barrels across six large prospects as estimated by Equators technical advisors, Horizon Energy Partners ('Horizon'). Five of the six prospects are supported by amplitude anomalies and the block is located in an area with access to source rocks and abundant reservoir sands. OPL 323, which is 80 kms offshore the Southwest Coast of Nigeria, is adjacent to the large Abo field in OML 125 to the east, operated by Agip. ExxonMobil's Bosi and Ehra discoveries in OPL 209 are located to the immediate south of the block with seismic interpretations suggestive that several prospects extend onto this adjacent block from OPL 323. Erha, scheduled to go on line in 2006, has liquid reserves reported to be in excess of 500mmbo recoverable (Exxon, 2006). Peak production at Erha is forecasted to be 150,000 BOPD, with another 40,000 bopd forecasted with Erha North. Bosi, the second field development on OPL 209, is forecasted to have an initial production capacity of 120,000 BOPD.

Details on OPL 321

OPL 321 is contiguous with and to the west of OPL 323. The block lies on trend with block OPL 322 to the south, where Shell's recent discovery well Bobo-1 encountered a significant column of hydrocarbons. Initial assessment of the prospectivity of the block, indicates the presence of one very large prospect, which could contain in excess of 2.0 billion barrels as estimated by Horizon.

Commenting on the prospectivity of Blocks OPL 323 and 321, Mr. Wade Cherwayko, Chief Executive Office of Equator, said:

'Our recent geologic and geophysical work and the industry's well results in the adjacent blocks indicate that the oil footprint of the region continues expanding westward. The position of OPL 323 and 321, their proximity to the Shell Bobo discovery, Esso's 'strategic Hub' in the adjacent fields on OPL 209 Erha-Bosi with peak flow rates anticipated by Exxon in excess of 300,000 BOPD, and the continued growth of ENI's Abo Complex to the north, suggests that multiple, active hydrocarbon systems are present near, and potentially on these exploration blocks. These two blocks are in the most prospective and exciting deepwater exploration play in West Africa today'

Sir Sam Jonah, Chairman of Equator, added:

'OPL 323 and OPL 321 are widely regarded as the two most highly sought after blocks in Nigerian deepwater today. It is unprecedented for a company of our size to be involved in such prospective deepwater exploration acreage and we look forward to working closely with KNOC and our other partners in exploring and hopefully developing these exciting oil and gas exploration projects.'

For further information, contact:

Wade Cherwayko, Chief Executive Officer
020 7235 2555
Philip Dimmock, Chief Operating Officer
020 7235 2555
Bobby Morse / Ben Willey, Buchanan Communications
020 7466 5000

Background information:

Equator Exploration Limited

Equator engages in the exploration and development of oil and gas projects in the highly prospective waters of West Africa. Its objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company has exploration interests in the territorial waters of Nigeria and of Sao Tome & Principe as well as in the Joint Development Zone between the two countries. Equator is also currently evaluating other exploration opportunities in West Africa.
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Results of well test  
March 09, 2006

   
PRODUCTION FLOW TEST RESULTS FROM B-DX1 WELL

  • Flow testing programme confirms excellent reservoir
  • Engineering for Oil Development continues
  • Drilling of large Owanare prospect (+3 TCF potential) to commence in March



LONDON, United Kingdom & LAGOS, Nigeria - 9 March 2006 - Peak Petroleum Industries Nigeria Ltd. ('Peak') and Equator Exploration Ltd.(AIM: EEL.L)('Equator') are pleased to announce the results from production flow tests on the oil reservoir encountered by the 'B-DX1' well, located on OML 122, offshore Nigeria.


The OML 122 licence area is located 25-60 km offshore in water depths of 40-300 metres and covers an area of 1,295 sq. km on the Western Niger Delta, east of the giant Bonga Field (estimated 1.4 billion barrels) on OML 218 and southwest of EA Field on OML 79. B-DX1 is an exploratory-appraisal well on one of the discoveries made in OML 122 in the 1970's.


Extensive production flow testing of two selected perforated intervals of the oil reservoir is now complete. The well was tested for three time periods - a clean up period, a Main Flow Test and a Max Flow Test. The Main Flow Test lasted for twelve hours and was designed to gather reservoir information and representative hydrocarbon samples. A stabilised flow of 3,990 bopd was achieved on a 36/64' choke. The well head flowing pressure was 1,342 psig, the gas-oil ratio was 663 scf/bbl and the field measurement of oil gravity was 39.2 degrees API.


After a 24 hour shut-in period, the well was re-opened for the Max Flow Test, which lasted for 31/2 hours and was designed to measure the highest rate that could be achieved within the constraint of the maximum heat that could be borne by the rig. The rate achieved was 7,188 bopd on 64/64' choke. The well head flowing pressure was 721 psig, the gas-oil ratio was 611 scf/bbl and the field measurement of oil gravity was 38.8 degrees API. There was no water or sand production other than a trace of fine particles.


Subject to further drilling, the technical advisers to Equator estimate the oil-in-place to be 130 million barrels. Peak and Equator continue engineering work on a scheme for developing the oil reservoir based on sub-sea horizontal wells and a floating processing, storage and offtake system (FPSO). Orders for long-lead time equipment are being placed and negotiations for a suitable FPSO continue. Subject to further engineering, reservoir evaluation and drilling, it is anticipated that oil production could commence in the first half of 2007.
Equator is funding the cost of two wells in the field to earn a 40% economic interest in the field area.


Operations continue on the B-DX1 well with the plugging back of the oil zone and then extensive production flow testing of the main gas reservoir. The technical advisers to Equator have estimated the total gas-in-place in the evaluated zones to be 900 billion standard cubic feet, not counting the deep gas zone penetrated but not evaluated because of its high pressure.


The second well in the OML 122 drilling campaign will immediately follow the B-DX1 well in mid-March and will explore a promising, large structure south of B-DX1 in a water depth of 135 metres. This structure, the Owanare prospect, is covered by 3D seismic data acquired in 1999 and recently re-processed and interpreted by Peak, Equator and their technical advisors. It is a large structure with the potential for 3+ TCF of gas-in-place.


The aim of the initial two wells being drilled by Peak/Equator is to prove-up significant volumes of gas as potential supply for the numerous gas-utilisation projects currently underway or in planning stages in Nigeria within close proximity to OML 122. A secondary objective is to find commercial volumes of oil and condensate on the block. Additional appraisal and development wells will follow the drilling of the Owanare prospect.

Commenting on the testing results, Wade Cherwayko, Chief Executive Officer of Equator, said:


'The tests have confirmed the excellent quality of both the oil reservoir and the crude oil. We will press on with the development of this reservoir and look forward to seeing the results of the test on the main gas reservoir.'


For further information, contact:

Wade Cherwayko, Chief Executive Officer +44 (0)20 7235 2555
Philip Dimmock, Chief Operating Officer
+44 (0)20 7235 2555
Bobby Morse /Ben Willey, Buchanan Communications
+44 (0)20 7466 5000


Background information:

Equator Exploration Limited

Equator (www.equatorexploration.com) engages in the exploration and development of oil and gas projects in the highly prospective waters of West Africa. Its objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company has exploration interests in the territorial waters of Nigeria and of Sao Tome & Principe as well as in the Joint Development Zone between the two countries. Equator is also currently evaluating other exploration opportunities in West Africa.
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Total Depth Reached on B-DX1 Well  
March 01, 2006

   

  • Additional gas reservoir encountered

  • Flow testing programme to begin

  • Engineering for Oil Development continues

  • Drilling of large Owanare prospect (+3 TCF potential) to commence in March


  • LONDON, United Kingdom & LAGOS, Nigeria - 1 March 2006 - Peak Petroleum Industries Nigeria Ltd. ('Peak') and Equator Exploration Ltd (AIM: EEL.L). ('Equator') are pleased to announce that the 'B-DX1' well, located on the OML 122 licence area, offshore Nigeria, has reached total depth.

    OML 122 is located 25-60 km offshore in water depths of 40-300 metres and covers an area of 1,295 sq. km on the Western Niger Delta, east of the giant Bonga Field (estimated 1.4 billion barrels) on OML 212 and southwest of EA Field on OML 79. B-DX1 is an exploratory appraisal well on one of the discoveries made in OML 122 in the 1970's.

    The B-DX1 well has reached total depth at 3545 metres (BRT). High pressure gas has been encountered in an additional and deeper zone than those previously penetrated and announced. Influx of gas has prevented the logging of this zone. As the well was not designed to cope with the high pressures (i.e. > 8000 psi,) this deeper zone has been plugged without testing. However, it has been shown that hydrocarbons do exist in the deeper horizons. The zone will be fully evaluated in a later well, specifically designed to handle the high pressures.

    From 3D seismic and wireline logging data, the independent technical advisers of Peak and Equator estimate the total gas-in-place in the sands evaluated as 900 billion cubic feet. With the addition of the high pressure gas zone, it is anticipated that gas-in-place in the discovery will reach the Peak/Equator Joint Operating Team target of 1 TCF. Subject to further drilling, the oil-in-place is preliminarily estimated at 130 million barrels. All the reservoir sands and the crude oil, with a gravity of 40 degrees API, exhibit excellent qualities. Operations continue on the B-DX1 well with extensive production flow testing of the oil rim and of the main gas reservoir.

    Peak and Equator continue engineering work on a scheme for developing the oil reservoir based on sub-sea horizontal wells and a floating processing, storage and offtake system (FPSO). Orders for long-lead time equipment are being placed and negotiations for a suitable FPSO continue. Subject to further engineering, reservoir evaluation and drilling, it is anticipated that oil production could commence in the first half of 2007. Equator is funding the cost of two wells in the field to earn a 40% economic interest in the field area.

    The second well in the OML 122 drilling campaign will immediately follow the B-DX1 well in mid-March and will explore a promising, large structure south of B-DX1 in a water depth of 135 metres. This structure, the Owanare prospect, is covered by 3D seismic data acquired in 1999 and recently re-processed and interpreted by Peak, Equator and their technical advisors. It is a large structure with the potential for 3+ TCF of gas-in-place.

    The aim of the initial two wells being drilled by Peak/Equator is to prove-up significant volumes of gas as potential supply for the numerous gas-utilisation projects currently underway or in planning stages in Nigeria within close proximity to OML 122. The secondary objective is to find commercial volumes of oil and condensate on the block. Additional appraisal and development wells will follow the drilling of the Owanare prospect.

    Commenting on the B-DX1 well, Wade Cherwayko, Chief Executive Officer of Equator, said:

    'Peak and Equator look forward to the testing of the gas and oil reservoirs that have been established by the B-DX1 appraisal well. Our target figure for gas reserves has been achieved and good progress is being made for a commercial crude oil development, which could be on production in early 2007. We look forward to the spudding our second well on Block OML 122 in mid-March to test the very large (+3 TCF) Owanare exploration prospect.'

    For further information, contact:

    Wade Cherwayko, Chief Executive Officer +44 (0)20 7235 2555
    Philip Dimmock, Chief Operating Officer +44 (0)20 7235 2555
    Bobby Morse /Ben Willey, Buchanan Communications +44 (0)20 7466 5000


    Background information:

    Equator Exploration Limited

    Equator (www.equatorexploration.com ) engages in the exploration and development of oil and gas projects in the highly prospective waters of West Africa. Its objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company has exploration interests in the territorial waters of Nigeria and of Sao Tome & Principe as well as in the Joint Development Zone between the two countries. Equator is also currently evaluating other exploration opportunities in West Africa.
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    US$250 Million Private Placement of Common Shares  
    February 20, 2006

       
    LONDON, United Kingdom - 20 February 2006, Equator Exploration Ltd. (AIM: EEL.L) ('Equator') is pleased to announce that it has placed 41,050,900 new common shares with institutional investors at a price per share of 350p (US$6.09) for total proceeds of £143.7 million (US$250 million). The shares being issued will be admitted to the London AIM exchange on or about 23 February 2006. Following their issuance, the Company will have 174,878,090 million shares issued and outstanding.

    Commenting on the private placement of shares, Wade Cherwayko, Chief Executive Officer of Equator said, 'We are pleased with the continuing support of our existing shareholders and new investors. The funds raised will support the company's aggressive exploration, appraisal and development drilling program for 2006 as well as the possible acquisition of additional exploration acreage.'

    For further information, contact:

    Wade Cherwayko, Chief Executive Officer +44 (0)20 7235 2555
    Philip Dimmock, Chief Operating Officer +44 (0)20 7235 2555
    Bobby Morse /James Strong, Buchanan Communications +44 (0)20 7466 5000

    Background information:

    Equator engages in the exploration and development of oil and gas projects in the highly prospective waters of West Africa. The Company's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. Equator is currently focusing its efforts in the Gulf of Guinea and recently commenced drilling its first well on OML 122, located offshore Nigeria with Peak Petroleum Industries Nigeria Ltd. The Company has also been allocated an interest in JDZ Block 2 of the Nigeria - Sao Tome & Principe Joint Development Zone. It addition, it has rights to acquire a 100% interest in two blocks of its choice in the territorial waters of Sao Tome & Principe. Equator continues to pursue other exploration opportunities in the Gulf of Guinea.
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    Equator Exploration Limited Confirms Discovery of Major Gas & Oil Reservoirs  
    February 07, 2006

       
    • 800 BCF of Gas-in-Place

    • 120 Million Barrels of Oil-in-Place

    • Oil Development Scheme Initiated

    • Drilling Continuing into Deeper Targets


    LONDON, United Kingdom & LAGOS, Nigeria - 7 February 2006 - Peak Petroleum Industries Nigeria Ltd ("Peak") and Equator Exploration Ltd (AIM: EEL.L) ("Equator") are pleased to provide this update on drilling activities on the "B-DX1" well located on the OML 122 licence area, offshore Nigeria.

    OML 122 is located 25-60 km offshore in water depths of 40-300 metres and covers an area of 1,295 sq. km on the Western Niger Delta, east of Shell's giant Bonga Field (estimated 1.4 billion barrels) on OML 118 and southwest of Shell's EA Field on OML 79. B-DX1 is an exploratory-appraisal well on one of the discoveries made by Deminex Oil in OML 122 in the 1970's. Their original well tested an oil zone and encountered several gas zones.

    Drilling results to date have confirmed the presence of hydrocarbon bearing formations in a structurally higher position than in the discovery well. The 7" liner is now installed with the shoe at 3061 metres BRT and the B-DX1 well is drilling ahead at 3227 metres BRT. Wireline logging has confirmed predictions made with reprocessed 3D seismic, with all the formations correlating between the two wells. In the primary objective, a continuous hydrocarbon column, 455 gross feet in length, has been encountered at 2303 metres below sea level. Of this, a 200 foot gas interval lies within the main gas sand identified by the discovery well, confirming it as a major gas reservoir. This gas interval is augmented by a second zone, 80 feet in length, in a deeper sand and lying above an oil column, 70 feet in length. With a gravity of 40 degrees API and a low gas-oil-ratio, the quality of the oil encountered is excellent. In a deeper objective, which was water-bearing in the discovery well, a continuous gas column of 265 feet has been encountered and logged at 2632 metres below sea level.

    From 3D seismic and wireline logging data, the total gas-in-place in the sands encountered so far is preliminarily estimated at 800 billion cubic feet while the oil-in-place is preliminarily estimated at 120 million barrels. All the sands encountered in the well have excellent reservoir qualities.


    Peak and Equator have commenced engineering work for development of the oil reservoir by way of an FPSO based production system. Orders for selected long-lead time equipment items have been placed. Negotiations for available FPSO vessels have commenced. Subject to further engineering and reservoir evaluation, it is anticipated that oil production could commence in the first half of 2007. Equator is funding the cost of two wells in the field to earn a 40% economic interest in the field area.

    Operations on B-DX1 continue with drilling towards the third objective, deeper potential hydrocarbon bearing sands that were also water-bearing in the discovery well. After the logging of these zones, three to four selected intervals will be tested.

    The second well in the campaign will immediately follow the B-DX1 well and will explore a promising, large structure south of B-DX1 well in a water depth of 135 metres. This structure, the Owanare prospect, is covered by 3D seismic data acquired in 1999 and recently re processed and interpreted by Peak, Equator and their technical advisors.

    The aim of the initial two wells being drilled by Peak/Equator is to prove-up significant volumes of gas as potential supply for the numerous gas-utilisation projects currently underway or in planning stages in Nigeria within close proximity to OML 122. The secondary objective is to find commercial volumes of oil and condensate on the block. Additional appraisal and development wells will follow the drilling of the Owanare prospect.

    Commenting on the B-DX1 well, Wade Cherwayko, Chief Executive Officer of Equator, said:
    "Peak and Equator are delighted that the B-DX1 well continues to exceed our expectations. We have established the potential for a major gas development and, in the shorter term, for a commercial crude oil development, which could be on production in early 2007".

    For further information, contact:

    Wade Cherwayko, Chief Executive Officer +44 (0)20 7235 2555
    Philip Dimmock, Chief Operating Officer +44 (0)20 7235 2555
    Bobby Morse /Ben Willey, Buchanan Communications +44 (0)20 7466 5000

    Background information:

    Equator Exploration Limited

    Equator (www.equatorexploration.com) engages in the exploration and development of oil and gas projects in the highly prospective waters of West Africa. Its objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company has exploration interests in the territorial waters of Nigeria and of São Tomé & Príncipe as well as in the Joint Development Zone between the two countries. Equator is also currently evaluating other exploration opportunities in West Africa.
      show/hide article

    Nigerian drilling update  
    January 09, 2006

       
    EQUATOR EXPLORATION LIMITED CONFIRMS DISCOVERY OF MAJOR GAS RESERVOIR ON OML122, NIGERIA

    •Major gas reservoir encountered at 2303 metres sub-sea

    LONDON, United Kingdom & LAGOS, Nigeria - 9 January 2006 - Peak Petroleum Industries Nigeria Ltd. ('Peak') and Equator Exploration Ltd. (AIM: EEL.L) ('Equator') are pleased to provide this update on drilling activities on the 'B-DX1' well located on the OML 122 licence area, offshore Nigeria.

    OML 122 is located 25-60 km offshore in water depths of 40-300 metres and covers an area of 1,295 sq. km on the Western Niger Delta, east of Shell's giant Bonga Field (estimated 1.4 billion barrels) on OML 118 and southwest of Shell's EA Field on OML 79. B-DX1 is an exploratory-appraisal well on one of the discoveries made by Deminex Oil in OML 122 in the 1970's. Their original well tested an oil zone and encountered several gas zones, which recently reprocessed 3D seismic suggests are of significant size.

    Drilling results to date on the B-DX1 well have confirmed the presence of hydrocarbon bearing formations in a structurally higher position than in the discovery well. The B-DX1 well has now reached the 9 5/8' casing point at a drilled depth of 2780 metres and has been logged. The logging has confirmed the predictions made with the reprocessed 3D seismic, with all the formations correlating between the two wells. A continuous hydrocarbon column, 455 gross feet in length, has been encountered at 2303 metres below sea level. Of this, a 200 foot gas interval lies within the main gas sand identified by the discovery well, confirming it as a major gas reservoir. This gas interval is augmented by another gas interval, 80 feet in length, in the deeper oil sand and lying above an expected oil column, 70 feet in length. Both sands have excellent reservoir qualities.

    Operations continue with the evaluation of the hydrocarbon zones with a full suite of wireline logs, including a repeat formation testing tool, and with the running and cementing of the 9 5/8' casing. The well will then drill into the lower gas sand and into deeper potential gas bearing sands that were water-bearing in the discovery well due to its structurally low position. Testing operations will commence at the end of this month after the setting of the 7' liner, planned at 3,550 metres drilled depth. Equator is funding the cost of two wells in the field to earn a 40% working interest in the field area.

    A second exploration well planned for mid-February 2006 will test a promising, large structure south of the B-DX1 well in a water depth of 135 metres. This structure, the Owanare prospect, is covered by 3D seismic data acquired in 1999 and recently re- processed and interpreted by Peak, Equator and their technical advisors.

    The aim of the initial two wells being drilled by Peak/Equator is to prove-up significant volumes of gas as potential supply for the numerous gas-utilisation projects currently underway or in planning stages in Nigeria within close proximity to OML 122. The secondary objective is to find commercial volumes of oil and condensate on the block.
    Commenting on the B-DX1 well, Wade Cherwayko, Chief Executive Officer of Equator, said:

    'Both Peak and Equator are pleased with the successful start to the drilling campaign which is confirming that we have the potential for a significant gas field, with good upside from condensate and crude oil'.

    For further information, contact:

    Wade Cherwayko, Chief Executive Officer
    +44 (0)20 7235 2555
    Philip Dimmock, Chief Operating Officer
    +44 (0)20 7235 2555
    Bobby Morse /Ben Willey, Buchanan Communications
    +44 (0)20 7466 5000

    Background information:

    Equator Equator(www.equatorexploration.com) was founded in December 2000 and listed on the Alternative Investment Market of the London Stock Exchange in December 2004. Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the Gulf of Guinea. The Company has exploration interests in the territorial waters of Nigeria, Sao Tome & Principe as well as the Joint Development Zone between Nigeria and Sao Tome & Principe. Equator is also evaluating other exploration opportunities in West Africa.
      show/hide article

    Updates drilling operations on exploratory - appraisal well on OML122, Nigeria  
    December 30, 2005

       
    LONDON, United Kingdom & LAGOS, Nigeria - 30 December 2005 - Peak Petroleum Industries Nigeria Ltd. ('Peak') and Equator Exploration Ltd. (AIM: EEL.L) ('Equator') are pleased to provide this update on drilling activities on the 'B-1 DX' well located on the OML 122 licence area, offshore Nigeria.

    OML 122 is located 25-60 km offshore in water depths of 40-300 metres and covers an area of 1,295 sq. km on the Western Niger Delta, east of Shell's giant Bonga Field (estimated 1.4 billion barrels) on OML 118 and southwest of Shell's EA Field on OML 79. OML 122 has two suspended oil and gas discoveries that were drilled in the 1970's. The B-1 DX well, is an exploratory-appraisal well on the field discovered by the 'B-1' well drilled by Deminex Oil. The B-1 well tested an oil zone and encountered several gas zones, which recently reprocessed 3D seismic suggests are of significant size.

    The well is currently drilling ahead at a depth of 1583 metres below sea level, utilising real time logging while drilling. It has already encountered gas zones in the upper section which can be correlated with the original B-1 well. Logging data on the B-1 DX well indicates that the well is in a structurally 'up-dip'
    higher position than the B-1 well. Within the next seven to ten days, it is anticipated that the B-1 DX well will be penetrating an upper gas sand, the main gas sand, the oil sand and the lower gas sand, all of which were encountered by the B-1 well, The well will then drill into deeper potential gas bearing sands
    that were water-bearing in the original B-1 well due to its structurally low position. Testing operations will commence as soon as the well has reached total depth, planned at 3,550 metres below sea level. It is anticipated that tests will be conducted on three of the gas sands and the oil sand. Equator is funding the cost of two wells in the field to earn a 40% working interest in the field area.

    A second exploration well planned for early February 2006 will test a promising, large structure south of the B-1 DX well in a water depth of 135 metres. This structure, the Owanare prospect, is covered by 3D seismic data acquired in 1999 and recently re-processed and interpreted by Peak, Equator and their technical advisors. The Owanare prospect has estimated potential hydrocarbon volumes of 1.5 TCF of gas.

    The aim of the initial two wells being drilled by Peak/Equator is to prove-up significant volumes of gas as potential supply for the numerous gas-utilisation projects currently underway or in planning stages in Nigeria within close proximity to OML 122. The secondary objective is to find commercial volumes of oil and condensate on the block.

    Commenting on the B-1 DX well, Wade Cherwayko, Chief Executive of Equator, said:

    'Both Peak and Equator are pleased with the progress made on the B-1 DX well. We are also encouraged by the logging data we have received to date which indicates that the B-1 DX well is structurally higher then the original B-1 well.'

    For further information, contact:

    Wade Cherwayko, Chief Executive Officer +44 (0)20 7235 2555
    Philip Dimmock, Chief Operating Officer +44 (0)20 7235 2555
    Bobby Morse /Ben Willey, Buchanan Communications +44 (0)20 7466 5000

    Background information:

    Equator

    Equator was founded in December 2000 and listed on the Alternative Investment Market of the London Stock Exchange in December 2004.

    Equator's objective is to build a diversified portfolio of exploration,appraisal and production assets in the Gulf of Guinea. The Company has exploration interests in the territorial waters of Sao Tome & Principe and
    Nigeria as well as the Nigeria-Sao Tome and Principe Joint Development Zone. Equator is also currently evaluating other exploration opportunities in West Africa.
      show/hide article

    Disposal of Shares  
    December 14, 2005

       
    LONDON, United Kingdom - 13 December 2005, Equator Exploration Ltd. (AIM: EEL.L) ('Equator') has today been informed that Mr. James Ladner, a director of Equator, has made the following disposals of common shares:

    2 December 2005 - 20,000 shares at 204p
    6 December 2005 - 20,000 shares at 210p
    8 December 2005 - 20,000 shares at 215 p
    9 December 2005 - 20,000 shares at 225 p.

    As a result of these sales, Mr Ladner's share holing in Equator is 468,000 shares.

    For further information, contact:

    Wade Cherwayko, Chief Executive Officer +44 (0)20 7235 2555
    Philip Dimmock, Chief Operating Officer +44 (0)20 7235 2555
    Bobby Morse /James Strong, Buchanan Communications +44 (0)20 7466 5000

    Background information:

    Equator

    Equator (www.equatorexploration.com) was founded in December 2000 and listed on the Alternative Investment Market of the London Stock Exchange in December 2004, raising £60 million to fund its exploration activities in the highly prospective waters of the Gulf of Guinea.

    Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company has exploration interests in the territorial waters of S(C)?o Tome & Principe and Nigeria as well as the Nigeria-S(C)?o Tome and Principe Joint Development Zone. Equator is also currently evaluating other exploration opportunities in West Africa.
      show/hide article

    US$60 Million Private Placement of Common Shares  
    December 08, 2005

       
    LONDON, United Kingdom - 8 December 2005, Equator Exploration Ltd. (AIM: EEL.L) ('Equator') is pleased to announce that it has placed 17,291,066 new common shares with institutional investors at a price per share of 200p (US$3.47) for total proceeds of £34.6 million (US$60 million). The shares being issued will be admitted to the London AIM exchange on or about 14 December 2005.

    Commenting on the private placement of shares, Wade Cherwayko, Chief Executive Officer of Equator said, 'We are pleased with the positive response to the private placement and the continuing support of our shareholders. The funds raised will support the company's aggressive drilling program for 2006 as well as the possible acquisition of additional exploration acreage.'

    In addition, Equator is pleased to announce the granting of 50,000 options to advisors of the company. The options are exercisable, subject to semi-annual vesting over two years, at a price of 206.80p within five years from the date of the grant.

    For further information, contact:

    Wade Cherwayko, Chief Executive Officer +44 (0)20 7235 2555
    Philip Dimmock, Chief Operating Officer +44 (0)20 7235 2555
    Bobby Morse /James Strong, Buchanan Communications +44 (0)20 7466 5000

    Background information:

    Equator

    Equator (www.equatorexploration.com) was founded in December 2000 and listed on the Alternative Investment Market of the London Stock Exchange in December 2004, raising £60 million to fund its exploration activities in the highly prospective waters of the Gulf of Guinea.

    Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company has exploration interests in the territorial waters of Sao Tome & Principe and Nigeria as well as the Nigeria-Sao Tome and Principe Joint Development Zone. Equator is also currently evaluating other exploration opportunities in West Africa.
      show/hide article

    Commences Drilling in Nigeria  
    November 28, 2005

       
    LONDON, United Kingdom & LAGOS, Nigeria - 28 November 2005 - Peak Petroleum Industries Nigeria Ltd. ('Peak') and Equator Exploration Ltd. (AIM: EEL.L) ('Equator') are pleased to announce that they have commenced drilling their first well in the OML 122 licence area, offshore Nigeria.

    OML 122 is located 25-60 km offshore in water depths of 40-300 metres and covers an area of 1,295 sq. km on the Western Niger Delta, east of Shell's giant Bonga Field (estimated 1.4 billion barrels) on OML 118 and southwest of Shell's EA Field on OML 79.

    OML 122 has two suspended oil and gas discoveries that were drilled in the 1970s. The well currently being drilled by Peak/Equator, the B-1 DX well ('B-1 DX'), is an exploratory-appraisal well on the field discovered by the B1 well ('B-1') drilled by Deminex Oil in the 1970's. The B-1 well tested an oil zone and encountered several gas zones, which recently reprocessed 3D seismic suggests are of significant size. The current well will test further up-dip, deeper sands that were water-bearing in the original B-1 well. It is planned to be drilled to a target depth of 3,100 metres over a 35 day period by the Bulford Dolphin semi-submersible drilling rig. This will be the first of two wells to be drilled by Peak and Equator on OML 122 over the next three months. All target intervals will be logged with complete logging suites and flow tested.

    A second exploration well planned for January 2006 will test a promising, large structure south of the B-1 DX well in a water depth of 135 metres. This structure is covered by 3D seismic data acquired in 1999 and recently re- rocessed and interpreted by Peak, Equator and their technical advisors. The Owanare prospect has estimated potential hydrocarbon volumes of over 1.5 TCF.

    The aim of the initial two wells being drilled by Peak/Equator is to prove-up significant volumes of gas as potential supply for the numerous gas-utilisation projects currently underway or in planning stages in Nigeria within close proximity to OML 122. The secondary objective is to find commercial volumes of oil on the block.

    Commenting on the spudding of the first well on OML 122, Wade Cherwayko, Chief Executive of Equator, said:

    'Both Peak and Equator are pleased with the rapid progress made in the evaluation and appraisal of this high potential block considering the joint venture agreement was only signed in April 2005. The B-1 DX exploratory-appraisal well is aimed to prove significant volumes of gas and additionally targets a potentially larger pay zone in an oil reservoir that previously tested high quality crude oil at significant flow rates in the B-1 well. We are optimistic about the prospects for success given the largely appraisal nature of this first well.

    'For further information, contact:

    Wade Cherwayko, Chief Executive Officer
    +44 (0)20 7235 2555

    Philip Dimmock, Chief Operating Officer
    +44 (0)20 7235 2555

    Bobby Morse /James Strong, Buchanan Communications
    +44 (0)20 7466 5000

    Background information:

    Equator (www.equatorexploration.com) was founded in December 2000 and listed on the Alternative Investment Market of the London Stock Exchange in December 2004.

    Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the Gulf of Guinea. The Company has exploration interests in the territorial waters of Sao Tome & Principe and Nigeria as well as the Nigeria-Sao Tome and Principe Joint Development Zone. Equator is also currently evaluating other exploration opportunities in West Africa.
      View PDF

    Interim Results  
    September 28, 2005

       
      show/hide article

    Equator signs contract with Dolphin Drilling Ltd to drill appraisal and exploration wells on Oil Mining Lease ('OML') 122 Offshore Nigeria.  
    September 21, 2005

       
    Equator Exploration Limited(AIM: EEL.L) and its Nigerian partner, Peak Petroleum Industries Nigeria Limited ('Peak'), are pleased to announce that, following the issuing of a Letter of Intent announced on 24 August 2005, they have signed a formal contract with Dolphin Drilling Company, a subsidiary of Fred Olsen Energy ASA (Oslo stock exchange; Symbol 'FOE'), to take five well slots for the Bulford Dolphin semi- ubmersible rig ('the Bulford Dolphin'). The Maersk Advancer, an offshore tug boat, has been commissioned by Equator and Peak from Maersk Supply Service to commence the towing of the Bulford Dolphin from the Gulf of Mexico to Port Harcourt, Nigeria. The Maersk Advancer arrived in Mexico today and the rig should embark for Nigeria this week.

    It is anticipated that the Bulford Dolphin will be on location in Nigeria by the end of November 2005, with the commencement of drilling an appraisal well on the Bilabri discovery in OML 122 soon after.

    OML 122 is located between 25-60 km offshore in water depths of 100 -200 metres and covers an area of 1,295 sq. km on the Western Niger Delta, east of Shell's giant Bonga Field (estimated 1.4 billion barrels) on OML 118 and South West of Shell's EA Field on OML 79.

    After the Balabri appraisal well an exploration well will be drilled at the Owanare prospect, located in a water depth of 122 metres. Owanare is covered by the 3D seismic data acquired in 1999, which indicates significant hydrocarbon potential. Commenting on the signing of the contract with Dolphin Drilling, Wade Cherwayko, CEO of Equator Exploration, said:

    'This is a significant milestone for Equator, considering the extreme difficulty of securing a rig in the current market. Now that we have contracted the Dolphin rig, it will allow us to add value by proving up reserves through exploration, appraisal, and development of our identified fields and firm prospects on block OML 122.'

    For further information, contact:

    Wade Cherwayko Chief Executive Officer
    Equator Exploration
    Tel: +44 (0)20 7235 2555

    Bobby Morse / Ben Willey
    Buchanan Communications
    Tel: +44 (0)20 7466 5000

    Background information on Equator
    Equator Exploration Limited (www.equatorexploration.com) was founded in December 2000 and listed on the Alternative Investment Market of the London Stock Exchange in December 2004, raising £60 million to fund its exploration activities in the highly prospective waters of the Gulf of Guinea.

    Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company is initially focusing its efforts in West Africa, in particular in Nigeria and the territorial waters of Sao Tome and Principe where Equator has been active since 2001. Equator is also currently evaluating additional opportunities in other Gulf of Guinea countries.

    In recent years West Africa has become a world leader in offshore deepwater exploration and production. Deepwater discoveries in Equatorial Guinea and Nigeria, coupled with hydrocarbon finds offshore Gabon, suggest geological extensions into the territorial waters of Sao Tome and Principe.
      View PDF

    Equator issues a Letter of Intent to Dolphin Drilling Ltd.  
    August 24, 2005

       
      View PDF

    Equator issues options to directors and employees.  
    July 22, 2005

       
      show/hide article

    Equator issues new shares due to exercise of warrants.  
    July 12, 2005

       
    The Directors of Equator Exploration Limited (AIM: "EEL", "Equator" or the "Company"), announce that 726,000 common shares have been issued at prices of US$1.25 and US$1.31 per share as a result of the exercise of warrants. Application has been made for the new shares to be admitted to trading on AIM on 15 July 2005.

    There is no other information to be disclosed in accordance with AIM Rules. For further information please contact:

    Wade Cherwayko, Chief Executive Officer 020 7235 2555
    Bobby Morse / Ben Willey, Buchanan
    Communications
    020 7466 5000

    Background information:

    Equator

    Equator (www.equatorexploration.com ) was founded in December 2000 and listed on the Alternative Investment Market of the London Stock Exchange in December 2004, raising £60 million to fund its exploration activities in the highly prospective waters of the Gulf of Guinea.

    Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company is focusing its efforts in West Africa, in particular the JDZ (Block 2), the territorial waters of Nigeria where it recently acquired rights in Nigeria Block OML 122 and in São Tomé and Príncipe where Equator has been active since 2001. Equator is also currently evaluating other opportunities in West Africa, including Nigeria, Congo and Equatorial Guinea.

    In recent years West Africa has become one of the most prolific offshore deepwater exploration and production regions. Deepwater discoveries in Equatorial Guinea and Nigeria, coupled with hydrocarbon finds offshore Gabon, suggest geological extensions into the JDZ and the territorial waters of São Tomé and Príncipe. In addition, seismic data for the region indicate widespread prospectivity in the waters of the JDZ and São Tomé and Príncipe.
      show/hide article

    Equator announces the appointment of Mr. Philip Dimmock as Chief Operating Officer.  
    June 28, 2005

       
    Equator Exploration Ltd. (AIM: "EEL", "Equator" or the "Company"), is pleased to announce the appointment of Mr. Philip Dimmock as Chief Operating Officer. Mr. Wade Cherwayko will continue to serve as Chief Executive Officer.

    Prior to his appointment, Mr. Philip Dimmock served as acting Vice President of Operations of Houston-based Vanco where he oversaw all the Company's exploration activities in Africa, including the recent drilling of offshore and deepwater wells in Equatorial Guinea, Morocco and Cote d'Ivoire. Prior thereto, he served for five years as Vice President, International Operations for Ranger Oil with responsibility for the company's operations in the North Sea and West Africa. Mr. Dimmock began his career at British Petroleum where he spent 26 years in a variety of exploration positions. He currently serves as non-executive director of Nautical Petroleum PLC.

    Wade Cherwayko, CEO of Equator, commented: "We are honoured to have Phil Dimmock as COO of our Company. His industry skills and operating experience will be of invaluable assistance as the Company advances into a drilling phase on a number of its exploration projects during the coming year. "

    There is no other information to be disclosed in accordance with AIM Rules. For further information please contact:

    Wade Cherwayko, Chief Executive Officer 020 7235 2555
    Bobby Morse / Ben Willey, Buchanan
    Communications
    020 7466 5000

    Background information:

    Equator

    Equator (www.equatorexploration.com ) was founded in December 2000 and listed on the Alternative Investment Market of the London Stock Exchange in December 2004, raising £60 million to fund its exploration activities in the highly prospective waters of the Gulf of Guinea.

    Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company is focusing its efforts in West Africa, in particular the JDZ (Block 2), the territorial waters of Nigeria where it recently acquired rights in Nigeria Block OML 122 and in São Tomé and Príncipe where Equator has been active since 2001. Equator is also currently evaluating other opportunities in West Africa, including Nigeria, Congo and Equatorial Guinea.

    In recent years West Africa has become one of the most prolific offshore deepwater exploration and production regions. Deepwater discoveries in Equatorial Guinea and Nigeria, coupled with hydrocarbon finds offshore Gabon, suggest geological extensions into the JDZ and the territorial waters of São Tomé and Príncipe. In addition, seismic data for the region indicate widespread prospectivity in the waters of the JDZ and São Tomé and Príncipe.
      show/hide article

    Equator announces appointment of Sir Sam Jonah as Executive Chairman.  
    June 24, 2005

       
    Equator Exploration Ltd. (AIM: "EEL", "Equator" or the "Company"), is pleased to announce the appointment of Sir Sam Jonah as Executive Chairman from Non- Executive Chairman. Mr. Wade Cherwayko will continue to serve as Chief Executive Officer.

    Sir Sam Jonah is stepping down as executive president of AngloGold Ashanti Limited, a NYSE listed company (Symbol: "AU") and one of the world's largest mining companies, to take up his appointment with Equator. Prior to his position at AngloGold, he served as the Chief Executive Officer of Ashanti Goldfields Company Limited from 1986 thru 2004 and oversaw its growth and listing as the first operating Sub-Saharan African company on the NYSE. He became president of AngloGold Ashanti in May 2004, when Ashanti was acquired by AngloGold Limited. Sir Sam Jonah has been decorated with many awards and honours (including an honorary Doctor of Science) and in 2003, was conferred with an Honorary Knighthood by Her Majesty Queen Elizabeth II of Great Britain. He is a member of numerous advisory committees including President Thabo Mbeki's International Investment Advisory Council of South Africa, President Kufuor's Ghana Investors' Advisory Council, and the United Nations Secretary General's Global Compact Advisory Council.

    Wade Cherwayko, CEO of Equator, commented: "We are honoured to have Sir Sam join as Executive Chairman of our Company. His experience in the management of large, publicly traded African focused resource companies will be of invaluable assistance as the Company expands its operations in West Africa."

    There is no other information to be disclosed in accordance with AIM Rules.

    For further information, contact:
    Wade Cherwayko, Chief Executive Officer 020 7235 2555
    Bobby Morse / Ben Willey, Buchanan Communications
    020 7466 5000

    Background information:

    Equator

    Equator (www.equatorexploration.com ) was founded in December 2000 and listed on the Alternative Investment Market of the London Stock Exchange in December 2004, raising £60 million to fund its exploration activities in the highly prospective waters of the Gulf of Guinea.

    Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company is focusing its efforts in West Africa, in particular the JDZ (Block 2), the territorial waters of Nigeria where it recently acquired rights in Nigeria Block OML 122 and in São Tomé and Príncipe where Equator has been active since 2001. Equator is also currently evaluating other opportunities in West Africa, including Nigeria, Congo and Equatorial Guinea.

    In recent years West Africa has become one of the most prolific offshore deepwater exploration and production regions. Deepwater discoveries in Equatorial Guinea and Nigeria, coupled with hydrocarbon finds offshore Gabon, suggest geological extensions into the JDZ and the territorial waters of São Tomé and Príncipe. In addition, seismic data for the region indicate widespread prospectivity in the waters of the JDZ and São Tomé and Príncipe.
      show/hide article

    Equator announces the appointment of the Rt. Hon. The Baroness Chalker of Wallasey to the Board.  
    June 22, 2005

       
    Equator Exploration Ltd. (AIM: "EEL", the "Company"), is pleased to announce the appointment Of The Rt. Hon. The Baroness Chalker of Wallasey as non-executive director.

    Baroness Chalker, 63, is currently an independent advisor on Africa and development to businesses and institutions in Britain and sub-Saharan Africa through her own commercial company, Africa Matters Ltd. She is a non-executive director of Unilever, Lafarge et. Cie, Group 5 (Pty) Ltd. and Freeplay Energy Group.

    In addition, she is co-ordinator of the President of Nigeria's International Investment Advisory Council. Lady Chalker is chairman of the Board of Management of the London School of Hygiene and Tropical Medicine, the past President and current member of Transparency International and a former council member of the Royal Geographic Society. She advises development NGOs and is vice president of Water Aid, Red R and a number of African NGOs.

    Lynda Chalker was a Member of British Parliament for Wallasey, United Kingdom from 1974 to 1992 and became a life peer in the House of Lords in 1992.

    Samuel E Jonah KBE, Chairman of Equator, commented: "We are honoured to have Lady Chalker join the Board of our Company. Her extensive experience and network of relationships will be of great assistance as the Company expands its operations in Africa."

    There is no further information to be disclosed in accordance with paragraph (f) of Schedule Two of the AIM Rules, nor are there further disclosures to be made under paragraph 15 of the AIM Rules in respect of the appointment.

    For further information please contact:

    Wade Cherwayko, Chief Executive Officer
    Equator Exploration
    020 7235 2555

    Bobby Morse / Ben Willey
    Buchanan Communications
    020 7466 5000

    Equator

    Equator (www.equatorexploration.com ) was founded in December 2000 and listed on the Alternative Investment Market of the London Stock Exchange in December 2004, raising £60 million to fund its exploration activities in the highly prospective waters of the Gulf of Guinea.

    Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company is focusing its efforts in West Africa, in particular the JDZ (Block 2), the territorial waters of Nigeria where it recently acquired rights in Nigeria Block OML 122 and in São Tomé and Príncipe where Equator has been active since 2001. Equator is also currently evaluating other opportunities in West Africa, including Nigeria, Congo and Equatorial Guinea.

    In recent years West Africa has become one of the most prolific offshore deepwater exploration and production regions. Deepwater discoveries in Equatorial Guinea and Nigeria, coupled with hydrocarbon finds offshore Gabon, suggest geological extensions into the JDZ and the territorial waters of São Tomé and Príncipe. In addition, seismic data for the region indicate widespread prospectivity in the waters of the JDZ and São Tomé and Príncipe.
      View PDF

    Equator announces final results for year ended 31 December 2004.  
    June 20, 2005

       
      View PDF

    Equator - ONGC Videsh consortium awarded allocation in Block 2 of JDZ.  
    June 02, 2005

       
      show/hide article

    Equator signs agreement to develop OML 122 offshore Nigeria with Peak Petroleum.  
    April 07, 2005

       
    - Two Discoveries with Estimated Volumes Of 80 Million Barrels Oil/Condensate & 1.5 Trillion Cubic Feet ("TCF") Gas
    - Adjacent Undrilled Exploration Prospect with Estimated Volumes of 350 Million Barrels Oil & 1.3 TCF Gas
    - Significant Additional Oil & Gas Exploration Potential


    LONDON, United Kingdom & LAGOS, Nigeria - 7 April 2005 - Equator (AIM: EEL.L) and Peak Petroleum Industries Nigeria Limited (Peak) are pleased to announce that they have signed an agreement to undertake the potential development of two oil and gas discoveries and drill a significant exploration prospect in Oil Mining Lease (OML) 122, offshore Nigeria.

    OML 122 is located 25-60 km offshore in water depths of 40-300 metres and covers an area of 1,295 sq.km on the Western Niger Delta, east of Shell's giant Bonga Field (estimated 1.4 billion barrels) on OML 118 and South west of Shell's EA Field on OML 79.

    The concession was initially granted to Peak as Oil Prospecting License (OPL) 460 in 1993 under the Nigerian Government's Indigenous Program, which was put in place to encourage the development of an indigenous Nigerian upstream industry. OPL 460 was converted to OML 122 in May 2001 with an initial term of 20 years. Under the hydrocarbon laws of Nigeria, this conversion to an Oil Mining License marks the recognition by the Nigerian Government that an exploitable hydrocarbon accumulation has been discovered on an OPL. The term of OML 122 runs through 2021 and may be extended upon application to the Nigerian petroleum authorities.

    OML 122 has two suspended oil and gas discoveries (Bilabri-1 & Orobiri) that were drilled in the 1970s. The Bilabri-1 well was production tested at a rate of 5,175 barrels of oil per day on a 48/64 choke, with 40 API gravity oil and a GOR rate of 600 scf/bbl. The Bilabri discovery has estimated hydrocarbon volumes of 25-45 MMbbls STOIIP, and 1.2 TCF, GIIP. The Orobiri discovery has estimated hydrocarbon volumes of 25-35 MMbbls STOIIP, and 0.3 TCF, GIIP. The discoveries and the exploration prospects on OML 122 are covered and defined by 3D seismic data acquired in 1994 to 1996 and 1999.

    A further large structure on OML 122 (Owanare prospect), in a water depth of 122 metres, remains undrilled. This structure is covered by 3D seismic data acquired in 1999 and will be drilled by Equator. The Owanare prospect has estimated potential hydrocarbon volumes of 1.3 TCF, GIIP and 350 MMbbls STOIIP of high quality light crude.

    OML 122 has additional "deepwater playtype" exploration potential, not identified to date. OML 122 lies on the boundary between the conventional delta playtype, drilled by the seven wells, and the Deep Water stratigraphic channel playtypes, like the giant Shell Bonga and Bonga West Field (estimated 1.4 Billion bbls of oil). This Field lies on trend with, and 55 km SW of OML 122.

    Equator plans to drill two wells on OML 122 in the second half of 2005, subject to drilling rig availability, including the Owanare exploration prospect and the Bilabri appraisal well. These exploration and appraisal wells have the potential to confirm significant volumes of oil, condensate and gas reserves. The estimated costs of the 2005 activities on OML 122 to Equator are US$25 million including seismic license fees, G&A costs and the drilling of two wells. The commercial terms of the agreement, which are subject to confidentiality provisions, are based on a financing and profit sharing arrangement between the parties. Following drilling of the two wells, the Company will have an assessment of the technical and economic parameters of the Company's interest in the project which will be announced in due course.

    Wade Cherwayko, President and CEO of Equator comments: "We are very pleased to have joined Peak Petroleum in OML 122 opportunity and are excited about the significant hydrocarbon potential on the exploration, appraisal and development opportunities on OML 122". Mr. Cherwayko adds, "the gas potential of the block is significant and well positioned to serve a number of the current and planned large-scale gas utilization projects in the region including the Brass LNG plant and the Chevron/Sasol GTL plant."

    For further information, contact:

    Wade Cherwayko, Chief Executive Officer 07785 298466
    Bobby Morse / Ben Willey, Buchanan Communications 020 7466 5000

    Background information:

    Equator

    Equator (www.equatorexploration.com ) was founded in December 2000 and listed on the Alternative Investment Market of the London Stock Exchange in December 2004, raising £60 million to fund its exploration activities in the highly prospective waters of the Gulf of Guinea.

    Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company will initially focus its efforts in West Africa, in particular the territorial waters of São Tomé and Príncipe where Equator has been active since 2001. Equator is also currently evaluating opportunities in Nigeria and Equatorial Guinea.

    In recent years West Africa has become a world leader in offshore deepwater exploration and production. Deepwater discoveries in Equatorial Guinea and Nigeria, coupled with hydrocarbon finds offshore Gabon, suggest geological extensions into the territorial waters of São Tomé and Príncipe. In addition, seismic data for the region indicate widespread prospectivity in the waters of São Tomé and Príncipe.
      show/hide article

    Equator begins acquisition of infill seismic data in the EEZ.  
    March 31, 2005

       
    Equator, an oil and gas exploration company with exploration interests in the highly prospective waters of the Gulf of Guinea, is pleased to announce the start of an infill 2D seismic data acquisition programme in the Exclusive Economic Zone of São Tomé and Príncipe ("EEZ"). The seismic programme, which is being shot in partnership with Petroleum Geo-Services ("PGS"), commenced on 29 March 2005 and will acquire 5,808 line kilometres over a two month campaign.

    This 2D seismic data will complement the previous 5,100 line km of 2D seismic data acquired by PGS and Equator in 2001 and 2002 in the EEZ, and will further delineate and enhance the numerous prospects and hydrocarbon potential already identified within the EEZ by Equator.

    Equator, through its wholly owned subsidiary Aqua Exploration Limited, will commence negotiations with the government of São Tomé and Príncipe on production sharing contract terms for its two option blocks in the near term. The EEZ is adjacent to the Joint Development Zone of Nigeria and São Tomé and Príncipe ("JDZ"), where a consortium led by ChevronTexaco signed a production sharing contract with the Joint Development Authority in February 2005, following the award of Block 1 in the JDZ for a bonus payment of US$123m.

    Following the interpretation of the 2D seismic programme and selection of its two option blocks, Equator will commence a 3D seismic acquisition programme.

    For further information, contact:

    Wade Cherwayko, Chief Executive Officer 07785 298466
    Bobby Morse / Ben Willey, Buchanan Communications 020 7466 5000

    Background information:

    Equator

    Equator (www.equatorexploration.com ) was founded in December 2000 and listed on the Alternative Investment Market of the London Stock Exchange in December 2004, raising £60 million to fund its exploration activities in the highly prospective waters of the Gulf of Guinea.

    Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company will initially focus its efforts in West Africa, in particular the territorial waters of São Tomé and Príncipe where Equator has been active since 2001. Equator is also currently evaluating opportunities in Nigeria and Equatorial Guinea.

    In recent years West Africa has become a world leader in offshore deepwater exploration and production. Deepwater discoveries in Equatorial Guinea and Nigeria, coupled with hydrocarbon finds offshore Gabon, suggest geological extensions into the territorial waters of São Tomé and Príncipe. In addition, eismic data for the region indicate widespread rospectivity in the waters of São Tomé and Píncipe.

    PGS

    Petroleum Geo-Services (www.pgs.com ) is a technologically focused oilfield service company principally involved in geophysical and floating production services. PGS provides a broad range of seismic and reservoir services, including acquisition, processing, interpretation, and field evaluation. PGS owns and operates four floating production, storage and offloading units (FPSOs) and owns a small oil and gas company. PGS operates on a worldwide basis with headquarters at Oslo, Norway.
      show/hide article

    Equator announces Joint Bid with ONGC Videsh Ltd. in the JDZ.  
    December 29, 2004

       
    Equator, an oil and gas exploration company with exploration interests in the highly prospective waters of the Gulf of Guinea, is pleased to announce that it has signed a joint bidding agreement ("the OVL/Equator Venture") with ONGC Videsh Limited ("OVL"), the international exploration arm of the Oil and Natural Gas Corporation ("ONGC") of India, in relation to the Joint Development Zone ("JDZ") of Nigeria and São Tomé and Príncipe.

    The JDZ was created through an agreement between the governments of Nigeria and São Tomé and Principe in 2001 whereby revenues derived from the JDZ will be shared 60:40 between these governments respectively. There are currently 5 blocks (Blocks 2, 3, 4, 5 and 6) on offer, with Block 1 having been allocated earlier this year to a consortium which includes ChevronTexaco, ExxonMobil and Energy Equity Resources, for a signature bonus of $123m.

    The OVL/Equator Venture has submitted bids for two blocks in the JDZ, namely Block 2 and Block 4. OVL's parent company ONGC has considerable experience in deepwater drilling, and is credited with successfully drilling of the second deepest well in the world in water depth of 3008 meter by its own drill ship Sagar Vijay, on the east coast of India. ONGC is currently having one of the world's largest deepwater drilling programs underway in offshore India. OVL is designated as the Operator of the OVL/Equator Venture. It is anticipated that winning bids and acreage allocation will be announced by the Joint Development Authority in early 2005.

    For further information, contact:

    Wade Cherwayko, Chief Executive Officer 020 7834 1212
    Bobby Morse / Ben Willey, Buchanan
    Communications
    020 7466 5000

    Background information:

    Equator
    Equator (www.equatorexploration.com ) was founded in December 2000 and listed on the Alternative Investment Market of the London Stock Exchange in December 2004, raising £60 million to fund its exploration activities in the highly prospective waters of the Gulf of Guinea.

    Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company will initially focus its efforts in West Africa, in particular the JDZ and the territorial waters of São Tomé and Príncipe where Equator has been active since 2001. Equator is also currently evaluating opportunities in Nigeria and Equatorial Guinea.

    In recent years West Africa has become one of the most prolific offshore deepwater exploration and production regions. Deepwater discoveries in Equatorial Guinea and Nigeria, coupled with hydrocarbon finds offshore Gabon, suggest geological extensions into the JDZ and the territorial waters of São Tomé and Príncipe. In addition, seismic data for the region indicate widespread prospectivity in the waters of the JDZ and São Tomé and Príncipe.

    OVL

    ONGC Videsh Limited (OVL) is the international arm and a wholly owned subsidiary of the Oil and Natural Gas Corporation (ONGC), which is the fully integrated National Oil Company of India. ONGC Group (which also comprise of a 12 MMTPA refinery at Mangalore) had a turnover of over $10 billion in the financial year 2003-04 and made a post tax profit of over $2 billion. The company has a market capitalization in excess of $27.5 billion.

    Currently, OVL has interests in 13 oil and gas projects, which are located in 10 countries: Vietnam, Sudan, Russia, Iraq, Iran, Myanmar, Libya, Australia, Ivory Coast and Syria. The Vietnam project is producing natural gas and the Greater Nile Oil Project in Sudan is producing oil. The project in Russia is in advance stages of development and this project is expected to commence oil production in the fourth quarter of 2005. OVL is a joint operator in the GNOP project in Sudan and is operator in Farsi in Iran. The projects in Iraq, Iran and Syria are in various stages of exploration. In the Myanmar project a significant gas discovery has been made in January 2004.

    The current production of oil and gas of ONGC in India is in excess of 53 MMTPA (O+OEG) and current production of the company from its foreign oil & gas acreages is close to 4 MMTPA (O+OEG). The company has aligned strategic plans to elevate the current production levels from its overseas oil & gas assets to reach 20 million tons of equity oil and oil equivalent gas by year 2010, through strategic acquisitions of overseas oil and gas assets.
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    Equator announces acquisition of further seismic data.  
    December 17, 2004

       
    Equator, an oil and gas exploration company with exploration interests in the highly prospective waters of the Gulf of Guinea, is pleased to announce that it is acquiring further 2D seismic data in the Exclusive Economic Zone of São Tomé and Príncipe. The data is being acquired together with Petroleum Geo-Services ("PGS") and is being funded by Equator's wholly owned subsidiary, Aqua Exploration Limited ("Aqua").

    The additional 2D seismic data will complement the previous 5,100 km of Multi Client 2D seismic data acquired by PGS in 2001 and 2002 in the Exclusive Economic Zone. The new survey is designed to further delineate the large prospects already identified within the Exclusive Economic Zone of São Tomé and Príncipe. The seismic will be shot over approximately 45 days, commencing in early January 2005.

    For further information, contact:
    Wade Cherwayko, Chief Executive Officer 020 7834 1212
    Bobby Morse / Ben Willey, Buchanan Communications 020 7466 5000

    Background information:

    Equator

    Equator (www.equatorexploration.com ) was founded in December 2000 and listed on the Alternative Investment Market of the London Stock Exchange in December 2004, raising £60 million to fund its exploration activities in the highly prospective waters of the Gulf of Guinea.

    Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company will initially focus its efforts in West Africa, in particular the territorial waters of São Tomé and Príncipe where Equator has been active since 2001. Equator is also currently evaluating opportunities in Nigeria and Equatorial Guinea.

    In recent years West Africa has become a world leader in offshore deepwater exploration and production. Deepwater discoveries in Equatorial Guinea and Nigeria, coupled with hydrocarbon finds offshore Gabon, suggest geological extensions into the territorial waters of São Tomé and Príncipe. In addition, seismic data for the region indicate widespread prospectivity in the waters of São Tomé and Príncipe.

    PGS
    Petroleum Geo-Services (www.pgs.com ) is a technologically focused oilfield service company principally involved in geophysical and floating production services. PGS provides a broad range of seismic and reservoir services, including acquisition, processing, interpretation, and field evaluation. PGS owns and operates four floating production, storage and offloading units (FPSOs) and owns a small oil and gas company. PGS operates on a worldwide basis with headquarters at Oslo, Norway.
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    Equator announces commencement of trading in and the admission of its shares to AIM.  
    December 09, 2004

       
       
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