announcments are due soon, stock price moving should hit 1.80 easily, very interesting story with new field linked in with an indian oil company joint venture and I understand good results from one area, looks great

the mm's for last few days put sp up to 29 or 30p every day and by end of day its 27p or 27.5p.....they like all the trades to earn their dough, more than 3 million traded which is a lot for a basic day.

also remember the 2 fARM INS....i should be announced this month....maybe eel will announve both award and 1st farm-in at same time....if that happens, sp should be at least 55p

dont forget the 9% reserves of block 2 of 2.5 billion barrels

SP119 on the other side gives a very detailed post on the value of eel assets the main point of excitement being his very conservative estimate of 378 barrels daily from approx end of 2008 until late 2011 or roughly 45k daily in eel's pot!!! not allowing for their gas potential and other deals. I don't think I'll sleep tonight!!!

i actually bought this hoping to hold for 2 or 3 months until award, 2 farm-ins and possible other farm-ins.

now cos of research into reserves etc and fact that fpso will be available this year, i might have this as medium term hold

i agree this will be i quid min

what a wait for the rns.still holding but patience is running out.

What is this??? Very big drop today.

Should the market jitters re latest RNS unduly concern holders? Ie how much does this company depend on Peak's financing.
would it be a complete disater if it didn't come off. ie the oil is still in the ground one would just have to wait longer[until refinancing sorted] to get it out.
Alex
I dont hold but thinking about it. [i nearly bought in this morning but was waiting to trade another stock first to finance purchase. a lucky escape by all accounts or an opportunity to buy more for the same money!]

i don't follow this stock thank goodness, for it has a bad track record .... any whiff of litigation (and in that bastion of probity of Nigeria), which would seem to very much on the cards per the latest RNS, is never going to encourage other than sellers

could go back to sub 10p

A bounce back from yesterdays lows at one point about 15p but now into the low 20s
Apart from the dispute with peak oil we have other things going on, the farm out of OPL323 with British Gas, a possible farm out of OPL321
We have interest in JDZ block 2 and the option of 2 blocks in EEZ

Am happy for Mr Rand to do his job and step by step to put this company back on its feet i guess we will all have to wait and see

EEL's shares suspended....that's not looking good.....just when I was thinking of getting in !.

last time they were suspended, it was several months and returned worth about 50% of previous

the chart is positively grotesque ...

a bit like u then cynic

maybe 50% down could still be a winner considering the battering today on markets plus rest of july coming up

rumours circulating on the iii thread that this has gone bust due to high debts and no cash - probably what peak was hoping for if that is the case...

If you listen to the rampers on advfn, this suspension is a good thing!

unbelievable!

sp can't fall while suspended!

lol......true

anyway its too depressing esp last 2 months checking out most shares these days......if a share goes up, u can bet others u have are way down....or some of the nick up a bit and the one that went up gets battered.
that and shorters stealing shares.....i see italy and germany r hoping to stop shorting soon.

shorting ..... i would very much doubt your story, not least because both countries are in EU and assuredly any move would foul of legislation ..... in any case, for A to short, B must be willing to offer the stock ..... hence, there are occasions, when shorting is impossible - Eurotunnel was a good example 2/3 years ago

RNS Number : 8658C
Equator Exploration Limited
05 September 2008






FOR IMMEDIATE RELEASE - 5 September 2008

FOR: EQUATOR EXPLORATION LIMITED

('Equator'or the 'Company')

SUBJECT: 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 Companys 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 Companys 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 Companys 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 Companys 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 S Tome Prcipe 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.


This information is provided by RNS
The company news service from the London Stock Exchange

END


MSCILFLVAEIEIIT

Thanks for that. Don't own but this used to be 'THE' trading share so it will be good to get it back into action.