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

Equator Exploration Limited - Announcement of Update on Financing, Share Issue & Board Changes‏

London, 12 August 2009 Equator Exploration Limited (The Company or Equator) hereby provides an update on financing activities, share transactions and changes to the Board of Directors. Financing and Share Activities On 9 July 2009, the Company announced that it had entered into financing arrangements with Vicuna Holdings Limited (Vicuna) to provide up to US$ 17.55 million in loans. In addition to the terms described then, it can additionally be announced that: - The financing facility between Equator and Vicuna was assignable to Oando Plc (Oando), a vertically-integrated oil and gas company listed in Nigeria and South Africa; and - As a condition of the extension to the term of the US$ 65 million secured bridge facility, the lenders have been granted a right, yet to be exercised, to appoint two additional directors to the Board of Equator. Since the execution of the financing agreement with Vicuna, the following has occurred: - The Company has drawn down US$ 2.2 million, in order to pay outstanding cash calls for JDZ Block 2 and to provide working capital.- It has also drawn down US$ 2.82 million which it has paid to major creditors as part of agreed settlements. - Oando has declared that it has purchased 53,444,578 common shares in Equator.- Vicuna has assigned all of its rights and obligations in the financing arrangements to Oando, including the 100,450,369 common shares it gained from conversion of loans made to date into shares. - As a result, there are now 287,941,930 shares in issue, of which 153,894,918, or 53.45%, will be owned by Oando.- Oando has provided a corporate guarantee of US$ 5.4 million as adequate security, required under the joint operating agreement, for Equators share of the costs of the planned JDZ Bomu-1 well in Block 2.- Oando has provided a second corporate guarantee of US$ 2.8 million to secure replacement performance bonds required by the Joint Development Authority for Equators share of the minimum commitment work programme for Block 2. This will release US$ 2.8 million held as collateral for the current performance bonds. Oando is willing to purchase further shares from shareholders who are interested in selling. They are advised to contact Fox-Davies Capital Limited, who are acting for Oando. Changes to the Board of Directors The Company announces the resignation from the Board of Philip Rand and Ted Giletti. Philip Rand has also resigned from the combined position of Chief Executive Officer and Chief Financial Officer. The Board would like to thank Philip and Ted for the contribution that they have made to the Company. Philip Rand has agreed to remain with the Company in an advisory capacity for a period of time. Enquiries: EquatorPhilip Dimmock+44 (0)207 297 42921st Floor50 Curzon StreetLondon W1J 7UW Additional information regarding the Company can be obtained from the Company's website. The Company's website can be accessed at www.equatorexploration.com.