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

EEL Tipped in Share Mag, can someone post a summary ?

New Chances to get Oil Rich - 10 Terrific Prospects:
*Meridian - Egdon Resources (LSE: EDR.L - news) - Global Energy (GENG.OB - news) - Equator Exploration (LSE: EEL.L - news) - Chaco Resources (LSE: CHP.L - news) - JKX Oil & Gas (LSE: JKX.L - news) - Victoria Oil & Gas (LSE: VOG.L - news) - Cambrian Oil and Gas - Aminex (Dublin: DOP.IR - news) - Max Petroleum (LSE: MXP.L - news) .

Hi aldwickk,
The article said EEL had raised 143m to fund a busy year of exploration at its discovery off the coast of Nigeria which could turn out to be a significant find in an area that produces about 10% of the world's oil. Cash will also fund 4 new wells offshore Nigeria, plus the Sao Tome & Principe prospects in the Gulf of Guinea, plus other new licences. Talks over a production sharing agreement at Sao Tome have already started with the Guinea gov't. Finallly summarises by saying it's a high risk strategy, but if it comes off the payback to investors will be large and rapid.
Hope this helps.
LL

Amities !!! Reg RNS .... Roly .......Our acorn is rapidly sprouting shoots !!! Bingo !!!!!! ,,,,,J @+

J,

Did you top up yesterday ? i did @ 325, i bet that EEL is your 2nd largest stock.

9 March 2006


EQUATOR EXPLORATION LIMITED

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.



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

whats up with these - market think they are high enough?

Equator Exploration, (EEL) has till now been just a great hope confirmed by more
than the doubling of the share price from 156p to 332p, since we began coverage
nearly eight months ago. Today that hope was turned into positive satisfaction with evidence of a really attractive deep water oil strike from a 130m barrel reservoir flowing naturally at a high 3,990 bopd. The gas reserves are even greater..

Share price performance
Despite a spate of positive announcements since the mid-Jan high of 367p the SP has succumbed to six weeks of counterintuitive profit-taking. Today opening at 332p, up 18p on last night's close in response to the rattling good RNS, the profit taking continued amazingly until mid morning, when the shares were available at 310p for a whole hour.

The Bulls then returned diffidently, still in a minority, but the market makers pushed the price up ahead of them in three successive waves back to the raised opening level. The share price trend rate of growth is a high 216%/pa, and the share price is still well down in the oversold area of the graph. Our target at the top of the trend channel is 450p by early Summer.

http://lemminginvestor.com/NewsHubs.html

Anyone interested in Lemming Investor.com`s inaugural feature, drop me a line at elric@lemminginvestor.com

As long as it is not republished on the BB`s, you are welcome.

Cheers, elrico.

Feel free to republish anything on this thread. Well what a difference a day makes , down to 310 offer yesterday today up to 377 + bid.

..Amities Roly ...!!!!.We are on our way Roly. up 44p today ... lm selling a third of my holding- only to finance a consideration in a chunk of Gazpom } leaving me a healthy 370,000 to reach fruition in summer .......A great start to the week with GFM ; and a better one to end it with EEL to wind it all up !! Yet the best in both is yet to come . bonne chance ,,a/b @+ J ...... ln addition Roly the second well @ Owanare is believed to be bigger than BDX1 ...Talk of 3tcm of gas in place and an even vaster petroleum system/ resavoir ready for the taking .. The ace in the pack is that it is believed to be less than 50m below surface !!!! ....Spoke to CEO this morning who is nothing but "utterly delighted with the sheer quality of the SWEET oil " " and spoke of SEVERAL sites which satallite/ magnetic graphic imaging and 2d / 3d seismic suggests even greater pickings . ...........hence mms sudden mark up. They are not being caught with thier trousers down a third time lol .......Chaco, with its probable " sour crude ", ( as becomes this part of the globe ) can stick to thier eating crumbs of bread - mere droppings from the table .We will stick to cake . !!!!! .Chateau Latour Roly ??..@+ J ........................................................................................................................l dont usually gloat; but i am not being insulted by a bunch of amateurs posing as Warren Buffets . ...Objective criticism is one thing ; personal slurs and insults are quite another. !.........lm offering evens that BP or "Big oil " will clean up in Latin America . Governments want to deal with PROVEN oil companies with vast resources and overspilling coffers of gold and not a piss ant company with a bit of spare change . lf Chaco can EVEN book a rig in this current environment what with such a dearth ,then haul it to virgin land in the middle of nowhere that will be an acievement in itself ,,,,The Rotary count/ workovers is running on "FULL CAPACITY . And finally CHP have monies for no more than than 40 days drilling. And what with all prereqiusite infrastructures yet to even be built this CHP is a another fairy story which will be nothing but a "waiting game " interspersed by placing after placing .........Besides that - Good Luck to you all ,,,,@+ J

http://www.kbcpeelhunt.com/pdfs/mmeetings/pmmeeting10Mar06.pdf

13 March 2006


EQUATOR EXPLORATION LIMITED

('Equator' or 'the Company')


Equator - Awarded 30% Interest in Deepwater Blocks OPL 323 & OPL 321

of Nigeria 2005 Licensing Round


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.'

Test Results Indicate 130 Million Barrel Discovery For Equator In The Niger Delta
After the problems encountered by some of its AIM-quoted peers in West Africa, it is refreshing to report that Equator Explorations B-DX1 well offshore Nigeria has confirmed a substantial oil find. The AIM-quoted junior and its local partner Peak Petroleum have already started work to get this deposit onstream in the first half of 2007.

The discovery lies in OML 122 some 25-60 km offshore in the Western Niger Delta, surrounded by multi-million barrel discoveries. Peak won the acreage in 1993 as part of an initiative by the Nigerian government to develop an indigenous upstream industry. The partnership between Peak and Equator could be one of the first successes of that policy.

B-DX1 is a follow-up to the Bilabri-1 discovery hole, drilled in the 1970s by Deminex Oil. That well encountered an oil zone and several gas zones. The pre-drill estimates on the structure were put at 25-45 million barrels of oil in place and 1.2 trillion cubic feet of gas in place.

Those numbers have been blown out of water by a series of production tests on two perforated oil zones. A 12-hour main flow test produced at a rate of almost 4,000 barrels per day of 39.2-degree API oil. A maximum flow test, designed to push the well to the design capacity of the rig equipment, flowed over 7,000 bpd. Drawing on these results, Equators technical advisors reckon the deposit could hold 130 million barrels of oil in place.

The company is now plugging back the oil zones and an extensive test on the gas reservoir is planned. The company thinks the total gas in place reserves could be 900 billion cubic feet of gas not counting the deeper gas zones penetrated by the well but not evaluated by because of the high downhole pressures.

Equator and Peak have already set to work on development plans for the oil pool. They have placed orders for long-lead time equipment and started negotiations for available FPSO vessels, with a view to first oil during the first half of 2007. Mirroring the Opec countrys own hydrocarbon history, Equator and Peak plan to get the oil out first before tackling the holes gas resources.

The development of the gas reserves will come later and will be produced through a jacket platform. At this point the companies hope to have proved up more gas on the block, which they plan to sell into the gas utilisation projects underway in the region. After decades of flaring off gas as an unwanted by-product of lucrative oil production, Nigeria is now seeking to monetise its vast gas resources and a number of oil majors have responded with multi-billion dollar investments in LNG plants and gas-fired power stations.

Those additional reserves in OML 122 could well be found with the partners next well, which will test the Owanare prospect. Owanare lies about 14 km south of Bilabri-1 and could hold 3 tcf of gas. This well will complete Equators farm-in obligations, earning the AIM firm a 40 per cent stake in the 1,295 sq km block.

EQUATOR EXPLORATION LIMITED
('Equator')


Holding in Equator


The Company was notified on 13 March 2006 by L-R Managers, LLC that it has a
notifiable interest in Equator through two funds, namely L-R Global Partners
L.P. and L-R Global Fund Ltd. (together 'L-R Managers, LLC'). L-R Managers, LLC
now hold in aggregate 5,806,800 shares equating to 3.32% of the issued share
capital of Equator.

Wrong company

Equator Exploration Limited
17 March 2006


For Immediate Release 17 March 2006



EQUATOR EXPLORATION LIMITED

(Equator, or 'the Company')

Equator Acquires Interest In Block 2 Of Nigeria-Sao Tome Joint Development
Zone ('JDZ')


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 Tome 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 Tome 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 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.

Amities !!!...Slt Roly ......This is the third time EEL have traded less than 100 ,000 shares and the s/p has lost almost 10% !!!.... Yet the big boys are buying . l think those trades @ the 330/ 340 level today will prove most shrewd . MMs took EEL as low as 310 the last time they shook the trees ; and we still ended the week at 370 . Time after time that has happened to enable mms to balance their book . . This time the support level seems to be nearer 330 as as i write it has gained 10 points,. At one point mms shed the s.p of 5 points on a single 1000 "sell" .......,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Never say Never Roly but i personally think EEL has got itself well familiarized with "Big Oil " on a side wind .They have the right connections within govt due to their CEO. and they are well liked in the city . and what speaks volumes is that on thier very FIRST well they deliver the goods with a few trillions scuffs of gas and up to 130 mb of low sulphur sweet oil .,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Thier presentation left one with the feeling that this is an aggresively, well managed "hands on " company, with both direction and logistics second to none .ln other words . They execute thier plans rather than get sidetracked .A board and senior management all culled from "Big Oil " And a healthy cash flow and balances via other fiscal instruments . lts drilling acreage s are located right smack in the middle of the massive fields run by Tex/Chev, Mob/Exxon , BP , Total-Elf ,and all the other big players . Lets put it this way >...Such is the expectancy of these projects that the cost of the drilling license alone in this zone dwarves the entire market caps of several Chacos or those of tha ilk . eg ,,Pure exploration players rather than Expo/Producers ....These projects in the delta and in Sao Tome are truly massive by TODAYS standards . Looking ahead from a trading view i think 330 is support . 375 -resistance . ...... The momentum of this stock is such that i personally believe 400p could be on the cards within a few days . ,,,@+ @ .....

24 March 2006


EQUATOR EXPLORATION LIMITED

OPERATIONS COMPLETED ON B-DX1 WELL

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

A good day for EEL moving closer to 400p

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thanks for your time