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

Looks like it is going to be some time before news breaks in the GOG, recent meets
with the chinos/yanks and nigerian head honchos Obas/georgie/jintao leads me to believe that we have one mother of a find, looks like its time to remorgage the house break into the kids piggy banks, sell the wife and use the proceeds to load up with EEL,AFR or any other co witha a share in the spoils......

02.05.2006
Equator Awaits Initial Results From The Owanare Test Well And Enters The Land Of The Giants In Nigeria
Investors are now into a seven-day countdown to the initial results from Equator Explorations well on the possible 3 trillion cubic feet Owanare prospect in the Western Niger Delta offshore Nigeria. The Owanare-X1 well in licence area OML 122 spudded in March and has encountered some operational delays on its way down but results are now due within the next week. 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 and its local partner Peak Petroleum are hoping to prove up significant volumes of gas, which they would then hope to sell into the gas utilization projects now being planned in the region. After decades of flaring off gas as an unwanted by-product of lucrative oil production, the OPEC country is now seeking to monetise its vast gas resources. A number of oil majors have responded with multi-billion dollar investments in LNG plants and gas-fired power stations.

Owanare is part of Equators two-prong strategy for OML 122: to secure near-term oil production and cash flows from the Bilabri field, which it hopes to have onstream in the first half of next year, and, longer term, to find substantial gas reserves to feed into Nigerias growing gas industry.

This is a strategy that can be replicated across Nigeria, an OPEC country whose gas reserves dwarf its better known stocks of black crude. Equator has already expanded its position in the country. In March it was awarded a 30 per cent interest in offshore blocks OPL 323 and OPL 321 along with the Korean National Oil Corporation (60 per cent) and a number of local Nigerian companies.

OPL 323 is a deepwater block some 80 km of the southwest coast. This is a promising geological address: the block lies next door to Agips large Abo field in OML 125 to the east while ExxonMobil's Bosi and Ehra discoveries in OPL 209 lie to the immediate south. It is thought some of these super structures extend into OPL 323. Six large structures have been identified on the 3D seismic, which Equators technical advisors Horizon Energy Partners reckon have the potential to hold more than 2 billion barrels of recoverable reserves.

OPL 321 lies immediately to the west of OPL 323 and is on trend with OPL 322 where Shell recently made the Bobo-1 discovery. Equator has identified one very large prospect on the block, which Horizon says could hold more than 2 billion barrels.

This is a move that, as evident from its new deepwater neighbours, takes Equator into the land of the giants. Chief executive Wade Cherwayko said the two blocks are in the most prospective and exciting deepwater exploration play in West Africa today. Chairman Sir Sam Jonah said it was unprecedented for a company of Equators size to be involved in such prospective deepwater exploration acreage.

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, added Cherwayko. 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 barrels per day, 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.

This is not Equators first foray into deepwater elephant-hunting territory. Following last months acquisition of the interests held by Nigerian E&P company Hatman, Equator now holds 9 per cent of Block 2 in the Joint Development Zone (JDZ) between Nigeria and S Tom& Principe. The JDZ lies some 200 km offshore Nigeria and was established in 2001 following the ratification of a bilateral treaty between Nigeria and the island nation of S Tom& Principe. The JDZ is administered by the JDA and revenues from the JDZ will be shared 60:40 between the governments of Nigeria and S Tom& Principe respectively.

The JDZ has attracted some of the biggest names in the West African oil industry - with signature bonuses to match. The signing bonus on Block 2 was US$71 million and Equator will fund its share, US$4.26 million, from existing cash reserves. JDZ Block 1, for example, was signed in early 2005 to a consortium of 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.

JDZ Block 2 is adjacent to Block OML 130 in Nigerian waters, which hosts the 700 million barrel and 2.5 tcf Akpo field, due onstream in 2008 at rates of 175,000 bpd, not to mention a series of discoveries that amount to an additional 500 million barrels and several tcf of gas. Block 2 isnt as exciting as Block 1, which lies directly south of the giant Akpo field. About half of Block 2 lies on the same trend as Block 1 but the other half lies in the more geologically complex frontal toe thrust zone. Even so, this project has real company-making potential and is quite a coup for a company of Equators size (although investors looking for exposure to the JDZ may well be tempted by fellow AIM explorer Afren plc, which has a small stake in Block 1).

Confess I have no time at all for ADVFN ..... too much rubbish and bad tempered sniping for me ...... aldwickk - hope you gor 240 and not 140 for your VOG; for myself, I am very heavily into that one and am happy to be so ...... Would not be averse to putting some money into either EEL or AFR (which would be your fave?), but have not checked either out

with a major announcement due from EEL within the next 7 days (or so), how big a gamble is a punt today? ....... SP is about 60p off its peak and has drifted a little lower again today ...... I know DYOR and all that stuff, and will try to find the time, but what is the view of others?

Cynic,

Hope you didn't buy yesterday, bid price as touched 307p today and people are still selling.

no i didn't, and price is off quite significantly again ...... clearly a lot of frothy money taking their profits or, now the price has fallen back, being badly squeezed ..... still not had time to research properly, but unless i am much mistaken, yesterday's annoncment was all extremenly positive ...... a trend line looking back over the last 1/3 months may give a clue as to "value"

unless there is a bounce bringing the price above about 263, and holding there, then this looks a share to avoid ...... price has now dropped significantly and precipitately and especially below 200 DMA.

Now go the AFR thread

Well there is the bounce, looks like bit of MM manipulation and shorting been going on, hope thats us inon an upward trend once more......

Hold your breath time if you are a holder ...... Shares closed at 265 which is just about spot-on 200 DMA ...... Only down from about 300 today!

and i am such a greedy bastard that i have taken a punt this morning, being lucky enough (I hope!) to buy at 261 ..... Greed rather than logic tells me that perhaps the fall is overdone and that at the least there should be a dead cat bounce back to an arbitrary but convenient 300 ...... God will probably punish me!

Nice punt Cynic . The fall was manifestly massively overdone . l have a substantial core holding ; but it didnt stop me from having a wee punt {CFDs } on EEL yesterday @ the sub 200 day m/a level . Sold at 290 level today ,,,,Love banking unexpected beeeeg profits on Fridays. .Makes my weekends more drink sodden and my Sundays more sedate ,,hehe ,,,,and brings a spring to my step on Mondays on journey to work ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, . Anyway Cynic , 261 was a nice price to lock into ! .....Hope you bought a shedful and sold today at 291/292 .....But in saying that i am convinced EEL will be back to its trading parameter of 320/380 within the timing of a T+10 or 15 trade. ....Wait and see ......a'bientot et faires attention .@+ J... ........................................................................................................ Branleur ??? ...Not a word you will find in your old school French dictionary ....l,ll give u a clue ,,, .lt rhymes with the very instrument in which oil is transported for the main part ,,,hehe .But it was but a mere joke ! .

Pipes are also a musical instument, or it could be types rhyming with pipes.

JON .... trust you mean 3.80 and not 1.80!!!

ADWICKK ...... pay not attention; it was just a little laugh at my expense on the basis that I might be trying to ramp the shares ..... branleur is derived from the se mettre en branle = to put in motion

Aldwickk, I think we're talking about a type of maritime vessel, actually.

Cynic - "branleur is derived from the se mettre en branle = to put in motion" excellent bit of French deduction - almost!! Un petit coup de poignet - c'est tout ce qu'il faut. ;o)

Amities mes amis / ..Branleur - lt is Parisian slang for w**k*r ..... l can imagine many of you are concerned about the fall in the s/p ......l have seen it all before . Many times . Played the game too many times . EEL await a statement or rather an RNS from Chevron reg drilling statement and the potentially recoverable hydrocarbons from the OML#1 well and in the meantime shreholders sweat . So enter the mms and shorters to spice up everything and initially start a programme of Tree shaking on this past months T traders who bought overweight on a T+10,15,20 rolling settlement .And this past month has seen a big rise in volume . Observing such losses newbies lose thier nerve and sell . ln cutting their losses traders closed and set stop losses bells set of everywhere @ the magical 200mda of 265/270 level ,,and while the market didnt really react the mms did with a vengeance . lnterday volatility of 30% . Obvious the market has been played like an old record ,,,. lts pure scaremongery. ..l note institutions havent sold .l have Noticed buyers of 2 million opening their pockets to the tune of over 6 mlln in enetering this market ....Every day buyers exceed sellers by large margins . Out of hours trading in EEL is 336 ! . Buys have been large yet sells have been small ..yet the bears carry the day by a fair margin ........Work it out for yourselves . lts not logical or rational . ..lts not even well disguised . .....EEL have the goods ..and merely await a statement from the massive beaucracy that is Chevron .....ln a month or so this will appear as a mere bleep ...........So as not to deceive anybody i state for the record i have a position in these myself ,,And it goes without saying ALWAYS and I MEAN ALWAYS DYOR b/n ...Right im off to clubland .....China Whites ,,et dispondable,, { hmmm..lol },,@+ J

I guess EEL is dropping fast because it is operating in high-risk Nigeria whence only 2 days ago there was a sabotage/explosion where at least 200 people died.

I don't agree that is the reason for the falling share price , read the TheFrenchConnections post.

...Mes amities ...Sorry R. but on occassion i cant understand peoples exact meaning . What are you suggesting as the reason behind the fall yourself ? Or are you agreeing with me ? ...All very confusing l know; but could you clarify . ..@+ J.......Hi Hlyeo MMs were marking the stock down come buy or sell; and on occassion absurdly disproportionally . THEIR JOB is to make a market . Not manipulate it . ...Very sad as it was the explosion a few days ago, l do not concur it was an act of sabotage ; morelike an awful accident as someone was in the daily act of attaining fuel for themselves .lt is common practice . . lf it had been sabotage a whole plethora of oilers in Nigeria would have felt the impact . Unfortunately theft of oil in Nigeria is nothing new .From humble impoverished simple people to warlords of vast swathes of the delta this is daily common practice Perhaps essential and thus the Nigerian millitary /police tow the unofficial govt line of turning a blind eye for the most part . .But not so the USA who has all manner of known destructive weaponry parked in the GOG ....Not so long ago Shell brought in independant assayers who soon illustrated in excess of 250,000 bpd were being stolen from thier pipes in remote areas and the cheeky sods had errected even makeshift highly volatile refineries in the these remotest of areas . ........and for what ? oil for guns ... Now the Chinese have agreed to invest over $4 blln into Nigerias infrastucture including the rebuilding roads,bridges,schools , and a new hi tec facelift to Nigerias own refinery at K on the Delta itself thus bringing work to the area where poverty is at its worst . Hopefully things will change . ...$4 blln pounds for the option of having first refusal on a number of blocks . Now thats BEEEEG money to anyone. And that is merely for FIRST refusal on prospects . ..The Chinese are far from stupid business men and they wouldnt strike a deal of that magnitude unless returns were substantial or100% essential . . Of course theres vast amounts of oil here. .....Likewise the USA knows and projects this area will provide 25% of its energy supply by 2020 Hence all its aircraft carriers and supporting frigates. ......On a final note i believe mms have totally abused thier position and have caused unacceptable volatility in relation to volume . ! .... One good thing was that EEL picked up on it immediately and issued an RNS . EEL trade @336 out of hours . Soon they will be back to that level and more but how many were well and truly shook from the trees from this past windy two weeks @+ J ,,,,,,,,,

Iam agreeing with you " J " and disagreeing with Hlyeo98.

Long and, as usual, well written and interesting article on today's oilbarrel.com ...... Far too long to c&p into here!