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

"Chevron Nigeria Deepwater B Limited and its partners have drilled the first oil discovery in Oil Prospecting License (OPL) 214, approximately 70 miles (113 kilometres) offshore Nigeria," a company statement said here."

I have no idea how close this may be to EEL's own blocks, but there may be some reflection in tomorrow's trading, hopefully (significantly) extending today's against the grain gain of 8p.

At last an RNS !!! lndependant assayers on EELs first well -BDX1 which is an oil leg and estimated to contain 130 mmbo and 0 .92 tlln scffs of gas .,,,,,,,,,,,,,,,, With oil sitting precariously @ 70 p/b and the HH price of gas fetching per scuff ( six thousand cm ) thats a kings ransom ............The second well @ Olenware has also struck gas upon which we are awaiting results ,,,,,,The deal being that EEL farmed into leads with "Big Oil " far bigger projects with the requirement of the spudding of 2 exploratory/discovery wells for 30 % of oil held therein ; and 40% of the gas receipts . !00% financed by EEL . .......So if my fag packet calculations prove correct EEL have from their first well-BDX1 earnt a payload of 35m mmbo ( constituting 30%% of oil recovery @ a conservative $50 p/b ) and worth approx $1.5 bn: , and 360 bn cf of gas which when equated to bbls of oil equates to the prof formula of 6000 cf = a bbl: and hence a value of a staggering 360 bn divided by 6000 which equals to 6mboe and a value of $300 million .{ @ a conservative $6 per million cu/f . lf my mathamatics are wrong please feel free to correct ...The second well at olenware is believed to be a pure gas play And what with being in a prolific envoronment of world class finds in gas it would not be unreasonable to expect great divergence from the norm ..... ...This RNS would usully have sent EEL soaring but this word " sentiment" and interest rates are in the driving seat of the market ....What a stinker ! ... BUT !! Quality always prevails & i fully expect the stock to recoup losses leading up to , and during , the USA " driving season Bonne Chance /bien amicalment . @+ J

there is something badly wrong her .... glad i am out, but see sp has slumped by 36p with no official news

although very low volumes and no significantly large sells to signify anything unusual. It looks very depressing at the moment but the same patterns are happening accross the markets. I am still holding, although this morning slipped into negative figures, because the fundamentals as far as we are all aware still remain as strong as 3months ago.

sorry tau, but the same is NOT happening across the market ...... there is a distinct smell of week old fish

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What is happening with EEL...why the drastic fall?

Greetings one and all!

not sure about EEL's prospects; just wanted to draw some attention to Global Petroleum (GBP). I've put a summary update on the thread.

HLYeo - I know you like tips!

TFC - digne de votre attention aussi?

soul* ..... stop touting you bad boy!! .... lol

LOL - I just like sharing, you cynical Cynic! :o) Bet it's not long before you buy some GBP too . . . .

I think EEL should issue another RNS to reasure shareholders.

Equator Exploration says gas discovered in Owanare 1 well offshore Nigeria
AFX


LONDON (AFX) - Equator Exploration Limited said it has discovered gas in the exploratory 'Owanare 1' well, located on OML 122, offshore Nigeria.

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. The independent advisers to Equator, Horizon Energy Partners BV, 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.

"dealers reported recent falls in Equator exploration as overdone and the stock looks set to bounce"

looks better for the mornin coupled with a decent US finish.

BigBob,

it's still falling [ rumour of Hedge fund dumping ]

Amities R . lndeed lts no secret the big institutions are " SHORT " on oil ; and have been this past couple of months ....lronic considering the geopolitics of oil have never been so critical with every major lndustrial power vying for future supplies & in doing so making bedpartners with the strangest of oil rich yet DESPOTIC nations .Never. Fundementals reg EEL, and come to that, most junior oilies are in the money-all reporting big increases in turnover and profits - yet their s/p's are getting a right larruping -the situation in lran being merely the latest variable to fuel its price p/b to three digit figures . Recently Peel Hunt reiterated its bullish stance on EEL with a target price of 603p. .. qui sait ? ...@+ J ......

http://news.independent.co.uk/business/news/article571737.ece

FT market report.

Equator Exploration rose 12.3 per cent to 114p amid talk that fellow oil and gas explorer Sterling Energy was considering a bid for the company, attracted by Equators Nigerian concessions and cash pile. Sterling shares eased 6.4 per cent to 22p.

Looks like another FT.com red herring

Good news from EEL and confirms that this stock way oversold.

Equator Exploration Limited
19 June 2006


Immediate Release 19 June 2006



EQUATOR EXPLORATION LIMITED
('Equator' or 'the Company')

Corporate & Operational Update


Independent reserve reports on OML 122, OPL 323 and OPL 321 completed

Drilling due to commence shortly on OML 122 oil development

Start of production planned for 3Q 2007



LONDON, United Kingdom -- 19th June 2006. Equator (AIM:EEL) announces an update
on its hydrocarbon assets located in Nigeria and Sao Tome & Principe.


OML 122 Oil Development

Peak Petroleum Industries Nigeria Ltd. ('Peak') and Equator are pleased to
announce that development drilling will soon commence on OML 122. In addition,
the Companies are currently finalising an agreement to lease an FPSO with the
aim of commencing oil production in Q3 2007.


A report on OML 122 from independent consultants, Horizon Energy Partners BV
('Horizon'), provides a Best Estimate for the recoverable hydrocarbon volumes as
45 million barrels of oil and 730 BCF of gas. (See Equator's web site:

www.equatorexploration.com
for full report).

As announced on 24th May 2006, the second well drilled on OML 122 by Peak and
Equator, Owanare 1, discovered gas in two zones with a total thickness of 61
metres (200ft). Horizon estimates the gas-in-place to be 185 bcf, an amount
capable of commercial production as a satellite to a gas development on the
Bilabri field.

Negotiations are underway for financing the OML 122 oil development project with
production anticipated to start Q3 2007.

Amities / All sounds good but i was expecting a lot more- { 200mbo and 1 tn + scuffs of gas } as was the market. But as i see it it will only be a matter of time before one of thee prospects produces the goods . Big CLEVER money( Like the 3m buy last week ) is snapping them up at these prices ...not so much oversold as mm manipulation .After all it was EEL site from which 8 workers were kidnapped . And like AFR immersed in the touble that is the Nigerian delta the mms are milking the uncertainty of maintanance of supply .{ as our shorters who @ 112 are pissing into the wind. . Rumours of takeovers from the likes of SEY who are already heavily geared is highly undesireable as their offer would be derisory ....USA plans by 2020 to get most of its oil from this region. They know its there in abundance . A half decent oil find and this wil fly ( again ...... ..................................................l am playing this one with a very straight bat with soft hands.....@+ J