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

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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

Would think they are in need of funds, what they have looks like it is spoken for.

Out of these until their is more transparency in this company.

There has been a rumour of a positive update in EEL...mentioned in the Independent today...price is soaring today.

Today in the Independent, it mentioned that there will be a positive update on OML 122 with 450 million barrels of oil and 700 billion cf of gas. In the Daily Express, it mentioned of a bid on Equator.

EQUATOR EXPLORATION LIMITED


('Equator' or 'the Company')


Interim Results for six months ended 30 June 2006


Equator Exploration Limited (AIM:EEL), the oil and gas exploration and
development company focussed in the highly prospective waters of West Africa, is
pleased to announce its interim results for the six months ended 30 June 2006.


Chief Executive's Statement


Dear Shareholder,


Despite the many challenges of the first half of 2006, Equator Exploration
Limited ('Equator' or the 'Company') is pleased to report considerable
achievements in drilling activities and the acquisition of high quality
exploration assets.


Development of OML 122 with Peak Petroleum Industries Nigeria Limited ('Peak')


The drilling of the Bilabri DX-1 appraisal well, which was successfully
completed in February 2006, confirmed oil and gas reserves in the Bilabri field.
The drilling of the exploration well, Owanare 1 followed immediately. This well
discovered gas in shallow zones but was unable to reach the deeper objectives as
a result of high pressure and temperature. The well is suspended pending later
re-entry for completion as a gas production well once a suitable development
plan and gas market has been secured.


Following the Owanare 1 well, drilling of the first horizontal appraisal/
development well, D-2 commenced on the Bilabri Field. This is the first
production well to be drilled as part of the development plan for the Bilabri
Field. Equator, with its partner Peak, has the Bulford Dolphin drilling rig on
contract for an additional 2 wells.


The development of the Bilabri Field for oil production is in progress. The
critical long lead items have been secured while negotiations for a Floating
Production, Storage and Offtake Vessel ('FPSO') are nearing completion. First
production is planned for 3Q 2007.


Deepwater Nigeria OPL 321 and OPL 323


On 10th March 2006 the Company signed Production Sharing Contracts ('PSCs') for
OPL 321 and OPL 323, two of the most highly sought-after deep water blocks in
the 2005 Nigerian licensing round. The Korean National Oil Corporation ('KNOC')
is the operator of both blocks with a 60% equity interest, while Equator has a
30% equity interest. Under the terms of the licensing round, local companies
have been awarded the remaining 10% equity interest. The two blocks have several
very large mapped prospects with risked recoverable prospective reserves
estimated in excess of 2 billion barrels by Equator's technical advisors,
Horizon Energy Partners B.V. OPL 321 and OPL 323 are adjacent to OML 125 where
media and industry sources have reported that a well drilled in the first half
of 2006 has encountered oil and gas thereby confirming the presence of
hydrocarbons in this region and underpinning the potential of these assets.


These highly sought after deepwater blocks, which were secured in such a
competitive market, are significant for a company of Equators' size.


Joint Development Zone Block 2


On 14th March 2006 the Company signed a PSC for Block 2 in the Joint Development
Zone between Nigeria and Sao Tome & Principe. Equator's original allocation of a
net 6% equity interest has since been increased to 9% by a farm-in to the
interest of another participant. Block 2, which is operated by Sinopec of China,
is adjacent to Block OPL 246 which hosts the large Akpo field operated by Total.
Recent drilling activity in the region has increased our confidence that Block 2
has the potential to contain significant reserves. The Company has posted a
guarantee for its share of one obligation well in the first 5 year exploration
phase of the PSC.





Sao Tome & Principe Exclusive Economic Zone Rights


Equator awaits the delineation of blocks in the Exclusive Economic Zone of Sao
Tome and Principe. A 2D seismic programme has been completed and interpreted by
the Company and we anticipate the delineation of the blocks to be completed by
the end of 2006. Upon completion of the block delineation, and pursuant to its
agreements with the Government of Sao Tome and Principe, Equator will exercise
its right to select and acquire a 100% interest in two of the newly delineated
blocks. Once these blocks have been selected the Company will seek to negotiate
PSCs with the Government.


Financial


The first half of 2006 showed a reduced loss of US$ 2.3 million as compared to
US$ 3.1 million for the six months to 30 June 2005. The reduction in loss as
compared to the same period in 2005 is attributable to an increase in interest
income of US$ 1.25 million, this increase related to higher cash balances during
the period. It is important to note that although the Company's activities
increased significantly in the first half of 2006 as compared to the first half
of 2005 overall administration costs increased by only US$ 482,000.


The Company's Balance Sheet remains strong with cash balances as of 30 June 2006
of US$ 108 million and Fixed Assets of US$ 320 million. Equator entered the
first half of 2006 with US$ 136 million in cash balances. The issue of share
capital of approximately US$ 242 million net of costs, the net investment of US$
264 million in oil and gas properties and fixed assets, and the consumption of
US$ 6 million in operating activities saw the Company exit the period with the
aforementioned cash balances of US$ 108 million..


Future prospects


Equator has built a unique and diverse portfolio of assets and has been
progressively building a qualified management team experienced in the region.
The Company is well positioned to add shareholder value by maturing its exciting
asset base which includes realise production in 3Q 2007.


Post closure events


On 3rd August 2006 the Company agreed to a loan facility (the 'Loan') for US$ 65
million from some of its shareholders. The Loan is funding the Bilabri Oil
Development in block OML 122, offshore Nigeria.


On 15th August 2006 the Company welcomed Jeffrey Auld as its new Chief Financial
Officer. Mr. Auld has a depth of experience in corporate finance and the
emerging markets. The Board believes the appointment of Mr. Auld will enhance
the management team and position the Company to further enhance its asset
portfolio.


On behalf of the Board, I would like to thank all our shareholders, business
partners and staff, for their continued support and confidence during this
demanding period.


Mr. Wade Cherwayko
President & Chief Executive Officer

Not looking to healthy the prospects for an increase in SP after the above.
Glad I do not hold!