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Equator Exploration Company News
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Equator Updates on Status of Offshore Nigeria Prospecting Licenses
Equator has provided an update regarding the status of OPL 321 and OPL 323. The company is working with KNOC, ONGC and all LCV partners to ensure that the preparation for drilling operations continues.
7:00 PM EST | January 25, 2009
Equator Exploration Secures Short-Term Funding
Equator has agreed terms with a Nigerian bank whereby the performance bonds will be issued with a requirement of only 50 percent cash collateral. This will release initially a sum of US$1.4 million of the cash security.
7:00 PM EST | December 23, 2008
Equator & Peak Dance Around Bilabri
Equator has issued an announcement to provide an update on the company's progress on its discussions with Peak Petroleum Industries Nigeria Limited concerning settlement under the Bilabri Settlement Agreement.
8:00 PM EST | June 24, 2008
Farm-out Strategy and Progress for Equator
Equator says it is making progress in the farm-out of a 20% stake in OPL 323 to BG Group.
8:00 PM EST | June 02, 2008
Equator Exploration Reports Acquisition of Ordinary Shares
Equator Exploration Limited
was informed on 4 March 2008 that on 3 March 2008, MF Global UK Limited,
following an acquisition of ordinary shares, held 7,384,590 ordinary shares in
the Company, representing 3.94% of the total voting rights.
7:00 PM EST | March 05, 2008
Equator Exploration Updates Plans to Raise Funds
Equator Exploration provides a corporate update and also details on the raising of U.S. $700,000 in addition to the U.S. $1,172,160.
7:00 PM EST | February 10, 2008
Equator Exploration Shares Voting Rights with MF Global
Exploration Ltd announced that MF Global holds over six million ordinary shares.
7:00 PM EST | January 27, 2008
Equator Requests Repayment Deferral, Seeks Loan Replacement
Equator is seeking a repayment deferral for a loan of U.S. $5 million and a possible replacement loan from a commercial bank.
7:00 PM EST | December 16, 2007
Equator Exploration CEO Steps Down
Equator reports that Theodore Giletti, aged 62, has agreed to join the Board as a non-executive director.
7:00 PM EST | December 04, 2007
Renton Resigns from Equator
Equator Exploration says that Tony Renton, Director, has resigned with immediate effect.
7:00 PM EST | November 06, 2007
Equator's First Half of 2007 Proved Challenging
Equator is unsure it will be able to recover costs on the Bilabri and Owanare fields.
8:00 PM EST | October 23, 2007
Equator and Peak Reach Bilabri Settlement Agreement
Equator Exploration has approved a settlement agreement with Peak, in which Peak will assume full responsibility for financing and developing the Bilabri field.
8:00 PM EST | September 27, 2007
Equator Exploration Secures Additional Financing
Equator Exploration has entered into an unsecured short-term working capital loan facility for US$5 million with shareholder lenders.
8:00 PM EST | September 10, 2007
Equator and CAMAC Terminate Merger Agreement
Equator Exploration Ltd said its conditional merger agreement with CAMAC Energy Holdings Ltd has been terminated. The agreement was conditional upon the posting of the AIM admission documents to Equator shareholders on August 31, 2007.
8:00 PM EST | September 02, 2007
Equator Terminates FPSO Contract
Equator Exploration says that, given the ongoing delays with the Bilabri project, the contract for the FPSO BW Peace has been terminated due to the financial obligations of the joint venture not being met.
8:00 PM EST | August 19, 2007
Equator Farms Out Stake in Nigeria PSC
Equator Exploration farms out part of its Participating Interest n the PSC in Oil Prospecting License 323, offshore Nigeria.
8:00 PM EST | August 16, 2007
Equator Exploration Chairman Resigns
Equator Exploration Limited announces the resignation of the Executive Chairman, Samuel Jonah, due to personal reasons.
8:00 PM EST | July 22, 2007
Equator Exploration Secures Additional Funding
Equator Exploration has entered into an additional secured loan agreement with a shareholder lender.
8:00 PM EST | July 17, 2007
Equator, CAMAC Unit Plan Merger
Equator Exploration Limited has entered into a conditional merger agreement relating to a proposed merger with CAMAC Energy Holdings Limited, a wholly owned subsidiary of CAMAC International Limited.
8:00 PM EST | June 10, 2007
Equator Sets Friday Deadline for Peak Petroleum
Equator Exploration has granted Peak a further extension to the payment date to end by 18:00 hours on Friday, May 11th.
8:00 PM EST | May 07, 2007
Equator and Peak Continuing Talks on Bilabri Project
Equator Exploration is continuing the negotiations with Peak with respect to the detailed terms under which Peak will fund its outstanding financial obligations under the Finance and Service Agreement on the Bilabri project.
8:00 PM EST | April 29, 2007
Equator Exploration Confirms Hostage Situation
Equator today confirms that an incident occurred on the Bulford Dolphin
drilling rig in the early hours of Saturday, March 31, 2007 during which a member of the crew was removed from the rig.
8:00 PM EST | April 01, 2007
Equator Announces Update on Corporate Activity, Financing
Further to the announcements of 15 November, 29 November and 7 December 2006,
the Board of Equator Exploration Limited announced the following update in relation to potential
corporate activity
8:00 PM EST | March 14, 2007
Rand to Succeed Auld as Equator's CFO
The board of Equator Exploration Limited on Tuesday accepted the resignation of Jeffrey Auld as Chief Financial Officer and Executive Director. Auld is leaving the Company to
pursue other business opportunities.
8:00 PM EST | March 12, 2007
Sinopec Secures Drillship for JDZ
Equator Exploration Limited said that Sinopec, as operator on behalf of the participants in Block 2 of the Nigeria and Sao Tome and Principe Joint Development Zone (JDZ), has secured the Aban Abraham drillship to drill a well later this year.
7:00 PM EST | March 07, 2007
Equator Exploration Says Bilabri Partner in Default
Equator Exploration says that its partner in the Bilabri development has failed to pay its cash calls and as such is in default under the terms of the OML 122 Finance and Service Agreement.
7:00 PM EST | March 04, 2007
Equator Releases Preliminary Results from Bilabri D4
Equator Exploration says that a successful pilot hole for the Bilabri D4 development well has reached a total depth of 2591 meters and encountered a 21 meter oil column.
7:00 PM EST | January 17, 2007
Equator Clarifies Stake in Gulf of Guinea Interests
Equator Exploration Limited announced in March and April 2006 that it had acquired a 9% participating interest in the Production Sharing Contract relating to Block 2 in the Joint Development Zone between Nigeria and Sao Tome & Príncipe.
7:00 PM EST | January 10, 2007
Equator Exploration Keeps Positive Outlook for 2007
Equator Exploration remains positive about the inherent value of its assets, and its exposure to the hydrocarbon prospectivity found offshore West Africa and has retained Goldman Sachs to assist in the evaluation of various strategic alternatives.
7:00 PM EST | December 06, 2006
Equator Issues Update on Unsolicited Offer
Equator Exploration Limited announced on November 15, 2006 that it had received an unsolicited proposal regarding a possible offer for the company.
7:00 PM EST | November 28, 2006
Equator Acknowledges Unsolicited Offer
Equator Exploration Limited confirmed Wednesday that it has received an unsolicited proposal regarding a possible offer for the company.
7:00 PM EST | November 14, 2006
Equator Appoints Cherwayko Vice Chairman
Equator Exploration Limited would like to update shareholders as follows. The Board of Directors (the "Board") of the Company, meeting in Amsterdam on 27th October 2006, has appointed Mr. Wade Cherwayko as Vice-Chairman of the Company.
7:00 PM EST | October 29, 2006
Equator Exploration Inks Deal for Bilabri FPSO
Equator Exploration and Peak Petroleum finalized their commercial negotiations with BW Offshore and were able to sign the FPSO Contract for the Bilabri Development.
8:00 PM EST | October 16, 2006
Equator Exploration Suspends Bilabri D2 Development Well
Equator reports that the Bilabri D2 was logged successfully but as it encountered the C1 sands was unable to test for oil in the C1 objective. The well was suspended for future sidetracking and completion as a C2 production well.
8:00 PM EST | October 01, 2006
Equator Exploration Inks Deal for $65 Million Loan
Equator Exploration has signed a two year loan agreement with certain of its shareholders for US$65 million.
8:00 PM EST | August 03, 2006
Equator Names New CFO
Equator Exploration Limited said that it has appointed Jeffrey David Auld as the company’s chief financial officer and to the company’s board. The appointment is effective August 15, 2006.
8:00 PM EST | July 23, 2006
Equator Exploration Signs Deal for Bilabri Field FPSO
Equator Exploration and Peak Petroleum Industries Nigeria have issued a letter of intent for the provision of the BW Endeavour FPSO to Bergesen Worldwide Offshore Ltd.
8:00 PM EST | June 27, 2006
Equator Says Nigerian Reserves Report Completed
A report on OML 122 from independent consultants, Horizon Energy Partners BV, provides a Best Estimate for the recoverable hydrocarbon volumes as 45 million barrels of oil and 730 BCF of gas.
8:00 PM EST | June 18, 2006
Equator Exploration Completes Owanare-1 Well
Peak Petroleum Industries Nigeria Ltd. and Equator Exploration have discovered natural gas in the exploratory Owanare 1 well, located on OML 122, offshore Nigeria.
8:00 PM EST | May 23, 2006
Owanare 1 Exploration Well Discovers Gas
Peak Petroleum Industries Nigeria Ltd. and Equator Exploration report that their second well in the OML 122 lease, offshore Nigeria, has discovered gas.
8:00 PM EST | May 02, 2006
Equator Exploration Increases Stake in Block 2 of Nigeria/Sao Tome JDZ
Equator Exploration has increased its net participating interest in Block 2 of the Nigeria/Sao Tome and Principe Joint Development Zone (JDZ) from 6% to 9%.
8:00 PM EST | April 27, 2006
Equator Spuds Owanare AX1 Exploration Well
Peak Petroleum Industries Nigeria Ltd. and Equator Exploration Ltd. have commenced drilling their second well in the OML 122 license area, offshore Nigeria.
7:00 PM EST | March 29, 2006
Equator Completes Testing at B-DX1 Well Offshore Nigeria
Peak Petroleum Industries Nigeria Ltd. and Equator Exploration Ltd. have completed operations with successful production flow tests on the "B-DX1" well, located on OML 122, offshore Nigeria.
7:00 PM EST | March 23, 2006
Equator Acquires Interest in Block 2 of Nigeria-Sao Tome JDZ
Equator has, together with its co-venturers, signed a Production Sharing Contract with the Nigeria/Sao Tome and Principe Joint Development Authority.
7:00 PM EST | March 16, 2006
Equator Exploration Acquires Stake in Deepwater Blocks Offshore Nigeria
Following a signing of Production Sharing Contracts on March 9, 2006, Equator has been awarded a 30% interest in blocks OPL 323 and OPL 321, offshore Nigeria.
7:00 PM EST | March 12, 2006
Equator Pleased with Production Flow Tests on B-DX1 Well
Equator Exploration says the tests have confirmed the excellent quality of both the oil reservoir and the crude oil.
7:00 PM EST | March 08, 2006
Equator Exploration Says the B-DX1 Well Has Reached TD
Equator Exploration says that the B-DX1 well has reached total depth and and high pressure gas was encountered in an additioinal depeter zone than previously penetrated.
7:00 PM EST | February 28, 2006
Equator Exploration Raises US $250 Million through Placement
Equator Exploration Ltd. has placed 41,050,900 new common shares with institutional investors at a price per share of 350p (US$6.09) for total proceeds of £143.7 million (US$250 million).
7:00 PM EST | February 19, 2006
Equator Exploration Confirms Gas Discovery
Peak and Equator say that the B-DX1 well continues to exceed expectations. The potential has been established for a major gas development and, in the shorter term, for a commercial crude oil development, which could be on production in early 2007.
7:00 PM EST | February 06, 2006
Equator Confirms Gas Discovery on OML 122 Offshore Nigeria
Peak Petroleum and Equator Exploration provide the following update on drilling activities on the "B-DX1" well located on the OML 122 license area, offshore Nigeria.
7:00 PM EST | January 08, 2006