Equator Pleased with Production Flow Tests on B-DX1 Well

Nigeria - OML122
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Peak Petroleum Industries Nigeria Ltd. and Equator Exploration Ltd. report 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 license area is located 25-60 km offshore in water depths of 40-300 meters 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 3-1/2 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 degr

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 meters. 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-utilization 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."

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