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.

Since that announcement Equator has held preliminary discussions with the party that made the proposal but these discussions have now terminated.

Equator has also received preliminary expressions of interest from various other parties regarding a range of strategic transactions involving the company. The board is considering those expressions of interest and the strategic options available to the company. There can be no certainty that this process will result in a proposal or transaction being made or implemented.

Equator Exploration Limited is registered in the British Virgin Islands and is subject to the law of the British Virgin Islands. It is not subject to the provisions of the City Code on Takeovers and mergers or to UK company law. Equator engages in the exploration and development of oil and gas projects in highly prospective West Africa. Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The company has exploration interests in the territorial waters of Nigeria and of Sao Tome & Principe as well as in the Joint Development Zone between the two countries.

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