Equator Releases Preliminary Results from Bilabri D4

Peak Petroleum Industries Nigeria Limited and Equator Exploration report that a successful pilot hole for the Bilabri D4 development well has reached a total depth of 2591 meters. The pilot hole was designed to define the depth of the C2 oil reservoir on the western side of the Bilabri field and to facilitate the future accurate placement of a horizontal production borehole for the Bilabri D4 well.

Based on the preliminary log analysis, the well has penetrated the top of the oil reservoir within 3 meters of prognosis, confirming the Company's structural interpretation. Within measurement accuracy, the depths of the gas-oil and oil-water contacts encountered in the well agree with those measured in previous wells, confirming the presence of the 21 meter oil column.

The well also penetrated the previously encountered gas reservoirs that lie above the C2 oil reservoir. The total thickness of the gas bearing intervals in the A, B and C Sands in the well amounts to 87 meters (285 feet).

The well is being suspended for the later drilling and completion of the production borehole.

The results of Bilabri D4 pilot hole substantiate the development scheme for the Bilabri Oil Field. As previously announced, the Field Development Plan calls for three sub-sea wells to be produced through a Floating Production Storage and Off-take vessel ("FPSO"), contracted from BW Offshore Limited. The engineering and procurement for the project are proceeding, with First Oil expected in the second half of 2007.

Equator Exploration Limited 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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