The cessation of merger discussions will permit the Company to focus on optimizing the value of its assets on a stand alone basis. The Company is reviewing the most appropriate ways in which to do this, similar to the farm out of OPL 323 to BG Exploration and Production Nigeria Limited, announced on August 17, 2007. The operating costs of the Company are expected to be adjusted commensurate with the results of the asset reviews.
In accordance with the announcement made on August 20, 2007, the Company is conducting a detailed review of its interest, commitments, prospects and financing of the Bilabri project under the terms of the Finance and Service Agreement with Peak Petroleum Industries Limited, the operator and sole license holder of Offshore Mining Lease (OML) 122, offshore Western Niger Delta, Nigeria.
The Company is finalizing an agreement with an existing lender for a short-term working capital facility. The terms are currently being negotiated and a further announcement will be made in due course.
The Company anticipates that its Annual Report and Financial Statements for 2006 will be released shortly, following which the suspension in trading of Equator shares is expected to be lifted.
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