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.

OML 122 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 Shell's giant Bonga Field (estimated 1.4 billion barrels) on OML 118 and southwest of Shell's EA Field on OML 79.

The Owanare AX1 well was spudded this week on the large and promising Owanare prospect, which lies in a water depth of 135 meters. The 3D seismic data covering the prospect has been re-processed and interpreted by Peak, Equator and its independent technical advisors, Horizon Energy Partners. The data suggests that Owanare has gas-in-place potential of 3 TCF.

The aim of the Peak/Equator drilling program 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. The secondary objective is to find commercial volumes of oil on the block.

Commenting on the spudding of the second well on OML 122, Wade Cherwayko, Chief Executive of Equator, said:

'Owanare AX1 has significant potential based on 3-D seismic and existing wells drilled on the block including the recently drilled Bilabri BX1 well drilled by Peak and Equator. With the large number of gas utilization projects being developed onshore Nigeria, Peak and Equator hope to monetize gas discoveries on OML 122 in the near future.'

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