Equator Appoints Cherwayko Vice Chairman

Equator Exploration Limited

Equator Exploration Limited would like to update shareholders as follows.

The Board of Directors (the "Board") of the Company, meeting in Amsterdam on 27th October 2006, has appointed Mr. Wade Cherwayko as Vice-Chairman of the Company, such position being a non-Board appointment, so as to maximize his special knowledge and experience of West Africa, which is of significant value to the Company, with effect from early in 2007.

Mr Cherwayko will continue to act as the Chief Executive Officer of the Company pending the appointment of a new Chief Executive Officer early in the new year.

The Board has also proposed that Mr. Jean-Luc Vermeulen be appointed as a Non-Executive Director of the Company at this year's annual general meeting of the Company. Mr. Vermeulen began his career in the oil and gas industry with Elf Aquitaine in 1970. He held many positions within Elf Aquitaine including President for Exploration and Production and was a member of the Group Executive Committee. Mr. Vermeulen continued to hold these positions at Total after the merger of TotalFina and Elf Aquitaine. He retired from Total in September of 2003. Mr. Vermeulen currently sits on the Board of Directors and on the Board Audit Committee of TNK-BP, one of the largest Russian oil and gas companies.

Equator Exploration Limited (www.equatorexploration.com) 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 & Príncipe as well as in the Joint Development Zone between the two countries.