Report and Accounts update, Funding

    RNS Number : 7746K
  Equator Exploration Limited
  24 December 2008
   


    FOR IMMEDIATE RELEASE - 24 December 2008
    FOR: EQUATOR EXPLORATION LIMITED
    SUBJECT: Short Term Funding and update on publication of Report and Accounts


    London, 24 December 2008 - The following update is made further to the announcement made on 30 June 2008, in which Equator Exploration
Limited ("Equator" or the "Company") reported that trading in the shares of the Company would be suspended until the publication of the
Company's 2007 Report and Accounts ("the Accounts").  

    Publication of Accounts

    Equator confirms that it is making progress in working with the Company's auditors to finalize both the 2007 Accounts and the 2008
Interim Reports. Any further developments will be notified to the market as and when they take place.


    Short Term Funding

    The Company currently holds US$2.8mm on deposit as security for performance bonds issued to Joint Development Authority of Nigeria and
So Tom? Prncipe ("JDA") to guarantee the expenditure under the work programme on Block 2.

    Equator has agreed terms with a Nigerian bank whereby the performance bonds will be issued with a requirement of only 50 per cent cash
collateral. This will release initially a sum of US$1.4 million of the cash security. Following completion of the audit by the JDA of the
2006 expenditure, the Company expects the total amount required for the performance bonds to be reduced, which will release a further sum
from the secured cash.


    Enquiries:

 Equator                                                  [phone]
 Philip Rand
 CEO/CFO

 Beaumont Cornish Limited (Nominated Adviser to Equator)  [phone]
 Roland Cornish

 Fox-Davies Capital Limited (Broker to Equator)           [phone]
 Daniel Fox-Davies

 Buchanan Communications                                  [phone]
 Bobby Morse/Ben Willey


    Additional information regarding the Company can be obtained from the Company's website. The Company's website can be accessed at
www.equatorexploration.com.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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